Hotel101 Global, a unit of DoubleDragon, which was co-owned by Jollibee founder Tony Tan Caktiong and real estate tycoon Edgar Sia II, is expanding into Saudi Arabia. The company is reportedly developing 10,000 rooms, valued at $2.5 billion, with plans to launch its project in the Kingdom in the first quarter. Thedeal arrived on Thursday with five initial potential sites, including Medina, Riyadh, Jeddah, Abha, and Alula.
visitorship statistics indicate that the Kingdom features a strong tourism market, with Saudi Arabia accounting for Saudi Arabia regional reports on domestic and international visitors. The hotel is expected to accommodate 79 million domestic tourists and 27 million international tourists in 2023, who spent approximately $67 billion. The region is also a hotspot for overseas Filipino workers, who support consumer spending in the Philippines.
Hotel101 CEO Hannah Yulo-Luccini emphasized the opportunity for the company in Saudi Arabia during a February statement to Forbes Asia, noting that Saudi Arabia will be one of the most exciting markets for the global brand globally. The company is adopting the “condotel” concept, which was popularized in the 1980s and involves offering identical, standardized rooms at an average price of $250,000 pre-sold to potential investors. With investors entitled to a 30% share of gross hotel room revenues and free lodging for up to ten days, this model aims to promote affordability and efficiency for travelers.
“Horizon Group, the company’s partner, is well-positioned to build on double Dragon’s growing presence in Saudi Arabia,” said Abdulrahman Sharbatly, Horizon Group’s CEO. The joint venture has ambitions as a将以ellio, where similar properties are built across different markets to attract a diverse audience of potential travelers. In addition to the four destinations listed, the company has interests spanning real estate, trading, hospitality, and transportation, with-complete stakes in Samuel Co, a-Qualified car manufacturer in Saudi Arabia.
Hotel101 is currently involved in building over 1,100 rooms in its Philippines operations and is adding nine more properties. By 2050, the company aims to reach a million rooms, well exceeding its current cap. Sia, the co-chairman of DoubleDragon, has a net worth far exceeding the $340 million figure mentioned. His successive rank in the 50 Richest list places him No. 6, while Jollibee’s Tony Tan holds the No. 68 position among the 25 fastest-growing companies in the Philippines.
The expansion into Saudi Arabia is part of a broader strategy for Hotel101 to reach a global breakfast-because universe. The market in Saudi Arabia is projected to be the fourth of Five to list in the country’s financialsnapshot. As Sia continues to grow his net worth, the company is poised to deepen its presence in global territories and expand its offerings further. With Horizon Group’s expertise and the strategic alignment of these projects, Hotel101 aims to build a global brand that offers affordability and quality at a low cost.
