DoubleDragon to build hotel in Davao

MANILA, Philippines - Hotel of Asia Inc., a subsidiary of DoubleDragon Properties Corp., is expanding in Davao.

In a disclosure Tuesday, DoubleDragon said Hotel of Asia signed a joint venture agreement with Davao-based W2JP2 Corp. to bring Hotel 101 to Davao.

 Hotel 101-Davao City would rise on a 5,300 square meter prime commercial lot located at EcoWest Drive at the side of SM City-Davao, DoubleDragon said.

Envisioned to be the largest hotel in Mindanao, Hotel 101-Davao will have 519 hotel rooms, a commercial and retail strip, and facilities to cater convention.

 Construction will commence in the last quarter of the year with completion of the project targeted in 2020.

 Hotel 101-Davao is an addition to Hotel 101-Manila near Mall of Asia, and Hotel 101-Fort which is already under construction.

The company aims to have a 5,000 hotel room portfolio by 2020.

 DoubleDragon recently upgraded its 2020 goal to hit 1.2 million square meters of leasable space comprising office buildings, community malls, industrial buildings and hotels.

“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,” said DoubleDragon chairman Edgar Injap Sia II.

HOA is a joint venture among Sia’s Injap Investments Inc., Chan C. Bros. Holdings Inc. (CCBHI) of the Oishi Group and Staniel Realty Development Corp.

 It  brought China’s iconic Jinjiang Inn to the Philippines.

 In August, HOA formally opened its second Jinjiang Inn along Pasay Road in Makati following the first Jinjiang Inn in Ortigas, which opened in 2015.

The Jinjiang Inn brand is from Jin Jiang Hotels, the largest hospitality conglomerate from China, and the fifth largest in the world.