DoubleDragon Corp., the real estate company led by tycoons Edgar "Injap" Sia II and Tony Tan Caktiong, has acquired a 3,647-square-meter prime property in the Los Angeles, United States where a new Hotel 101 site with potential P10.3 billion sales revenues will be built.
The Hotel101-Los Angeles site in Westlake North District of Los Angeles will be the first Hotel101 development in the United States, the company announced on Tuesday.
Hotel101-Los Angeles is envisioned to have 622 units subject to entitlement and zoning approval.
The newly acquired property is just a five-minute drive to Downtown LA, Dodger Stadium, and the previous Staples Center, a 10-minute drive to Hollywood, and a 20-minute drive to Beverly Hills.
Likewise, it is also easily accessible to Highway 101, and Los Angeles International Airport is only a 20-minute drive away.
"This step completes the first 3 strategic overseas sites of Hotel101 located in Japan, Spain, and the USA, and is set to enable Hotel101 to transcend as a truly global brand," Hotel101 Global Pte. Ltd. CEO Hannah Yulo-Luccini said.
DoubleDragon is currently targeting its local portfolio to fully mature and reach its optimal revenue generation level by 2025 while simultaneously on its Offshore Hotel101 Global portfolio to gain a significant market grip overseas by 2025.
"Given that the world economy is getting more and more fragile and volatile, we deemed it imperative, that the only way to future-proof itself is to passionately pursue the target of DoubleDragon's revenues to be derived from geographically diversified sources, that eventually over the long term, we aim that no single country will contribute over 10% of DD's revenue and income," DoubleDragon Chairman Edgar Injap Sia II said.
"But of course, your company DoubleDragon Corporation, will remain a deep-rooted Filipino company at its core forever. And your DD team will never stop at any point, doing its unconditional responsibility, to continually be a significant contributor in Nation-Building, with our common goal towards a first world Philippines," Sia added.
Last month, DoubleDragon also fully acquired 6,593 square meters of prime commercial land in Madrid Spain where a new Hotel101 site will be built.
The Hotel101-Madrid Spain, scheduled to be completed by the last quarter of 2025, is seen generating P8.8 billion in condotel sales revenue.