Hotel101 is set to list on Nasdaq by the end of the month.
MANILA, Philippines – Hotel101 Global is set to make history this month as the first Filipino-owned company to be listed and traded on tech-heavy Nasdaq in New York.
This, after the US Securities and Exchange Commission approved on June 2 the registration statement related to the merger between Hotel101 Global Holdings Corp., a subsidiary of DoubleDragon Corp. led by Edgar Sia II and Tony Tan Caktiong, with Nasdaq-listed JVSPAC Acquisition Corp., a special purpose acquisition company based in Hong Kong that was formed in 2021 to execute mergers.
The merger values Hotel101 at an equity value of $2.3 billion or P130 billion at $10 a share.
READ: First in PH: Hotel 101 gets ticket to Nasdaq
Hotel101 said in a statement that the closing of the merger is expected to happen soon, subject to regulatory and shareholder approvals and other customary closing conditions, paving the way for the Nasdaq listing scheduled before the end of this month.
Upon listing, the combined company will operate as Hotel101 Global Holdings Corp. and trade under the symbol “HBNB”, making it the first Filipino-owned company to list on Wall Street.
Sia, chair and CEO of DoubleDragon and founder of Hotel101, said in a statement: “Hotel101 was built on a bold vision – to create an entirely new category of hotel that combines efficiency, predictability and scalability in a way that has never been done before. With its unique and novel concept, we believe Hotel101 has significant potential to successfully expand globally.”
“With DoubleDragon’s deep experience in real estate and high-growth businesses, we are fully committed to supporting Hotel101 as it makes its mark on the global stage, becoming the first Filipino-owned company to be listed and traded on Nasdaq”,” Sia added.
Hotel101 is described as an asset-light hospitality platform pioneering a globally standardized “condotel” business model.
It will generate income twice: first, from the preselling of individual hotel units during the construction phase and second, from the long-term recurring revenue derived from day-to-day hotel operations following the completion of the units.
The Nasdaq listing is expected to provide Hotel101 – which is already establishing a presence in Japan, Spain and the United States – with access to public capital markets and help accelerate its global expansion plans.
Hotel101’s long-term vision is to establish a global footprint in 100 countries with an initial 25 identified priority countries for the medium term.
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“Hotel101’s innovative approach to hospitality has the potential to completely redefine the mid-market segment, while presenting a compelling opportunity for rapidly scalable, long-term growth. We look forward to supporting Hotel101 as it executes its global expansion strategy and enters the public markets,” JVSPAC chair Albert Wong said.
