Latest news with #hospitality
Associated Press
5 hours ago
- Business
- Associated Press
HOTEL101 GLOBAL RECEIVES APPROVAL TO LIST ON NASDAQ UNDER "HBNB"
Celebrated Public Listing by Ringing the Opening Bell Today at the Nasdaq Stock Exchange SINGAPORE, June 27, 2025 /PRNewswire/ -- Hotel101 Global Holdings Corp. ('Hotel101" or 'HBNB'), an asset-light, prop-tech hospitality platform business designed for rapid global growth, announced that it has received approval to list on the Nasdaq Stock Exchange, and its shares are set to begin trading on July 1, 2025. Hotel101 celebrated its U.S. public listing by ringing the Opening Bell today. Trading is scheduled to commence under the ticker symbol 'HBNB' following the expected completion of Hotel101's business combination with JVSPAC Acquisition Corp. (Nasdaq: JVSA), which was approved by JVSPAC shareholders on June 24, 2025. With a deemed equity value at closing of US$2.3 billion, Hotel101 is the first Filipino-owned company to be listed and traded on the Nasdaq. Hotel101 is a subsidiary of Philippine-listed DoubleDragon Corporation (PSE: DD). The ceremony can be viewed at and on the Nasdaq MarketSite Tower in Times Square. Hannah Yulo-Luccini, CEO of Hotel101, said: 'Today is an exciting milestone in Hotel101's journey to become the world's first truly global one-room hotel chain. Hotel101 was born from a simple, revolutionary idea: a 'one room' global hotel brand delivering consistent comfort and irresistible value worldwide. Our asset-light, technology-driven platform positions us to scale rapidly, with a goal to disrupt the hospitality industry globally with 1 million rooms across 100 countries.' Edgar 'Injap' Sia II, Chairman and CEO of DoubleDragon Corporation and Founder of Hotel101, said: 'This is a historic moment for DoubleDragon, becoming the first-ever Filipino company with a subsidiary listed and traded on the Nasdaq. It reflects the strength of our vision and the dedication of everyone who has helped bring Hotel101 to this global stage. And we're just getting started – with a globally scalable model and a long runway ahead, we aim to redefine the industry and become a leading global hospitality brand working towards our vision of an inventory of 1 million Hotel101 rooms globally.' Accelerating global expansion Hotel101's management believes that Hotel101 properties are efficient to build, maintain, and operate – as well as scale and expand through direct development, joint venture partnerships, and franchise arrangements. Building on the success of Hotel101-branded properties in the Philippines – where there are two operating properties and a number under development – Hotel101 intends to accelerate its global expansion plans. Hotel101-Madrid, a 680-room development adjacent to the new Formula 1 ('F1") Spanish Grand Prix Circuit in Valdebebas, is slated for completion in December 2025. Earlier this month, Hotel101 signed a 10-year agreement with an affiliate of MATCH Hospitality AG, making it an official hotel partner of the F1 Spanish Grand Prix from 2026 to 2035. In May 2025, Hotel101 signed an agreement with Saudi Arabia's Horizon Group to, subject to additional contract, establish a joint venture for the development of up to 10 hotels in Saudi Arabia. The partnership underscores Hotel101's confidence in the Kingdom's dynamic tourism market, one of the fastest-growing globally under Vision 2030. Construction is underway for Hotel101-Niseko, a 482-room property in Hokkaido, Japan. The company has also secured a site in Los Angeles, California, marking its entry into the U.S. market. In parallel, Hotel101 is actively pursuing five additional joint ventures, further advancing its goal of establishing a presence in 25 priority markets in the medium term. Hotel101's unique business model Hotel101's management believes that Hotel101's global 'one room' hotel chain model is poised to disrupt the hospitality industry by offering identical, standardized hotel rooms globally. In standardization, Hotel101 sees a global opportunity in the hospitality space that brings enhanced efficiency, especially for the value segment, enabling customers to know exactly what to expect whenever they stay at a Hotel101 property. With identical hotel units, Hotel101 streamlines development, operations, and guest experiences. Hotel101's proprietary app, which has over 1 million registered users, serves as a centralized platform for reservations, guest services, and loyalty programs. It adopts dynamic pricing for room rates and offers self-check in, made efficient by the availability of just one type of room. Hotel101 expects to set a new standard for efficiency, predictability, and scalability, creating sustained value for customers globally. Hotel101's asset-light 'condotel' prop-tech business model is designed to scale efficiently while maximizing value for both unit owners and guests. Hotel101 generates revenue twice: first, from the pre-selling of individual hotel units during the construction phase; and second, from long-term recurring revenue derived from day-to-day hotel operations following completion of the