DoubleDragon unit eyes $300M US raise for global push

DoubleDragon Corp.’s hospitality arm is planning a $300 million capital raise in the United States to scale its Hotel101 brand worldwide and shift further into an asset-light growth model.

The listed property developer said Tuesday that Hotel101 Global Holdings Corp. disclosed in the U.S. Nasdaq Stock Exchange that it has advanced its $300 million, or approximately P18 billion, Series A perpetual preferred share offering. 

The net proceeds will be used primarily to fuel the expansion of Hotel101 projects globally, advance its prop-tech platform, and accelerate its transition to “pure asset-light hyper growth worldwide expansion.”

Its first international property, Hotel101-Madrid, which opened on 10 March, has exceeded expectations in both operations and occupancy, and is projected to reach above-industry occupancy levels ahead of the Formula 1 Grand Prix in Madrid this September.

The group is set to open a record 2,229 hotel rooms this year, including 680 rooms in Madrid, Spain, which opened in March, followed by new capacity in Davao with 519 rooms, Cebu with 548 rooms, and Niseko, Hokkaido, Japan with 482 rooms.

These developments support Hotel101 Global’s long-term vision to build and operate one million standardized Hotel101 rooms across 100 countries.