DoubleDragon Corp. saw its core net income surge 162 percent year on year to P2.41 billion in the first half, supported by higher recurring revenues from its property and hospitality businesses.

The company reported on Monday that consolidated revenues rose 23 percent to P8.55 billion during the six months, while core revenues jumped 70 percent as the company continued to shift away from fair value gains and toward recurring operating revenues.

DoubleDragon expects to complete its shift to core revenues by 2028 as more investment and leasing properties are completed and begin contributing recurring income.

The company expects core revenues to accelerate further in the second half, supported by its leasing portfolio, new mall and warehouse openings, additional office tenants and MerryMart supermarkets, as well as Hotel101 unit sales in the Philippines and overseas.

For the remainder of the year, DoubleDragon is set to open three additional CityMall community malls, two CentralHub warehouse complexes and five full-sized MerryMart supermarkets. It will also open Hotel101 properties in Davao, Cebu and Niseko, Hokkaido, Japan.

The openings are part of what DoubleDragon expects to be a record year for its hotel portfolio. The company is adding 2,229 rooms in 2026, comprising the 680-room Hotel101-Madrid, 519-room Hotel101-Davao, 548-room Hotel101-Cebu and 482-room Hotel101-Niseko.

Hotel101-Madrid, which opened in March, has reached full occupancy several times and accumulated 5,000 international customer reviews on Booking.com in less than five months, with a 9.1 out of 10 rating.

In the Philippines, the 518-room Hotel101-Manila and 606-room Hotel101-Fort continue to operate at high occupancy levels, while DoubleDragon recently topped off the 702-room Hotel101-Libis at Robinsons Bridgetowne Estate. The company expects Hotel101-Libis to become the largest hotel in Quezon City by room count.

At the end of June, DoubleDragon had total assets of P246 billion, up from P225.3 billion at the end of 2025. Total equity increased by P4.1 billion to P105.7 billion.

Its debt-to-equity ratio stood at 1.03 times, well below its 2.33-times debt ceiling.