units. By pre-selling standardized hotel units, Hotel101 generates upfront capital to fund new developments and expand rapidly. Its long-term management contracts with unit owners create a stable and recurring revenue stream. Hotel101 aims to bridge the gap between traditional hotels and fragmented hospitality marketplaces. Unlike traditional hotel chains that require significant capital investment to scale or marketplace aggregators that lack consistency and branding, Hotel101's model provides individual condominium unit owners with direct hotel unit ownership while maintaining the brand consistency and professional management of a global hotel chain. Hotel101's management believes that its properties will also receive arguably higher acceptance in the communities where they operate as all Hotel101 properties are purposely built as hospitality assets. About Hotel101 Global Holdings Corp. Headquartered in Singapore, Hotel101 is an asset-light, prop-tech hospitality platform pioneering a global standardized 'condotel' business model. Hotel101 aims to disrupt the global hotel and hospitality sector through its unique tech-enabled business model that positions it to generate revenues twice: first from the advance sale of individual hotel units during the construction phase; and second, from long-term recurring revenue derived from day-to-day hotel operations. Hotel101 and its affiliates have nine Hotel101-branded properties in the Philippines in various stages of operations and development, as well as three projects under development overseas in Hokkaido (Japan), Madrid (Spain), and Los Angeles (United States). In May 2025, Hotel101 signed an agreement with Saudi Arabia's Horizon Group to, subject to additional contract, establish a joint venture for the development of up to 10 hotels in Saudi Arabia. Hotel101 aspires to operate 1 million rooms across 100 countries worldwide, with an initial 25 identified priority countries for the medium term. Hotel101 is a subsidiary of Philippine-listed DoubleDragon Corporation (PSE: DD). For more information, visit About DoubleDragon Corporation DoubleDragon Corporation currently has total assets of approximately US$4 billion, with a portfolio that spans over one million square meters of gross floor area principally from provincial community malls, a string of office buildings, a chain of industrial warehouse complexes and its chain of hotels. DoubleDragon Corporation has been listed on the Philippine Stock Exchange since 2014 and is controlled by two entities that own a combined 70% majority stake: Injap Investments Inc., which is a private family holding company led by Filipino Entrepreneur Edgar 'Injap' Sia II, who is also the Chairman of MerryMart Consumer Corp, and Founder of Mang Inasal, one of the largest QSR fast food chains in the Philippines which is now under Jollibee Foods Corp.; and Honeystar Holdings Corp., which is a private family holding company led by Filipino Entrepreneur Tony Tan Caktiong, who is also the Chairman and Founder of the global QSR fast food chain Jollibee Foods Corp. Jollibee is the largest fast food QSR company in the Philippines and one of the largest globally through its portfolio of food brands with over 9,900 branches worldwide. Jollibee Foods Corp. currently has a market capitalization of over US$4.3 billion. About JVSPAC Acquisition Corporation JVSPAC Acquisition Corporation is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Forward Looking Statements This press release includes 'forward-looking statements' which may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated equity value of the combined company, Hotel101's ability to scale and grow its business, the advantages and expected growth of the combined company, the combined company's ability to source and retain talent, the cash position of the combined company following closing of the Transaction, JVSPAC's and Hotel101's ability to consummate the Transaction, and expectations related to the terms and timing of the Transaction, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of JVSPAC's and Hotel101's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of JVSPAC and Hotel101. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of JVSPAC and Hotel101 to successfully or timely consummate the proposed Transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction; failure to realize the anticipated benefits of the proposed Transaction; the combined company's ability to execute on its business model, potential business expansion opportunities in foreign countries and growth strategies, retain and expand customers' use of its hotel services and attract new customers, and source and maintain talent; risks relating to the combined company's sources of cash and cash resources; risks relating to Hotel101's business; risks relating to the combined company's vulnerability to security breaches; risks relating to the combined company's ability to manage future growth; the effects of competition on the combined company's future business; the amount of redemption requests made by JVSPAC's public