DOUBLEDRAGON Properties Corp. aims to rake in P16.1 billion from the sale of the new inventory of its homegrown hotel brand Hotel 101 over the next two years, fueled by the demand from the growing Philippine economy and the opening of its new sales lounge in Metro Manila.
Hannah Yulo, the company’s chief investment officer, said her group is focused on developing in-house sales personnel that will offer investors the new real-estate inventory of the eight Hotel 101 locations in the Philippines.
“The new projects of Hotel 101 are expected to bring in P16.1 billion in cashflows over the next two years. This is why the company has focused on building a strong work force of now 101 in-house sales personnel dedicated to selling the new projects of Hotel 101,” she said.
This is on top of the group’s wide network of licensed real-estate brokers and agencies here and abroad.
Already, DoubleDragon has netted roughly P2.56 billion in sales from its hotels in Fort Bonifacio and Davao. Hotel 101 allows the general public to purchase serviced hotel units that will be offered to people looking for accommodations.
“Our economy is doing great as affirmed by S&P Global Ratings, which recently upgraded the Philippines’s credit rating a notch higher. This gives us more confidence to further expand and grow our businesses across the country. If you look at the economy and its people as a whole, I truly believe there is no other country in the world that has better prospects in the next decade other than the Philippines,” DoubleDragon Chairman Edgar Sia II said.
Currently, the group has 876 operating hotel rooms across five properties and has secured another 4,375 new hotel rooms, bringing its total portfolio to 5,251 hotel rooms today.
DoubleDragon on Monday inaugurated its sales lounge at DD Meridian Park, Bay Area, Pasay. The lounge houses a training center, various meeting and conference rooms, the “Happy Room” model unit, scale models of the upcoming Hotel 101 projects and other discussion areas catering to Hotel 101 buyers and unit owners.
“Hotel 101 provides the optimum balance for DoubleDragon as our offices, malls and warehouses are recurring revenue sources which start pouring in upon their respective completion, while for Hotel 101, DoubleDragon derives revenues twice—firstly, from the preselling of the units during the construction phase and secondly, once the project are completed, the properties start to generate recurring revenue from hotel operations,” Sia said.
The company targets to complete a leasable portfolio of 1.2 million square meters by 2020 comprising of 700,000 sq.m. from 100 CityMalls, 300,000 sq.m. from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 sq.m. from the pipeline 5,000 hotel rooms of Hotel 101 and Jinjiang Inn Philippines, and another 100,000 sq.m. of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.