By Revin Mikhael D. Ochave, Reporter
HOTEL101 Global Holdings Corp., a subsidiary of listed investment holding company DoubleDragon Corp., has secured approval from the US Securities and Exchange Commission (SEC) for its planned listing on the Nasdaq Stock Exchange this month.
The SEC approved Hotel101 Global Holdings’ registration statement on Form F-4 on June 2, DoubleDragon said in a regulatory filing to the Philippine Stock Exchange (PSE) on Tuesday.
Hotel101 Global Holdings, which will list on Nasdaq under the ticker symbol “HBNB,” was formed after the merger of Singapore-based Hotel101 Global Pte. Ltd. and JVSPAC Acquisition Corp. in April last year.
The merger values the combined entity’s equity at $2.3 billion (P130 billion), with shares priced at $10 each.
“The closing of the business combination is expected to occur as soon as possible, subject to regulatory and shareholder approvals and other customary closing conditions,” Hotel101 said.
Hotel101 Chief Executive Officer Hannah Yulo-Luccini described the listing as a “significant step” toward the company’s goal of becoming the world’s first global one-room hotel chain.
“As we expand into key markets, including Japan and the US, we are taking a pivotal step through this listing that will help scale our model globally and redefine the global hospitality experience,” she said.
Hotel101 is poised to become the first Filipino-owned company to be listed and traded on Nasdaq.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the timing is favorable following the normalization and growth of international travel and tourism after the COVID-19 pandemic.
“There was also the proposition of investment and the rental/hotel income at the same time. This will also create a strong international business and brand in wealthy and high-potential countries with possible additional growth in the coming years,” he added.
Last week, Hotel101 announced plans to expand into Saudi Arabia with projects to develop up to 10,000 rooms valued at P137.5 billion ($2.5 billion).
The company signed a joint venture agreement with Saudi-based investment firm Horizon Group, committing to roll out a standardized hotel offering averaging 500 rooms.
Initial project locations include Medina, Riyadh, Jeddah, Abha, and Alula.
DoubleDragon shares rose 8.86%, or 90 centavos, to P11.06 per share on Tuesday.