Hotel101 secures SEC approval for Nasdaq listing, valued at $2.3B

Hotel101 Global Holdings Corp., a subsidiary of DoubleDragon Corp., secured approval from the US Securities and Exchange Commission (SEC) for its planned listing on Nasdaq this month.

The SEC's approval, announced on June 2, values Hotel101 at $2.3 billion or P130 billion following its merger with JVSPAC Acquisition Corp. in April last year.

Hotel101 aims to become the world's first global one-room hotel chain and has plans to expand into key markets such as Japan and the US, with a standardized offering averaging 500 rooms per location.

The company also announced plans to develop up to 10,000 rooms in Saudi Arabia valued at P137.5 billion ($2.5 billion) through a joint venture agreement with Horizon Group.

Hotel101's first three overseas projects are located in Niseko, Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, with plans to expand into 101 countries by 2050.

Investors reacted positively to the news, driving DoubleDragon’s share price up by 8.86 percent to P11.06 each on Tuesday afternoon as Hotel101 prepares for its Nasdaq debut under the ticker 'HBNB'.