Hotel101 bags P137.5B Saudi JV

Hotel101 Global of property developer DoubleDragon Corp. is expanding into the Middle East through a P137.5-billion joint venture with Saudi-based Horizon Group.

In a disclosure on Thursday, the company said the partnership will develop 10,000 hotel rooms across five initial locations: Medina, Riyadh, Jeddah, Abha, and Alula.

Each site is expected to host an average of 500 rooms to meet growing demand for standardized, predictable accommodations in the region.

“We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally,” Hotel101 CEO Hannah Yulo-Luccini said. 

In 2023, Saudi Arabia welcomed over 100 million visitors, including 27 million international tourists.

Visitor spending reached around P3.7 trillion amid strong tourism sector, which targets over 150 million tourists by 2030.

Hotel101 Global Founder Edgar “Injap” Sia II said the deal supports the company’s long-term goal of establishing one million Hotel101 rooms worldwide by 2050, including 50,000 rooms in the Philippines.

“We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel101 rooms worldwide,” Sia said.