Hotel101 Global, a company owned by Philippine businessmen Tony Tan Caktiong and Edgar Sia II, announced a merger with JVSPAC Acquisition Corp, valued at $2.3 billion. Once completed in the second half of the year, Hotel101 will be publicly listed on Nasdaq as HBNB, becoming the first Filipino-owned company with a primary listing in New York. The merger and listing will help fund Hotel101’s plan to grow to over 500,000 rooms in 100 destinations worldwide by 2040.
DoubleDragon chairman and Hotel101 founder Edgar Sia expressed belief in the company’s potential to expand globally with its unique concept. The company is currently constructing nine more hotels in the Philippines, including a 702-room hotel in Quezon City, as well as international projects in Japan, Spain, and the United States. JVSPAC chairman Albert Wong believes in Hotel101’s disruptive force in the industry.
Hotel101 uses a condotel playbook, pre-selling rooms before construction for up to $250,000 each, allowing investors to share in revenue and stay for free annually. The company manages all hotel operations, maintenance, and renovation, offering an asset-light business model with revenue from pre-selling units and day-to-day operations. CEO Hannah Yulo-Luccini highlighted the company’s unique approach to generating revenues and providing a standardized guest experience globally.
Hotel101 aims to offer rooms at least 30% cheaper than competitors, leveraging its standard room design and digital app for bookings and check-ins. The company plans to create a standardized experience across its properties. The merger with JVSPAC and Nasdaq listing will provide the necessary funding to support Hotel101’s growth and expansion plans.
The successful completion of the merger and listing will mark a significant milestone for Hotel101 as the first Filipino-owned company with a primary listing in New York. With ambitious plans to expand to 500,000 rooms in 100 destinations by 2040, Hotel101 aims to disrupt the hospitality industry with its unique business model. The company’s focus on providing affordable rooms and a standardized guest experience sets it apart from competitors in the market. With a strong leadership team and a strategic partnership with JVSPAC, Hotel101 is poised for success in the global hospitality market.
