HOTEL101 GLOBAL HOLDINGS Corp., the Nasdaq-listed hospitality arm of DoubleDragon Corp., is expanding further into Europe with a 429-room development in Milan, marking its second project in the region as it accelerates its international rollout.
The company signed a joint venture with binding agreements to develop the condotel on a 1.4-hectare site in San Donato Milanese, a business district southeast of central Milan, it said in a statement on Sunday.
The project is targeted for completion in 2028 and is projected to generate about €85.8 million (P5.8 billion) in unit sales.
Hotel101 Global is banking on its standardized “condotel” model — in which individual units are sold to investors while hotel operations are centrally managed — to anchor its global expansion. Unit pricing for the Milan project is estimated at €200,000, according to the company.
The property will offer mid-range pricing and four-star amenities, including round-the-clock reception, an all-day dining outlet, a 25-meter pool, a gym, business facilities, function rooms and children’s play areas. The development will also incorporate energy-efficient features such as solar panels.
Hotel101 said its Milan site sits about 7.1 kilometers from Linate Airport and four kilometers from the Metro Milano San Donato station, positioning it to attract both business and leisure travelers.
The company expects the project to draw local and foreign buyers and contribute to Milan’s economy through investment inflows, job creation and tourism-related activity.
“This expansion marks a significant milestone in the company’s European growth strategy, bringing its novel globally standardized ‘condotel’ business model to one of the world’s most dynamic cities,” the company said.
Hotel101 has nine operating properties in the Philippines and is developing projects in Hokkaido, Madrid and Los Angeles. In May, the company signed an agreement with Saudi Arabia’s Horizon Group to build 10 hotels in the kingdom.
The Milan project forms part of Hotel101’s target to establish a presence in 25 countries over the next three years, with a long-term goal of operating one million rooms across 100 markets.
DoubleDragon said it remains the only Philippine company with a unit listed on the Nasdaq. Hotel101 Global had a market capitalization of about US$1.9 billion (P112 billion) as of end-November. — Beatriz Marie D. Cruz