Hotel101 enters Thailand with 770-room project

HOTEL101 Global Holdings Corp. is entering Thailand with its first hotel project in the country after signing definitive binding agreements with Thailand-based Origin Property PCL to jointly develop Hotel101-Bangkok, a 770-room property.

In a statement on Wednesday, the Nasdaq-listed subsidiary of DoubleDragon Corp. (DD) said the project will rise on an 8,336-square-meter (sq.m.) site along Phahon Yothin Road, near Don Mueang International Airport and adjacent to the Yaek Kor Por Aor BTS Station.

According to Hotel101 Global, the site provides access to Bangkok’s BTS Skytrain network and is close to commercial, residential, and tourism destinations, including Yaek Night Market and Chatuchak Market.

“This expansion marks a significant milestone in the company’s global growth strategy, bringing its novel, globally standardized condotel business model to one of Southeast Asia’s most dynamic capital cities and major transportation hubs,” the company said.

Hotel101 Global said the project is expected to generate about 1.925 billion baht (about $58 million) in sales revenue once fully sold and is scheduled for completion in 2029.

The company said Hotel101-Bangkok will offer four-star facilities, including meeting spaces, a conference center, all-day dining, a swimming pool, a gym, a business center, a children’s pool, parking, and luggage storage.

The Bangkok project forms part of DoubleDragon’s strategy to expand the Hotel101 brand outside the Philippines and establish a presence in key international markets.

Hotel101 Global said it expects to add 2,229 hotel rooms this year through projects in the Philippines and Japan.

Planned openings include a 519-room hotel in Davao, a 548-room property in Cebu, and a 482-room development in Niseko, Hokkaido.

DoubleDragon shares closed unchanged at P11.34 each on Wednesday. — Alexandria Grace C. Magno