Hotel101, a unit of diversified property firm Double Dragon, will become the first Filipino-owned company to be listed and traded on Nasdaq.
The listing at the technology-heavy trading platform, headquartered in New York City, operates entirely electronically and tracks the performance of over 3,000 listed stocks, including the Nasdaq-100, with a focus on the largest non-financial companies.
The success of Hotel101’s listing could also pave the way for other local companies to access global capital markets.
The US bourse listing will occur after the tie-up between Hotel101 Global Holdings Corp. and JVSPAC Acquisition Corp., positioning Hotel101 with a $2.3 billion valuation.
JVSPAC is a special purpose acquisition company (SPAC), a type of investment vehicle formed to raise capital through an initial public offering to acquire or merge with an existing private company, thereby taking it public.
SPACs, often referred to as “blank check companies,” have no commercial operations of their own and are created solely to facilitate such transactions.
Formed to facilitate merger
JVSPAC was listed on Nasdaq to seek a merger with a high-growth company, and its agreement with Hotel101 aligns with this objective.
The deal reflects DoubleDragon’s vision to globalize its hospitality arm, leveraging an asset-light model and strategic partnerships, such as the 10,000-room project in Saudi Arabia.
Double Dragon has been instrumental in Hotel 101’s growth. Founded by Edgar Sia II and Tony Tan Caktiong, DoubleDragon has diversified interests in real estate, retail and hospitality.
The company’s strategic vision includes transforming its subsidiaries, like Hotel101, into global brands. The Nasdaq listing represents a significant milestone for DoubleDragon, enhancing its reputation and financial flexibility.