Biz tycoon Sia to build airport hotel in Mactan

CEBU, Philippines — DoubleDragon Properties Corp., the company controlled by business tycoon Injap Sia, will build the biggest airport hotel in Visayas along the Mactan-Cebu International Airport Road.

In a stock exchange disclosure yesterday, the developer said its hotel unit, Hotel of Asia  Inc., has signed a joint venture agreement with Federated Realty Corp. of the U-Bix  Group to  develop  Hotel101-Cebu along MCIA Road near Mactan Marina Mall.

The company said the 514-room hotel will be the biggest airport hotel in the Visayas and will rise in a 5,493-square meter prime commercial lot along the MCIA Terminal Road.

The airport hotel will also have a convention center and a commercial strip.

A total of six Hotel101 projects is expected to simultaneously pre-sell this year located in The Fort, Davao, Boracay, Bohol, Palawan and Cebu.

Hotel101-Cebu has a P2.33-billion unit inventory, raising the company’s total to P14.53 billion as the developer expects to fully sell out within the next two years.

DoubleDragon positions its Hotel101 brand  in  the  country’s  top  three  tourist  destinations  with prime beachfront locations in Boracay, Bohol and Palawan; as well as  the  top three major urban areas Manila, Cebu and Davao.

“DoubleDragon strongly believes in the tourism positive prospects of our country, we are confident that Philippines will surpass 10 million annual tourist arrivals very soon,” company chairman Edgar “Injap” Sia II said Monday.

Hannah Yulo, chief investment officer, also said as  hotel  room  rates  and  occupancy  increase over  time,  “both  Hotel101  and  its  unit owners  are  positioned  to  continuously gain  financial  benefit  from  their  real  estate investment.”

The property firm’s hotel operating and pipeline portfolio now stands at 5,082 rooms from Hotel101s, Jinjiang Inns, Skysuites and Ascott-DD Meridian Park.