shareholders; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries involving the parties to the Transaction; the impact of the COVID-19 pandemic on Hotel101's or the combined company's business and the global economy; and those factors discussed in JVSPAC's final prospectus related to its initial public offering dated January 18, 2024, under the heading 'Risk Factors,' in JVSPAC's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading 'Risk Factors' filed with the SEC on March 11, 2025 and other documents filed, or to be filed, by JVSPAC with the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither JVSPAC nor Hotel101 presently knows or that JVSPAC and Hotel101 currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect JVSPAC's and Hotel101's expectations, plans or forecasts of future events and views as of the date of this press release. JVSPAC and Hotel101 anticipate that subsequent events and developments will cause JVSPAC's and Hotel101's assessments to change. However, while JVSPAC and Hotel101 may elect to update these forward-looking statements at some point in the future, JVSPAC and Hotel101 specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing JVSPAC's and Hotel101's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. No Offer or Solicitation This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The HBNB shares have not been offered, listed or registered in the Philippines with the Philippine Securities and Exchange Commission. Any future offer or sale thereof in the Philippines will be subject to registration requirements under the Philippine Securities Regulation Code unless such offer or sale in the Philippines qualifies as an exempt transaction. Contacts Brunswick Group - [email protected] View original content: SOURCE Hotel101
Travel Weekly
6 hours ago
- Business
- Travel Weekly
IHG's upscale Voco brand is coming to Canada
IHG's Voco brand will add its first hotels in Canada with signings in Montreal, Toronto and Niagara Falls. The Voco Niagara Falls -- Fallsview will be a conversion of what was a Radisson hotel. Vrancor Group announced its acquisition of the 232-room hotel in February and plans a renovation. IHG expects a Voco reopening in late 2026. The 55-room Voco Montreal will be a new hotel in downtown Montreal expected to open in 2027. The Voco Toronto Airport West, situated near Toronto Pearson International Airport, will also be a newbuild hotel. Targeted to open in 2027, the 180-room property aims to be a zero-emissions, carbon-neutral hotel. The upscale Voco brand launched in 2018 and now has 115 hotels, including 21 in the U.S, according to Voco's website. IHG says Voco has an operational framework conducive to conversions, which has been a driving force behind its rapid expansion.
Yahoo
10 hours ago
- Business
- Yahoo
Sonder CEO steps down following Marriott integration
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Sonder co-founder Francis Davidson stepped down from his role as CEO of the company, the accommodations provider announced Wednesday. Davidson will also give up his position as a member of the company's board of directors. Sonder Chairperson of the Board Janice Sears is now interim CEO. The company's board intends to start its search for a permanent CEO immediately, according to Sonder. Over the course of his tenure, Davidson grew Sonder into a hospitality brand serving millions of guests across more than 40 markets in nine countries, but the company also encountered legal and operational challenges. The completion of the company's integration into Marriott International makes now the right time for a leadership transition, according to Sonder. While serving as interim CEO, Sears will continue to hold her role as chairperson of Sonder's board, which 'is focused on identifying an outstanding executive' to be Sonder's next CEO and 'capitalize on the positive trends we are seeing across the business,' Sears said in a statement. Sears has served on Sonder's board since 2021, and became chairperson earlier this year. Previously, Sears held a variety of roles over 20 years at Bank of America Securities, and concurrently served as the San Francisco market president for Bank of America. Sears said that Davidson's 'entrepreneurial spirit and visionary leadership have made Sonder into the global company and recognizable brand it is today.' Sonder entered into a strategic licensing agreement with Marriott last August that added some 9,000 of its rooms to Marriott's portfolio. Experts told Hotel Dive last year that the deal could offer relief to Sonder stakeholders after the company's stock price fell in March 2024 in the wake of 'accounting errors' identified in its 2022 and 2023 financial statements. The company also was the subject of a class action lawsuit filed on behalf of investors in June 2024. Since the partnership with Marriott was announced, Sonder has named Michael Hughes CFO to 'significantly strengthen' the company's balance sheet, as well as planned layoffs and cost-cutting measures. Sonder did not immediately respond to a Hotel Dive request for further comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
