MANILA, Philippines – Hotel101 is further expanding its global footprint with plans to bring its iconic condotels to Cambodia.
Its parent firm DoubleDragon announced in a disclosure to the Philippine Stock Exchange on Wednesday, August 20, that Hotel101 entered definitive binding agreements with Cambodian real estate developer Canopy Sands Development Corporation Ltd.
The deal allows Hotel101 to construct two properties in Canopy Sands Development’s prime land.
Hotel101-Phnom Penh will be constructed on a 2,033 square meter property in Phnom Penh’s Tonlé Bassac district. With a capacity of around 700 hotel rooms, Hotel101–Phnom Penh is set to become Cambodia’s largest hotel by room number.
Meanwhile, Hotel101-Sihanoukville will rise on a commercial property along Bay of Lights, and will have a capacity of around 680 rooms.
These two hotels are expected to generate P6.3 billion in sales. DoubleDragon said the company aims to complete both projects by 2028.
Cambodia is the sixth market that Hotel101 is entering. The real estate firm owned by Mang Inasal founder Edgar “Injap” Sia II previously announced developments in Japan, the United States, Spain, and Saudi Arabia.
DoubleDragon also said its global expansion is set to eventually become a major source of dollar inflows to the Philippine economy.
“DoubleDragon happens to be one of the very few companies that has not only positioned its diversified portfolio of hard assets spread out across the Philippines, but it also happens to be one of the very few companies that has organically developed a novel asset-light concept and highly unique business model in Hotel101 that is exportable to other continents globally,” it said. – Rappler.com