DoubleDragon Corp. on Thursday said its unit Hotel101 Global Pte Ltd. has reserved the Nasdaq stock exchange ticker symbol HBNB.
This step is in line towards Hotel101 Global’s previously announced listing preparations by way of special purpose acquisition company (SPAC).
“Hotel101 Global expects to sign with its chosen SPAC sponsor the definitive SPAC business combination merger agreement by next month,” the company said.
It will soon file its prospectus subject to regulatory approvals of the United States government.
DoubleDragon expects Hotel101 Global to “very soon” become the first Filipino company to list via SPAC in the US Nasdaq Stock Exchange, and seen to become one of the major brands, concept and business model export of the Philippines.
The company said given its asset-light business model, it could become one of the major sources of US dollar inflow to the Philippines from 2025 onwards.
“Moreover, as far as we know, the Hotel101 unique concept has never been done in any part of the world before, more so in multiple countries worldwide,” the company said.
“The opportunity that we see globally in the hospitality space is that of standardization because we believe it brings unbeatable efficiency, especially for the mid-end segment. Take for example the budget airline industry—essentially all budget airlines sell one product across the whole industry and that product is the economy seat,” DoubleDragon Chairman Edgar Injap Sia II said.
Hotel101 is expected to derive over 95 percent of its revenues outside of the Philippines to be consolidated back to the ultimate parent, Philippine-listed DoubleDragon.
Hotel101 Global’s Vision is to accumulate a portfolio of 1 million rooms in 101 countries before 2050.
It aims to be in 25 countries by 2025, including Japan, Spain, the United Kingdom, United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Switzerland, and China.