Bilyonaryo Injap Sia’s DoubleDragon is turning to the offshore capital market to raise $125 million to bankroll the expansion of homegrown Hotel101 brand.
In a disclosure to the Philippine Stock Exchange, DoubleDragon said the company secured board approval for $125 million worth of Series A and Series B offshore equity capital issuances for its Singapore registered subsidiary, Hotel101 Global Pte. Ltd.
The first Series A tranche of Hotel101 Global is targeted to be launched in January next year with a series of investor calls with offshore venture capital institutions.
“Series A offshore institutional investors will have the opportunity to be one of the first batch of venture capital investors that can take early equity positions in Hotel101 Global,” DoubleDragon said.
Hotel101 Global will primarily hold all international investments of Sia’s hotel brand outside the Philippines.
“This capital exercise would also enable Hotel101 Global to achieve its aspiration of eventually becoming a listed company in a stock exchange abroad,” DoubleDragon said.
Hotel101 Global is the intended overseas initial public offering vehicle for the international expansion of Hotel101.
Sia aims to make Hotel101 one of the Top 10 largest hotel brands in the world by growing its portfolio to over 200,000 rooms by 2035.
The expansion will be developed through direct investments, joint ventures with local companies in other countries, and through brand and concept licensing arrangements.