Hotel101 Global Pte. Ltd., the Nasdaq-listed subsidiary of DoubleDragon Corp., is looking to generate P5.8 billion in sales from its 429-room hotel in Milan, Italy, its second hotel in Europe after its development in Madrid, Spain.
The Milan hotel will be located in San Donato Milanese, and is expected to generate approximately €8.5 million in sales revenue once fully sold, based on an expected sale price of €200,000. It will sit in a 1.4-hectare property close to the Metro Milano and the Linate Airport.
“Hotel101-Milan is expected to be completed by 2028 and is expected to contribute to Milan’s economic growth through job creation, foreign investment and increased tourism, while attracting both local and foreign buyers under Hotel101’s hassle-free hotel unit ownership model,” it said in a regulatory filing.
The project is also expected to offer four-star amenities with 24/7 reception, all-day dining, a 25-meter lapping pool, a full-size gym, business center, function rooms, and children’s playground and pool, among others.
Hotel101 will develop the site through a joint venture, with definitive binding agreements for the development already signed. The company did not elaborate on the partner.
Hotel101’s first three overseas projects are located in Niseko Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, in the United States, which are set to jumpstart its expansion to other areas as it targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050.
It also seeks to expand in areas such as the United Kingdom (UK), the United Arab Emirates (UAE), India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.
The company in May announced a partnership with the Horizon Group to develop up to 10,000 rooms in the Kingdom of Saudi Arabia, expected to translate to a $2.5-billion or P137.5-billion project value.
Hotel101’s parent company DoubleDragon is led by chairman Edgar “Injap” Sia II, and co-chairman Tony Tan Caktiong.
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