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HOTEL of Asia Inc., a subsidiary of DoubleDragon Properties Corp., has signed a joint venture agreement with Davao-based W2JP2 Corp. to build what is being envisioned as the biggest hotel in Mindanao.
Hotel 101-Davao City will rise on a 5,300-square meter prime commercial lot located at Eco West Drive at the side of SM City-Davao.
It will have 519 rooms, a commercial and retail strip, and convention facilities.
“We envision Hotel 101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon,” said DoubleDragon chairman Edgar Injap Sia II.
The project is scheduled to start construction on the last quarter of this year with target completion by 2020.
Hotel 101-Davao is an addition to Hotel 101-Manila near the Mall of Asia, and Hotel 101-Fort which is already under construction.
DoubleDragon aims to have a total of 5,000 hotel room portfolio by 2020.
It recently upgraded its 2020 goal to achieve 1.2 million square meters of leasable space with a mix of office leasing, community mall retail leasing, industrial leasing and hotels.
Aside from envisioning Hotel 101 as the largest and most recognized hotel chain in the Philippines, DoubleDragon also aims to provide the market with an innovative, safe and secure investment platform, said Sia.
Top officials of DoubleDragon and W2JP2 paid a courtesy call to Davao City’s Mayor Sara Duterte after signing the joint venture./PN
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