MANILA, Philippines — Tycoon Edgar “Injap” Sia II’s Hotel101 Global Pte. Ltd. is staring at possible earnings of at least $471 million from the completion of its expansion in Japan, Spain and the US.
Hotel101 Global is inching closer to realizing the full potential of its projects abroad, announcing yesterday that it has turned over the second batch of Spanish Golden Visas to buyers of its units in Hotel101 Madrid.
The company, which is eyeing to go public in the US, said the handover of the visas materialized additional sales for the first Hotel101 to operate outside of the Philippines.
Hotel101 Global is bringing its flagship concept overseas in Madrid; Hokkaido, Japan; and Los Angeles, California. These projects are expected to generate at least $471 million for DoubleDragon Corp., the parent of Hotel101 Global.
To date, Hotel101 Global expects to sell out its units in Madrid and Hokkaido ahead of schedule. Hotel101 Madrid is slated to be the first of its kind outside of the Philippines, followed by the projects in Hokkaido and in Los Angeles.
For Madrid, Hotel101 Global is issuing to buyers what Spain calls as Golden Visas, or residence permits given to non-Europeans who make a substantial investment in the country.
To qualify, a foreigner can choose to buy real estate worth 500,000 euros, which means one can obtain a Golden Visa if he/she purchases three units of Hotel101 Madrid.
Hotel101 Global released the first batch of Golden Visas in a little over six months, while for the second batch of buyers, the visas were processed in just less than 60 days.
Gearing up for the long term, Hotel101 Global eyes to operate one million rooms by 2050, with 50,000 in the Philippines. The dream for the DoubleDragon unit is to grow into the biggest hotel operator in the country and one of the five largest in the world.
Hotel101 Global employs an asset-light model wherein it averages about 500 rooms per site, and this allows DoubleDragon to generate revenue twice as fast. Earnings come in from pre-selling the units first, and when the project is completed after.
In September, Hotel101 Global declared its intent to proceed with its plan to list in the US before the year ends.