Developer DoubleDragon Properties Corp. will build near the Mactan Cebu International Airport an accommodation facility that is envisioned to become the biggest airport hotel in the Visayas.
The planned Hotel101-Cebu, which will have 514 rooms, will rise on a 5,493-square-meter prime commercial lot near the Mactan Marina Mall along the Mactan Airport Road.
It will also have a convention center and a commercial strip, DoubleDragon said in a statement on Monday, March 25, 2019.
The developer said its subsidiary Hotel of Asia, Inc. signed on Monday a joint venture agreement with Federated Realty Corp. of the U-Bix Group to develop Hotel101-Cebu.
Hotel101-Cebu will be among six hotel projects under the Hotel101 brand that will simultaneously pre-sell this year. The others are located in the Fort, Davao, Boracay, Bohol and Palawan.
The Cebu hotel will have P2.33 billion in unit inventory. DoubleDragon said it has a total of P14.53 billion in unit inventory across the six hotels.
The company has adopted a condotel concept for its hotels, allowing investors to own a condominium unit with hotel facilities and amenities. All units, however, will be run by Hotel101's management company.
DoubleDragon said it expects to fully sell out its entire unit inventory over the next two years.
The Boracay, Bohol and Palawan hotels are all beachfront locations while the Fort, Cebu and Davao are in urban areas.
"DoubleDragon strongly believes in the positive tourism prospects of our country. We are confident that (the) Philippines will surpass 10 million annual tourist arrivals very soon," said DoubleDragon chairman Edgar “Injap” Sia II.
DoubleDragon's hotel operating and pipeline portfolio now stands at 5,082 rooms under the brands Hotel101, Jinjiang Inn, Skysuites, and Ascott-DD Meridian Park.
The company targets to complete a leasable portfolio of 1.2 million square meters by 2020, comprising of 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from Hotel101 and Jinjiang Inn Philippines, and another 100,000 square meters of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.
DoubleDragon is led by Sia, who had founded Many Inasal, and Tony Tan Caktiong, founder and chairman of Jollibee Foods Corporation.
The company’s board of directors approved on March 22 a regular cash dividend of P1.61945 per share to be paid out to preferred shareholders on record as of April 5, 2019. This will be paid on April 15, 2019. As of 2:14 p.m. of March 25, DoubleDragon was trading at P22.55 apiece, higher than the P22.50 close on March 22. (Ventures Cebu)