DoubleDragon Properties Corp. will be bringing Hotel 101 in Davao City, making it the largest hotel in Mindanao.
In a disclosure with the Philippine Stock Exchange Tuesday, DoubleDragon said the hotel would have a total of 519 rooms, a commercial and retail strip, and convention facilities.
“The subsidiary of DoubleDragon Properties Corp. today signs a joint venture agreement with Davao-based W2JP2 Corp. to build Hotel 101-Davao City in a 5,300-square meter prime commercial lot located at Eco West Drive at the side of SM City-Davao,” DoubleDragon Chairman Edgar Injap Sia II said.
DoubleDragon eyes to start the construction of Hotel 101-Davao City by the fourth quarter of 2017 and completing it by 2020.
The project is an addition to Hotel 101-Manila in Pasay City and Hotel 101-Fort in Taguig City.
DoubleDragon targets to build 5,000 hotel rooms by 2020.
Last year, the company acquired majority stake in Hotel of Asia, Inc. — a joint venture of Injap Investments, Inc., Chan C. Bros. Holdings, Inc., and Staniel Realty Development Corp.
“We envision Hotel 101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an innovative, safe and secure investment platform,” he added.