Hotel101 Global secures Nasdaq listing in June
Closing of the merger between Hotel101 and JVSPAC Acquisition Corp. is expected 'as soon as possible,' subject to regulatory and shareholder approvals and other customary closing conditions. As a result, Hotel101 will be worth $2.3 billion or P130 billion.
Listed on the Nasdaq, JVSPAC is a blank check company led by its chairman and chief executive officer Albert Wong, who has been the chief executive officer and director of Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou.
Kingsway is also the lone distributor of Koenigsegg Automotive, Rimac Automobili, and Bugatti Automobiles for China, including Hong Kong and Macau.
Upon listing, the combined entity will operate as Hotel101 Global Holdings Corp., which will be traded under the ticker symbol 'HBNB,' making it the first Filipino-owned company listed and traded on the Nasdaq.
Hotel101's first three overseas projects are located in Niseko, Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, in the United States.
It seeks to expand in areas such as the United Kingdom, the United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.
It targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050.
The company last week said it had partnered 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. —VBL, GMA Integrated News
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