DoubleDragon completes acquisition of Hotel of Asia

MANILA, Philippines - DoubleDragon Properties Corp., a joint venture between Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. owner Tony Tan Caktiong, has completed the acquisition of a 70 percent stake in Hotel of Asia Inc. for P832.17 million.

HOA is a joint venture among Sia, Tan Caktiong and Chan C. Bros. Holdings Inc. of the Oishi Group.

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

 Injap Investments will be fully divesting its interest in HOA and folding it into DoubleDragon while CCBHI and Staniel will retain 15 percent each in HOA.

 Injap Investments Inc. shall be paid in DD common shares priced at a five percent premium over the 30-day weighted average of the closing price.

Sia said HOA would serve as DoubleDragon’s hospitality arm.

“The stake in HOA will now allow DoubleDragon to benefit from the booming tourism prospects for the Philippines in the years to come as well as fully optimize the use and value of its string of prime properties in various strategic areas of the country,” he said.

 Sia is optimistic the hospitality industry in the country would continue to be one of the fastest growing segments in the country and it is an ideal way for us to increase DoubleDragon’s leasable portfolio as it creates recurring revenue backed by appreciating assets.

 In August, HOA formally opened its second Jinjiang Inn along Pasay Road in Makati following the first Jinjiang Inn in Ortigas, which the company 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.  It operates more than 6,000 hotels with more than 650,000 guest rooms in 60 countries across a wide range of full-service and select-service hotels.

With an inventory of 866 rooms to date, HOA is well on track in building hotels to provide both international and local tourists essentials, comfort and convenience, in every brand in our portfolio, may it be under Jinjiang Inn or Hotel 101,” Sia said.

 As the master franchise holder of Jinjiang Inn, HOA is committed to introduce the brand in 15 key cities in the country in the next five years, Sia said.