October 12, 2024 | 12:00am
MANILA, Philippines — DoubleDragon Corp. is on track to open its 548-room Hotel101-Cebu Mactan Airport early next year after completing the building’s structure and topmost floor.
The property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong held a topping-off ceremony for the project on Thursday.
The 548-room hotel project is strategically located on a 5,493-square-meter prime commercial lot along the Cebu Mactan Airport terminal road near Mactan Marina Mall.
DoubleDragon expects to open the doors of Hotel101-Cebu Mactan Airport within the first half of 2025, which is poised to become the biggest airport hotel in the Visayas and Mindanao.
The company said the Cebu Mactan hotel project has been fully sold as all the units have been pre-sold prior to completion.
Apart from the Cebu project, DoubleDragon also intends to launch the 519-room Hotel101-Davao in the next few months.
Together, both hotel projects will add over 1,000 additional operating rooms to Hotel101’s growing portfolio, with more projects expected here and abroad.
These hotel developments are aligned with the Hotel101 group’s goal of achieving one million operating rooms before 2050.
Of the target, 50,000 rooms are intended to be unveiled in the Philippines to further solidify Hotel101’s status as the largest hotel company in the country.
Earlier, DoubleDragon announced plans to raise P30 billion via multiple bond issuances from 2024 to 2026 to further strengthen its financial position.
For the first tranche, the company intends to offer up to P10 billion next month, which it said could become one of the last long-term offerings available in the country this year.
Since its public listing in April 2014, DoubleDragon has used proceeds from most of its capital-raising activities in building up its portfolio to 1.3 million square meters of completed gross floor area.
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