HOTEL101 GLOBAL HOLDINGS Corp., the Nasdaq-listed hospitality arm of DoubleDragon Corp., is expanding its overseas presence with a 766-room condotel project in Melbourne, Australia, which will be the largest hotel in the city by room count.
In a statement on Tuesday, the company said it signed definitive agreements to develop the condotel, which is slated for completion in 2029.
Hotel101-Melbourne, located in the city’s central business district (CBD), is projected to generate A$323.6 million (around P12.6 billion) in total sales revenue once fully sold.
The property is near landmarks such as Federation Square, Flinders Street Station, the Yarra River, and the Southbank entertainment precinct.
“This strategic site positions the property as an ideal hub for leisure and business travelers seeking seamless access to Melbourne’s cultural, commercial, and sporting hubs and will complement the existing premium hotel offerings in the CBD,” the company said.
The condotel will offer four-star amenities at affordable rates, including meeting spaces, a conference center, modern rooms, 24/7 reception, all-day dining, swimming pool, gym, business center, kids’ pool, rooftop bar, parking, and luggage storage, in line with Hotel101’s global offerings.
The development is subject to standard approvals from national, regional, and municipal regulators, the company noted.
Hotel101 currently operates nine properties in the Philippines and is developing projects in Hokkaido, Madrid, and Los Angeles.
In November, the company signed a joint venture to build a 429-room condotel on a 1.4-hectare site in San Donato Milanese, marking its second European project amid accelerated international expansion.
In May, Hotel101 also signed an agreement with Saudi Arabia’s Horizon Group to develop 10 hotels in the kingdom.
The Melbourne project is part of Hotel101’s plan to establish a presence in 25 countries over the next three years, with a long-term goal of operating one million rooms across 100 markets.
DoubleDragon remains the only Philippine company with a unit listed on Nasdaq. Hotel101 Global had a market capitalization of about $2.34 billion (P139 billion) as of Jan. 16.
At the local bourse on Tuesday, DoubleDragon shares rose 2.91% to P9.55 apiece. — Alexandria Grace C. Magno
