Hotel101 strikes deal to debut in Australia
Hotel101 Global Holdings Corp., a subsidiary of property developer DoubleDragon Corp., has signed definitive binding agreements to develop a 766-room Hotel101 in the heart of Melbourne’s central business district.
In a statement on Tuesday, DoubleDragon said Hotel101-Melbourne would be built at 540 Flinders Street, strategically located near major transport hubs and key commercial and leisure districts.
Breaking into Australia’s hospitality space is seen to reinforce the group’s strategy of developing hotel projects in prime and central locations overseas.
The project is expected to be completed by 2029 and, once finished, will be the largest hotel in Melbourne by room count.
Hotel101-Melbourne is projected to generate about 323.6 million Australian dollars in sales revenue, equivalent to roughly P12.6 billion. It will feature meeting spaces and a conference center, positioning it to serve both business and leisure travelers.
The property is expected to offer four-star amenities at affordable price points, consistent with the standardized global hotel model of the brand.
The property will feature modern guest rooms, 24/7 reception, all-day dining options, a swimming pool, a full-size gym, a business center and a children’s pool.
The Melbourne project forms part of Hotel101 Global’s broader international expansion as it works toward its long-term goal of setting up operations in 100 countries.
The company follows an asset-light, standardized “condotel” business model, which combines unit sales during development with recurring income from hotel operations.
Hotel101 Global recently listed on the Nasdaq Stock Exchange under the ticker symbol HBNB, marking the first time a Filipino-owned property developer has listed on a US exchange.
Since its listing earlier this month, Hotel101 has reached an equity valuation of $2.34 billion or about P139 billion.
Hotel101 aims to be a global Filipino hospitality brand. The group, led by tycoons Edgar Sia II and Tony Tan Caktiong, previously started development of hotels in Niseko, Japan; Madrid, Spain and Los Angeles, United States.
