Hotel101 is expected to have an equity value of over
Management believes that Hotel101 is a global "one room" hotel chain poised to disrupt the tourism industry by offering identical, standardized hotel rooms around the world, creating what management believes to be unbeatable efficiency, simplicity, and value. Management believes Hotel101s are efficient to build, maintain, and operate “ as well as to scale and expand through direct development, joint venture partnerships, and licensing.
Management believes that the Hotel101 platform is unlike anything available in any part of the world today: while it is similar to other short-term rental platforms because its inventory is generally owned by third-party individual condominium unit owners who can opt to list their unit on the Hotel101 platform, it is able to deliver consistency, security, and predictability for its guests, as well as arguably higher acceptance in the communities where it operates as all Hotel101 properties are purposely built as hospitality assets. The global opportunity that management sees in the hospitality space is that of standardization, which management believes brings unbeatable efficiency, especially for the value segment. In addition, Hotel101's proprietary app adopts dynamic pricing for its room rates and is planned to offer self-check in, simplified by the availability of just one type of room.
Edgar "Injap" Sia II, Chairman and CEO of DoubleDragon Corporation and Founder of Hotel101, said: "With its unique and novel concept, we believe Hotel101 has significant potential to successfully expand globally. We expect this to have a network effect that will further elevate the brand and benefit all stakeholders within its ecosystem. The standardization of a Hotel101 room globally means that a customer knows exactly what to expect wherever they may be in the world. Management also expects this formula to result in creating sustained value for consumers globally."
By building properties at scale “ what management believes to be roughly five times the size of other branded 3-star hotel chains “ Hotel101 can offer its guests amenities that go well beyond what management believes to be the typical offering in the value segment. These amenities usually include in-room kitchenettes, pools, gyms, business centers, all-day dining, function rooms, 24/7 front desks, and children's playgrounds “ features that other mid-tier players do not typically provide.
Outside of
Hotel101's long term vision is to have one million rooms, operating in over 100 countries worldwide. As a first step, Hotel101 has identified the first 25 priority countries for expansion:
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About DoubleDragon Corporation
DoubleDragon Corporation currently has total assets of about
DoubleDragon Corporation has been listed on the Philippine Stock Exchange since 2014 and is controlled by two entities that own a combined 70% majority stake: Injap Investments Inc., which is a private family holding company led by Filipino Entrepreneur Edgar "Injap" Sia II, who is also the Chairman of MerryMart Consumer Corp, and Founder of Mang Inasal, one of the largest QSR fast food chains in
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About JVSPAC Acquisition Corporation
JVSPAC Acquisition Corporation is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). Listed on the Nasdaq, JVSPAC is led by Chairman and CEO Mr.
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Learn more at: www.hotel101global.com
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Advisors
Merdeka Corporate Finance Limited is serving as financial advisor and Milbank (
Additional information about the proposed transaction, including a copy of the business combination agreement, will be available on a Current Report on Form 8-K, to be filed by JVSPAC Acquisition Corporation with the Securities and Exchange Commission ("SEC") and available at www.sec.gov. In connection with the proposed transaction, JVSPAC and PubCo intend to jointly file the Registration Statement, which will include a proxy statement and a prospectus, with the SEC.
Forward Looking Statements
This press release includes "forward-looking statements" which may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated equity value of the combined company, Hotel101's ability to scale and grow its business, the advantages and expected growth of the combined company, the combined company's ability to source and retain talent, the cash position of the combined company following closing of the Transaction, JVSPAC's and Hotel101's ability to consummate the Transaction, and expectations related to the terms and timing of the Transaction, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of JVSPAC's and Hotel101's management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of JVSPAC and Hotel101. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of JVSPAC and Hotel101 to successfully or timely consummate the proposed Transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction or approval of the shareholders of JVSPAC or Hotel101; failure to realize the anticipated benefits of the proposed Transaction; the combined company's ability to execute on its business model, potential business expansion opportunities in foreign countries and growth strategies, retain and expand customers' use of its hotel services and attract new customers, and source and maintain talent; risks relating to the combined company's sources of cash and cash resources; risks relating to Hotel101's business; risks relating to JVSPAC's and the combined company's vulnerability to security breaches; risks relating to the combined company's ability to manage future growth; the effects of competition on the combined company's future business; the amount of redemption requests made by JVSPAC's public shareholders; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries involving the parties to the Transaction; the impact of the COVID-19 pandemic on Hotel101's or the combined company's business and the global economy; and those factors discussed in JVSPAC's final prospectus related to its initial public offering dated
Important Information About the Proposed Transaction and Where to Find It
The proposed Transaction will be submitted to shareholders of JVSPAC for their consideration and approval. JVSPAC and PubCo intend to jointly file a registration statement (the "Registration Statement") with the SEC which will include preliminary and definitive proxy statements to be distributed to JVSPAC's shareholders in connection with JVSPAC's solicitation for proxies for the vote by JVSPAC's shareholders in connection with the proposed Transaction and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of the securities to be issued to Hotel101's shareholders in connection with the completion of the proposed Transaction. After the Registration Statement is filed and declared effective, JVSPAC will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed Transaction. JVSPAC's shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with JVSPAC's solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed Transaction, because these documents will contain important information about JVSPAC, Hotel101 and the proposed Transaction. Shareholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed Transaction and other documents filed with the SEC by JVSPAC, without charge, at the SEC's website located at www.sec.gov or by directing a request to JVSPAC.
Participants in the Solicitation
JVSPAC, DoubleDragon Corporation, Hotel101, and their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from JVSPAC's shareholders in connection with the proposed Transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of JVSPAC's shareholders in connection with the proposed Transaction will be set forth in the proxy statement/prospectus to be filed with the SEC in connection with the Transaction. You can find more information about JVSPAC's directors and executive officers in JVSPAC's final prospectus related to its initial public offering dated
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.