10 hours ago
- Business
- Entrepreneur
A Business Owner's Guide to Maximizing Summer Profits
Opinions expressed by Entrepreneur contributors are their own. For certain businesses, summer is not just a season — it is an engine that drives success for the rest of the year. Hospitality and tourism businesses, for example, tend to make the bulk of their annual revenue between June and September due to increased travel, which leads to a surge in hotel occupancy, shopping, restaurant patronage, and tour and attraction bookings. This concentrated period of activity presents an unparalleled opportunity for growth, especially for business leaders prepared to optimize finances, staffing and marketing. Here are three tips leaders in the hospitality, retail, service and tourism sectors can use to maximize those lucrative months. Related: How Entrepreneurs Can Position Their Businesses for Growth This Summer 1. Budget for the rush According to Deloitte's 2025 summer travel outlook, 53% of Americans plan to go on vacation this summer, with average spend per household sitting just above $4,600. Smart financial planning is key to securing a share of this revenue. Business leaders can start by reviewing historical data, such as peak periods, sales numbers and bestselling products or services, to make revenue projections — keeping in mind that past performance is not always indicative of future results. For example, landmark events such as Taylor Swift's Eras Tour and Beyoncé's Renaissance Tour injected more than $5 billion into the U.S. economy in Q3 2023, with concert-goers (respectively) spending an average of $1,500 and $1,800 on flights, food, hotels and tickets. Those won't necessarily be replicable results. However, understanding consumer behavior during those periods can help business leaders prepare for future summer events, like the 2026 FIFA World Cup and the 2028 Summer Olympics, and tailor their offerings to maximize revenue opportunities. Reviewing past expense reports is also crucial for creating a realistic, effective summer budget, as they provide a detailed record of where money was spent, allowing leaders to identify trends and potential cost increases. Business owners should also consider consulting financial and legal advisors to review their budgets, get advice on cash-flow management and re-examine supplier contracts. 2. Optimize operations Reviewing past financial performance and consumer behavior also helps determine where to optimize operations. For retailers, that might mean ensuring that point-of-sale and inventory-management systems are equipped to handle a surge in demand. With potential for increased foot traffic, the store's physical layout may also need to be updated to improve customer flow, reduce bottlenecks and enhance the shopping experience. Having an adequately staffed, well-trained team is also crucial to a seamless customer experience. While installing self-service checkout stations to reduce the need to hire seasonal or temporary employees may be tempting, a 2024 Drexel University study found that human cashiers foster greater customer loyalty and repeat business. With that in mind, leaders should prioritize the development of effective training programs that empower seasonal and temporary staff to provide exceptional service from day one. Then, they can explore technology solutions to automate scheduling, ensuring optimal staff coverage while minimizing administrative overhead. 3. Refresh marketing Though plenty of Americans will continue to travel this summer, a 2025 outlook from the Bank of America Institute predicts more cautious consumer travel spending. For businesses in hospitality, retail, service and tourism, now is the time to sharpen marketing strategies to capture those limited dollars. To gain a better sense of what audience members want out of their summer experience, business leaders might use online polls to gather input and foster a stronger connection. However, they also need to be prepared to pivot their strategies based on findings. To maximize impact, businesses should segment their audience and craft messaging that speaks directly to each segment's interests. A tourism business, for example, may target adventure seekers, foodies and families — each will be drawn to different amenities and activities. Related: 6 Strategies to Make Your Business Sizzle This Summer Finally, collecting and amplifying user-generated content can be an excellent strategy for gaining brand exposure and showcasing original content. Using the business's location geotag or a unique but simple hashtag can incentivize customers to share their experiences, delivering authentic social proof and expanding the reach of marketing efforts organically. Summer is a key financial period for businesses in many sectors, but capitalizing on its potential requires strategic effort, not just wishful thinking. Business leaders need to optimize their financials and operations and give customers a compelling reason to choose them over the competition. In doing so, they will set themselves up to make the most of this busy season's opportunities.
