Hotel101 Global set for Nasdaq debut after $2.3 billion merger

Hotel101 Global announced final details of a merger with a special purpose entity to establish a $2.3 billion (P130 billion) company ahead of a pioneering listing in the US Nasdaq exchange in the second half of 2024. 

Hotel 101 Global, a subsidiary of DoubleDragon Corp. led by Filipino tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, and JVSPAC Acquisition Corp. announced the signing of a definitive merger agreement on Monday. 

This will allow Hotel 101 Global, the overseas subsidiary of Philippine-listed Double Dragon Corp., to list on the Nasdaq under the stock ticker code “HBNB”. 

This move aims to strengthen DoubleDragon's balance sheet and mark Hotel101 as the first Filipino company to list via special purpose acquisition company in the US. Hotel101's global expansion includes properties in Spain, Japan, and a planned development in Los Angeles. 

The company envisions operating one million rooms across over 100 countries, with 25 priority countries identified for expansion.

Hotel101 operates a chain of condotels,  which will be sold to individual investors but will be operated by the company. 

Its early foray overseas includes new projects in Madrid, Spain, and Niseko, Japan, and plans for its first US property in Los Angeles.