Hotel101 Global to List on the NASDAQ Signs a Formal Merger Agreement with JVSPAC Acquisition Corporation

The Singapore-headquartered subsidiary of Philippine-listed investment company DoubleDragon Corporation, Hotel101 Global Pte. Ltd. and affiliates (HOTEL101 or HBNB) and JVSPAC Acquisition Corporation (Nasdaq: JVSA) (JVSPAC) announced that they have entered into a definitive merger agreement. ​Hotel101 is a hotel prop-tech company that is leading the way in the development of an asset-light, globally standardized "condotel" business model. After the planned business combination transaction is completed, the combined entity is anticipated to become a majority-owned subsidiary of DoubleDragon Group, be listed on the NASDAQ under the ticker symbol "HBNB," and use the additional equity to boost DoubleDragon Corporation's capital base and strengthen its balance sheet.​

After the deal closes in the second half of 2024, subject to shareholder and regulatory approvals as well as other usual closing conditions, Hotel101 is anticipated to have an equity value of more than US$2.3 billion.

DoubleDragon is positioning Hotel101 Global to become the first Filipino company whose majority-owned subsidiary lists via SPAC on the US Nasdaq Stock Exchange in the near future. Given its asset-light business model, it is anticipated to become a major export of Philippine concepts, brands, and business models and could potentially become a major source of US dollars coming into the country.

Management believes that Hotel101 is a global “one room” hotel chain poised to disrupt the tourism industry by offering identical, standardized hotel rooms around the world, creating what management believes to be unbeatable efficiency, simplicity, and value. Management believes Hotel101s are efficient to build, maintain, and operate – as well as to scale and expand through direct development, joint venture partnerships, and licensing.

Management believes that the Hotel101 platform is unlike anything available in any part of the world today: while it is similar to other short-term rental platforms because its inventory is generally owned by third-party individual condominium unit owners who can opt to list their unit on the Hotel101 platform, it is able to deliver consistency, security, and predictability for its guests, as well as arguably higher acceptance in the communities where it operates as all Hotel101 properties are purposely built as hospitality assets. The global opportunity that management sees in the hospitality space is that of standardization, which management believes brings unbeatable efficiency, especially for the value segment. In addition, Hotel101’s proprietary app adopts dynamic pricing for its room rates and is planned to offer self-check in, simplified by the availability of just one type of room.

Hannah Yulo-Luccini, CEO of Hotel101, said: “Hotel101’s asset-light business model allows us to generate revenues twice: first from the pre-selling of strata-titled individual hotel units during the construction phase; and second, from the long- term recurring revenue derived from day-to-day hotel operations following completion of the units. Building on the success of our business model in the Philippines – where we have several operating properties and a number under development – and our ongoing international expansion to Japan, Spain, and the U.S., we believe that a NASDAQ listing will provide Hotel101 with access to public capital markets and help accelerate our global expansion plans.”

Edgar “Injap” Sia II, Chairman and CEO of DoubleDragon Corporation and Founder of Hotel101, said: “With its unique and novel concept, we believe Hotel101 has significant potential to successfully expand globally. We expect this to have a network effect that will further elevate the brand and benefit all stakeholders within its ecosystem. The standardization of a Hotel101 room globally means that a customer knows exactly what to expect wherever they may be in the world. Management also expects this formula to result in creating sustained value for consumers globally.

Albert Wong, Chairman, JVSPAC Acquisition Corporation, said: “Today marks a significant milestone towards the successful completion of the business combination between JVSPAC and Hotel101. We sought out a partner that aligns with our vision and are confident that this merger will position us for long-term success. We are pleased to work with Hotel101 and believe its unique business model and the track record of its founders will be a disruptive force in the hospitality industry. We are honored to be part of their journey and be the ones introducing their business to the public capital markets.”

By building properties at scale – what management believes to be roughly five times the size of other branded 3-star hotel chains – Hotel101 can offer its guests amenities that go well beyond what management believes to be the typical offering in the value segment. These amenities usually include in-room kitchenettes, pools, gyms, business centers, all-day dining, function rooms, 24/7 front desks, and children’s playgrounds – features that other mid-tier players do not typically provide.

Outside of the Philippines, Hotel101 has broken ground in Madrid, Spain to construct a 680-room property located in the Valdebebas area beside IFEMA Convention Complex, the Real Madrid Complex and the upcoming new F1 Grand Prix Track. Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan; and a site has been secured in Los Angeles, California to build the first Hotel101 in the U.S. 

Hotel101’s long term vision is to have one million rooms, operating in over 100 countries worldwide. As a first step, Hotel101 has identified the first 25 priority countries for expansion: the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.

DoubleDragon Corporation currently has total assets of about US$3 billion, with a portfolio that spans over one million square meters of gross floor area principally from provincial community malls, a string of office buildings, a chain of industrial warehouse complexes and its chain of hotels.

DoubleDragon Corporation has been listed on the Philippine Stock Exchange since 2014 and is controlled by two entities that own a combined 70% majority stake: Injap Investments Inc., which is a private family holding company led by Filipino Entrepreneur Edgar “Injap” Sia II, who is also the Chairman of MerryMart Consumer Corp, and Founder of Mang Inasal, one of the largest QSR fast food chains in the Philippines which is now under Jollibee Foods Corp.; and Honeystar Holdings Corp., which is a private family holding company led by Filipino Entrepreneur Tony Tan Caktiong, who is also the Chairman and Founder of the global QSR fast food chain Jollibee Foods Corp. Jollibee is the largest fast food QSR company in the Philippines and one of the largest globally through its portfolio of food brands with over 6,000 branches worldwide. Jollibee Foods Corp. currently has a market capitalization of over US$4.6 billion.

JVSPAC Acquisition Corporation is a blank check company incorporated for the purpose of executing a business merger (Special Purpose Acquisition Company). Listed on the NASDAQ, JVSPAC is led by Chairman and CEO Mr. Albert Wong. Mr. Wong has over two decades of experience in capital markets. Since 2010, Mr. Wong has been the Chief Executive Officer and Director of Kingsway Group Holdings. Kingsway is the sole distributor of Lamborghini in Hong Kong, Macau and Guangzhou. Kingsway is also the sole distributor of Koenigsegg Automotive, Rimac Automobili and Bugatti Automobiles for China (including Hong Kong and Macau. Mr. Wong is also co-founder of JVSakk Group and has been its Executive Director since 2010