Hotel101 sees P6.3-B sales revenues in Cambodia
Hotel101 Global Pte. Ltd. expects to see P6.3 billion in sales revenue from its entry into the Cambodia market. This is the homegrown condotel chain’s latest addition to its international portfolio.
DoubleDragon Corp., the parent firm of Hotel101, on Wednesday disclosed that it had signed agreements with Cambodian developer Canopy Sands Development Co. Ltd. to build the projects in Phnom Penh and Sihanoukville.
Both are expected to be among the largest hotels in Cambodia, in terms of number of rooms once completed in 2028.
Hotel101-Phnom Penh will rise on a 2,033-square-meter (sq m) commercial land in the Tonle Bassac district. It is set to have around 700 rooms spanning at least 21 sq m each.
Meanwhile, Hotel101-Sihanoukville will rise within the Bay of Lights coastal development of Canopy Sands. It will have around 680 rooms.
Both projects are expected to “contribute to Cambodia’s economic growth through job creation, foreign investment and increased tourism, while attracting both local and international buyers,” DoubleDragon said.
Cambodia, which hosts global hotel brands like Hyatt, Rosewood, Raffles and Shangri-La, adds to DoubleDragon’s growing list of overseas locations for Hotel101.
These include Japan (482 rooms), Spain (680 rooms) and the United States (622 rooms). The developer also recently inked agreements to debut in Saudi Arabia.
DoubleDragon plans to build 50,000 Hotel101 rooms in the Philippines and 1 million across the globe in 100 countries.
In the first semester this year, fresh sales from its new projects buoyed DoubleDragon’s earnings by 53.9 percent to P1.54 billion despite a relatively slow second quarter.
Revenues during the period surged by 58.3 percent to P6.9 billion, owing to higher real estate sales, which nearly doubled to P1.1 billion.
Meanwhile, hotel revenues grew by 6.5 percent to P433 million.
