Hotel of Asia Inc., a subsidiary of DoubleDragon Properties Corp. recently signed a joint agreement with W2JP2 Corp. to build the largest hotel in the Philippines’ southernmost region, Mindanao.
Hotel 101 Davao will become the third property of its brand in the country. The first being Hotel 101 Manila situated in the nation’s capital, and the second being Hotel 101 Fort, which is currently under construction.
The new property is going to be a 519-room hotel with retail and convention facilities. It will rise on a 5,300-square-metre prime commercial lot located at Eco West Drive in the city of Davao.
In a disclosure to the Philippine Stock Exchange, it is said that the new hotel would break ground in the last quarter of the year and is targeted to be finished by 2020.
Hotel 101 aims to have a total of 5,000 rooms under its portfolio by 2020.
“We envision Hotel 101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an innovative, safe and secure investment platform,” DoubleDragon chair Edgar Sia II said.
After signing the deal, the top officials of both companies paid a courtesy call to Davao City Mayor Sara Duterte.