LISTED property developer DoubleDragon Corp. has started the construction of Hotel101-Niseko in Hokkaido, Japan as part of its overseas expansion.
In a stock exchange disclosure on Tuesday, the company said it had the groundbreaking ceremony for the project on Aug. 26, signaling the start of the construction.
Hotel101-Niseko is a 482-room project situated in a 1.17-hectare property in Niseko town of the Hokkaido region. The project is one of Hotel101’s first three overseas projects, along with hotels in Madrid, Spain, and California, United States.
DoubleDragon said the contractor of Hotel101-Niseko is Iwata Chizaki, Inc., which is said to be one of the largest contractors in Japan. The contractor also built the Chitose International Airport in Saporro.
The company said Niseko is known as a world-class ski destination with “picturesque landscapes” as well as hot springs.
Hotel101 Global Pte. Ltd., the worldwide hotel expansion subsidiary of DoubleDragon, previously said that it expects to generate sales of P71.2 billion from the Hotel101-Niseko project.
“The Hotel101-Niseko units are seen as a solid investment since the unit owners are able to directly and perpetually own a real estate hard asset through the full ownership of the unit through a condominium title,” it previously said.
It added that Niseko and Sapporo will have increased mobility and access with the extension of the Shinkansen bullet train to the two towns.
“Hotel101–Niseko will be one of the largest value hotels in Niseko encompassing 482 signature HappyRooms offering comfort, convenience, and accessibility to all types of travelers,” the company said.
Previously, DoubleDragon said Hotel101 Global’s near-term expansion roadmap is to have a presence in 25 countries by 2026. These countries are the Philippines, Japan, Spain, the US, United Kingdom, United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.
On Tuesday, the company’s shares at the local bourse fell 18 centavos or 2.28% to finish at P7.72 each. — Revin Mikhael D. Ochave