Hotel101 IPO? 6 Facts About the Hotel Condo Brand's Planned SPAC

Hotel101 Global, a subsidiary of the Philippines-based real-estate company DoubleDragon, known for its popular Philippine fast-food chain, Jollibee, is still hoping for an IPO through a merged special-purpose acquisition company (SPAC).

In April 2024, Hotel101 Global and JVSPAC Acquisition Corp. signed a merger agreement, and in January, the two said they submitted a filing to the U.S. Securities and Exchange Commission. 

The companies haven't announced a date for an IPO and declined requests for an interview. But on March 11, Hotel101 Global CEO Hannah Yulo-Luccini spoke at the MIPIM real-estate conference in Cannes where she reiterated the company's ambition to complete the SPAC transaction by mid-year.

A SPAC, also known as a “blank-check company,” is a shell company that raises capital for an IPO and then merges with a private company to go public. This method avoids the usual difficult vetting process to become listed.

Recent travel SPACs have not fared well. In 2024, travel agent booking platform Mondee delisted from the Nasdaq, and its CEO took a leave of absence. Travel lodging company Sonder replaced its CEO and has faced delisting, though it continues to trade on the Nasdaq. However, Amex GBT went public via a successful $5.3 billion SPAC deal in 2021.

Here's what we know about the potential deal:

1. $2.3 Billion Aspirational Valuation

Hotel101 pegs its IPO value at $2.3 billion. It expects the SPAC to happen in the first half of 2025, pending regulatory and shareholder approval. The company will trade under the ticker symbol HBNB. The JVSPAC Acquisition Corp. currently has about $82 million in assets, according to Bloomberg.

2. 'Condo Hotel' Model

Hotel101 calls itself a “condominium hotel.” It sees itself as combining short-term rental platforms, like Airbnb, where third parties own the inventory, but offering the standardization and efficiency of a traditional hotel, like Sonder, Placemakr, Homes and Villas by Marriott Bonvoy, and Accor's OneFineStay.

3. Asset-Light Model

The hotel rooms are owned by individual owners but managed and maintained by Hotel101. Unit owners pay property and income tax and receive 30% of gross room revenue monthly. They receive 10 free stays a year.

4. Global Ambitions

Hotel101 only has three open properties, all in Manila. It seeks to have properties in 25 countries "by 2026."

The brand is building its first overseas properties now. One is a 680-room hotel in Madrid in the Valdebebas area close to Real Madrid's football complex. The other is a 482-room hotel in Hokkaido, Japan. It has eight other hotels in development in Asia Pacific.

Hotel101 said it intends to build its first U.S. location in Los Angeles.

5. Profitable Backer

DoubleDragon, the current owner of Hotel101 Global, is a diversified real estate company publicly traded on the Philippine Stock Exchange. As of June 2023, it had about $3 billion in assets and 1.2 million square meters of office, retail, and industrial assets.

In the first nine months of 2024, DoubleDragon reported about $44 million in net income and about $111 million in revenue. According to S&P Capital IQ, its debt-to-asset ratio was about 39% at the end of last year.

6. Jolibee Connection

Hotel101's founders are Edgar “Injap” J. Sia II and Tony Tan Caktiong, who founded Mang Inasal and Jollibee, respectively.

Hotel101's app has one million registered users already, the company said.

For more on the company, see JVSPAC’s filings with the U.S. SEC, the Hotel101 site, and the DoubleDragon site.

Accommodations Sector Stock Index Performance Year-to-Date

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