Globe and Mail
10 hours ago
- Business
- Globe and Mail
Frontline Hospitality Jobs Boom in 2025, OysterLink Finds - Management Hiring Lags Behind
New York, New York--(Newsfile Corp. - June 27, 2025) - A new hiring trends report from OysterLink, a hospitality job platform, reveals that entry-level hospitality jobs have seen the largest gains in absolute numbers since 2020, while mid-level and management roles are growing more gradually - often from smaller employment bases. OysterLink To view an enhanced version of this graphic, please visit: Drawing from five years of wage and employment data across the hospitality sector, the report highlights a clear shift: restaurants and hotels are adding tens of thousands of new frontline roles, such as bartenders, cooks, and dishwashers, to meet renewed demand. Bartender positions alone grew by over 259,000 jobs between 2020 and 2024 - a 53% jump - while line cooks added more than 340,000 new roles. By contrast, mid-level roles such as event planners and concierges grew at a slower pace. Although management roles, including restaurant and hotel managers, saw an average growth of around 27%, the total number of new management positions was significantly lower in volume. Combined, restaurant and hotel managers added just under 60,000 new roles. "The story isn't just about percentages - it's about scale," said Milos Eric, founder and general manager at OysterLink. "Frontline jobs are fueling the recovery of the hospitality sector. If you're looking to enter the industry, there's never been more opportunity. If you're already in, now's the time to grow and move up." Entry-Level Roles: Wage Growth and Employee Growth Breakdown (2020-2024) Job Title 2020 Wage 2024 Wage Wage Growth 2020 Employees 2024 Employees Employee Growth Bartender $28,910 $39,880 +37.99% 486,720 745,610 +53.15% Cook $29,530 $37,730 +27.74% 1,109,650 1,452,130 +30.86% Dishwasher $25,600 $33,220 +29.77% 395,660 471,670 +19.21% Waiter $27,470 $38,360 +39.69% 1,944,240 2,302,690 +18.43% Fast-Food Worker $24,540 $31,350 +27.74% 3,450,120 3,780,930 +9.58% Average wage growth: 32.99% Average employee growth: 26.25% Mid-Level Roles: Wage Growth and Employee Growth Breakdown (2020-2024) Job Title 2020 Wage 2024 Wage Wage Growth 2020 Employees 2024 Employees Employee Growth Concierge $35,310 $40,770 +15.45% 36,800 44,200 +20.11% Event Planner $55,890 $65,090 +16.45% 109,800 134,670 +22.63% Host/Hostess $24,800 $32,030 +29.07% 316,700 427,150 +34.86% Housekeeper $28,010 $36,180 +29.20% 795,590 854,910 +7.46% Average wage growth: 22.54% Average employee growth: 21.77% Management-Level Roles: Wage Growth and Employee Growth Breakdown (2020-2024) Job Title 2020 Wage 2024 Wage Wage Growth 2020 Employees 2024 Employees Employee Growth Restaurant Manager $61,000 $72,370 +18.62% 197,010 244,230 +23.98% Hotel Manager $65,270 $77,460 +18.69% 31,790 41,350 +30.04% Average wage growth: 18.66% Average employee growth: 27.01% What This Means for Aspiring Managers The flattening of management hiring doesn't mean those roles are disappearing - it means the route to get there is shifting. Instead of hiring externally for supervisory roles, many employers are opting to promote from within, rewarding loyalty, hands-on experience, and soft skills over formal qualifications. That's good news for newcomers: entry-level staff now have a faster track to higher-paying, stable careers - if they're willing to stay and grow. "It's no longer a ladder. It's an escalator," said Eric. "Start as a host or bartender, and within two to three years, you could be assistant manager. Just upskill on the job and show leadership early." This internal mobility also allows employers to cut onboarding costs and invest in staff who already understand the culture and expectations of the role. Upskilling Is the New Job Security While base-level wages are growing steadily across nearly all entry-level roles, workers looking for long-term stability will need more than just technical skills. Emotional intelligence, inventory management, scheduling tools, and a customer-first mindset are becoming essential for securing promotions and negotiating raises. With more than 900,000 projected openings for fast-food workers and 134,600 for bartenders each year through 2033, the window for getting in is wide open. But competition for the best shifts, highest-paying tips, and management-track roles is intensifying. About OysterLink OysterLink is a leading job platform dedicated to the hospitality industry. We connect restaurants, hotels, and hospitality employers with skilled candidates across the U.S. and internationally. With job listings, including bartender jobs in New York City and waiter jobs in Miami, industry insights, and career resources, OysterLink helps professionals build rewarding careers in hospitality. Currently, OysterLink attracts over 400,000 monthly visitors and continues to grow steadily. For more information, visit or contact PR Rep Ana at ana@
