LISTED property developer DoubleDragon Properties Corp. is investing P6.6 billion for the development of 2,000 hotel rooms all over the country by 2020, encouraged by the rosy prospects of the Chinese tourist market.
In a disclosure to the Philippine Stock Exchange on Friday, DoubleDragon said it is doubling its 2020 hotel expansion plan for its JinJiang Inn hotels from 1,000 rooms to 2,000 rooms.
“This accelerated expansion aim is in line with the expected surge in Chinese business activities and tourists in the Philippines,” DoubleDragon said.
The expansion plan will be executed through the firm’s recently acquired hotel development arm, Hotel of Asia Inc. (HOA), which is the exclusive master franchisee of Jinjiang Inn in the Philippines.
“JinJiang Inn is one of the largest hotel chains in China, and we are excited to further grow the brand to support the expected influx of the Chinese guests and tourists to the Philippines,” DoubleDragon chairman Edgar “Injap” Sia II said in a statement.
At present, there are two operating JinJiang Inns in the country, one in Ortigas and another in Makati.
“The company is looking at expansion in 20 key areas such as Quezon City, Manila, Boracay, Cavite, Baguio City, Tagaytay City, Subic, Roxas City, Clark, Iloilo City, Cebu City, Bacolod City, Dumaguete City, Bohol, Palawan, Cagayan de Oro City, Davao City and Zamboanga City,” DoubleDragon said.
Earlier this month, DoubleDragon completed its acquisition of 70 percent of Hotel of Asia Inc. for P832.17 million.