The Tamesis
DoubleDragon Group Chairman Edgar Sia II and Co-Chairman Tony Tan Caktiong attended the 2023 groundbreaking ceremony for Niseko Hotel 101 in Hokkaido, Japan.
Provided by Ssangyong
Hotel101 Global, a subsidiary of DoubleDragon, jointly owned by Filipino fast-food giant Jollibee founder Tony Tan Caktiong and real estate tycoon Edgar Sia II, will raise $300 million through the sale of preferred shares to fund its global expansion plans.
Manila-based DoubleDragon Hotels said in a statement that the perpetual preferred shares will be sold in the United States, where Hotel101 is listed, without specifying a date for the sale.
The financing comes as DoubleDragon Hotels said it will open a record number of hotels in 2026. Nasdaq-listed Hotel101 has set an ambitious goal to have 1 million rooms in 100 countries by 2050 through joint ventures and franchising. The company has announced plans to build hotels in Australia, Saudi Arabia and the United States over the next few years.
The builder said it will add 2,229 hotel rooms this year, including the 680-room Hotel 101 in Madrid, Spain, which opens this month in time for the city’s first-ever Formula One Grand Prix in September. The company also plans to open new hotels in Japan and the Philippines later this year.
Hotel101 aims to build a global hotel chain by offering the same standardized rooms in all its hotels for greater efficiency and affordability. Adopting the “apartment hotel” concept that was popular in the United States in the 1980s, Hotel 101’s rooms were pre-sold to investors during the construction period at an average price of up to US$250,000 per room. Investors can receive a 30% share of the hotel’s total room revenue and can stay for ten days for free every year.
With a combined net worth of US$2.9 billion, Tan Caktiong and his family are among the richest people in the Philippines. Their fortune depends on Jollibee, the Philippines’ largest fast-food chain that is expanding rapidly around the world.
Sia, who became Tan Caktiong’s business partner after selling his grilled chicken chain to Jollibee in 2010, has a net worth of $310 million.
