DoubleDragon launches Hotel 101 at the Fort

DoubleDragon Properties Corp., the listed property and mall developer of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. chairman Tony Tan Caktiong, has launched Hotel 101 at The Fort.

The 33-story hotel features 606 rooms, commercial retail shops, an indoor pool, gym and business center facilities, DoubleDragon co-chairman Injap Sia told The STAR.

Different from other hotel developments, Hotel 101 at the Fort allows investors to invest in the property. As investor, they get to own units and get 30 percent of gross revenue. DoubleDragon will get 70 percent but will also shoulder perating expenses and maintenance.

Sia said one unit is priced at P4.9 million, while the total sales value for the whole Fort property is P2.98 billion.

With the addition of Hotel 101 Fort, DoubleDragon is on track to boosting its hotel room portfolio to 5,000 by 2020.

“Right now DoubleDragon has 866 operating rooms and 2,829 rooms are in the pipeline,” Sia said.

The company plans to set up in other areas, such as Davao, Boracay and Bohol.

“The next sites will be in Makati and Baguio and then we are good to reach our 5,000 hotel room portfolio target by 2020. It is our aspiration to make Hotel 101 the largest and the top of mind hotel brand in the Philippines,” Sia said.

DoubleDragon’s hotel brands are under Hotel 101 and Jinjiang Inn, which are under the company’s Hotel of Asia Inc.

Aside from hotels, the company is also into community malls, office and industrial leasing.

DoubleDragon aims to have 100 CityMalls by 2020. These small community malls are introducing modern retail in tier 3 provinces. There are now 30 CityMalls.

The company’s two office projects are Jollibee Tower and DD Meridian Park.

DoubleDragon Plaza, the first phase of DD Meridian Park, has been completed, while Jollibee Tower is expected to be completed by the end of the year.