Hotel101 opens Singapore offices

BY BRIX LELIS | Manila Bulletin

LISTED property developer DoubleDragon Corp. on Tuesday said that hospitality unit Hotel101 Global Pte. Ltd. had formally opened its global corporate and sales offices in Singapore.

In a statement, Hotel101 Global Chief Executive Officer Hannah Yulo-Luccini said the office would serve as a hub for team members as the company was planning to expand its portfolio to 25 countries by 2026.

DoubleDragon Chairman Edgar Injap Sia 2nd said that “given that the world economy is getting more and more fragile and volatile, we deemed it imperative that the only way to future-proof itself is to passionately pursue the target of DoubleDragon’s revenues to be derived from geographically diversified sources.”

“[E]ventually over the long term, we aim that no single country will contribute over 10 percent of [DoubleDragon’s] revenue and income,” he added.

Sia noted that DoubleDragon’s objectives included maximizing revenue in its Philippine portfolio and significantly growing Hotel101’s market share abroad by 2025.

For the first semester of 2023, the company posted a net income of P1.6 billion, an increase from the P1.59 billion a year earlier.

Consolidated revenues rose by 15.62 percent to P3.94 billion from P3.41 billion following improved foot traffic and higher rental income.

DoubleDragon’s share price dropped by 5 centavos to P7 apiece on Tuesday.