Hotel101 Global, the Singapore-headquartered subsidiary of Philippine-listed investment company DoubleDragon Corporation, has formally entered a merger agreement with JVSPAC Acquisition Corporation to firm up its United States listing.

Upon completion of the business combination transaction, the combined entity is expected to be publicly listed on the US NASDAQ under the ticker symbol “HBNB.”

Following the merger, Hotel101 is expected to have an equity value of US$2.3 billion (P130 billion). Closing is targeted during the second half of 2024, subject to regulatory and shareholder approvals and other customary closing conditions.

DoubleDragon positions Hotel101 Global to become the first ever Filipino company whose majority-owned subsidiary to list via SPAC in the US Nasdaq Stock Exchange. It is seen to become one of the major sources of US Dollar inflow to the Philippines given its Asset-Light business model.

Hotel101, a hotel prop-tech operator pioneering a globally standardized “condotel” business model, has recently broken ground in Madrid, Spain a 680-room property in the Valdebebas area. It is beside the IFEMA Convention Complex, the Real Madrid Complex and the upcoming new F1 Grand Prix Track.

Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan. A site has been secured in Los Angeles, California to house the first Hotel101 in the US.

 Hotel101’s long term vision is to have one million rooms, operating in over 100 countries worldwide. Its first 25 priority countries for expansion includes the Philippines, Japan, Spain, the US, United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and Saudi Arabia.

JVSPAC Acquisition Corporation, meanwhile, is a blank check company incorporated for the purpose of executing a business merger (Special Purpose Acquisition Company). Listed on the NASDAQ, JVSPAC is led by its chairman and chief executive officer Albert Wong who has over two decades of experience in capital markets. Since 2010, Wong has been the chief executive officer and director of Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau and Guangzhou. Kingsway is also the sole distributor of Koenigsegg Automotive, Rimac Automobili and Bugatti Automobiles for China (including Hong Kong and Macau. Wong is also co-founder of JVSakk Group and has been its executive director since 2010.