Tycoons team up to build biggest hotel in Quezon City
Tycoons Edgar Sia II, Tony Tan Caktiong and Edgar Saavedra have teamed up to build what is touted to be the largest hotel in Quezon City to address the anticipated increase in demand in the hospitality industry.
Megawide Construction Corp., the infrastructure firm led by Saavedra, on Tuesday said they had started construction of the 702-unit Hotel101-Libis of DoubleDragon Corp., the property firm led by Tan Caktiong and Sia.
READ: Megawide posts P283.5-M income in 2023 as construction revenues grew
“This synergy with DoubleDragon, which is a major player in this industry, shows our company’s drive for excellence anchored on state-of-the art construction solutions and vertically integrated operations,” Frederick Tan, Megawide chief operating officer, said in a statement.
Megawide and DoubleDragon last year forged their construction deal for Hotel101-Libis, which will be built within a 2,547-square-meter property. It is scheduled for completion in the first quarter of 2026.
Last year, DoubleDragon said it expected P4.9 billion in sales from the project that would feature a gym, outdoor infinity pool, business center and function rooms, among others.
Tourist arrivals in the country have been steadily increasing in the past year as the hospitality industry rebounded postpandemic.
READ: DoubleDragon earnings up 23% to P15.9B in 2023
However, real estate brokerage firm Leechiu Property Consultants Inc. has warned that there may be a shortage in hotel rooms due mostly to construction delays and high costs of funding exacerbated by the global health crisis.
The Department of Tourism aims to welcome 7.7 million tourists this year. This is expected to grow by 10 percent annually until 2028.
Hotel101-Libis marks the sixth partnership of the two firms. DoubleDragon and Megawide had first collaborated on three DoubleDragon office projects in Pasay City—DD Center East and West, DD Plaza and DD Tower—that were all launched in 2018.
According to Megawide, construction is ongoing for two other projects, DD Meridian Tower and Ascott DD Meridian Park Manila.
READ: BIZ BUZZ: DoubleDragon’s ‘otso otso’ pays off
Hotel101 is the flagship brand of Hotels of Asia Inc., the hospitality arm of DoubleDragon that has recently been expanding abroad.
Earlier, DoubleDragon said it was expecting over $100 million in contracted sales for Hotel101’s units in Madrid, the homegrown condotel chain’s second international location.
DoubleDragon has so far received $10 million in payments from buyers of units in Hotel101-Madrid. INQ
