DoubleDragon Properties Corp. will be bringing Hotel 101 in Davao City, making it the largest hotel in Mindanao.
In a disclosure with the Philippine Stock Exchange, DoubleDragon said the hotel would have a total of 519 rooms, a commercial and retail strip, and convention facilities.
“Our company signed a joint venture agreement with Davao-based W2JP2 Corp. to build Hotel 101-Davao City in a 5,300-square meter prime commercial lot located at Eco West Drive at the side of SM City-Davao,” DoubleDragon Chairman Edgar Injap Sia II said.
The project is scheduled to start construction on the last quarter of this year with target completion by 2020. Mindanao has largely been favoured recently by investors as Philippines current president Rodrigo Duterte comes from Davao. Prior to his election, Duterte had been the mayor of Mindanao largest city for many years.
Hotel 101 – Davao is an addition to Hotel 101 – Manila near Mall of Asia, and Hotel 101 – Fort which is already under construction. The company aims to have a total of 5,000 hotel room portfolio by 2020.
Last year, the company acquired majority stake in Hotel of Asia, Inc. — a joint venture of Injap Investments, Inc., Chan C. Bros. Holdings, Inc., and Staniel Realty Development Corp.
“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,” he added.