Singapore-registered Hotel101 Global, a venture of bilyonaryo Injap Sia’s DoubleDragon, is in talks with potential special purpose acquisition companies (SPAC) as part of its plan to list on the US Nasdaq.
Hotel101 Global CEO Hannah Yulo-Luccini, said that the company is currently engaged with select SPAC targets and plans to sign a business combination agreement “very soon.”
“The SPAC route stands as one of Hotel101 Global’s strategic options to expedite its global expansion plans for Hotel101, along with the timeline for the previously announced IPO on the US NASDAQ,” Yulo-Luccini explained.
As Hotel101 Global prepares for its foray into the US market, it recently finalized an agreement for the Hotel101-Los Angeles California site.
The inaugural Hotel101 development in the US, Hotel101-Los Angeles, will have 622 units, contingent upon entitlement and zoning approval.
DoubleDragon envisions Hotel101 Global reaching a valuation of up to $17 billion in the near term.
“We believe DoubleDragon’s Hotel101 represents a truly pioneering asset-light business model, which, to the best of our knowledge, has never been executed anywhere else in the world,” said Sia.