Double Dragon Properties Corporation, through subsidiary Hotel of Asia, Inc., is doubling its 2020 expansion goal from 1,000 to 2,000 JinJiang Inn hotel rooms in different parts of the Philippines at a cost of about P6.6 billion (Approx 124 mill. EUR).
“This accelerated expansion aim is in line with the expected surge in Chinese business activities and tourists in the Philippines,” the firm said in a disclosure to the Philippine Stock Exchange.
DoubleDragon Chairman Edgar Sia II had said, “We believe that the hospitality industry will continue to be one of the fastest growing segments in the county and it is an ideal way for us to increase our leasable portfolio in line with our focus of creating recurring revenue backed by appreciating assets.”
Hotel of Asia’s subsidiary is the exclusive master franchisee of JinJiang Inn in the Philippines. JinJiang Inn currently has two operating hotels in the country, one in the Ortigas district, and another one in the Makati district.
The company is looking at expansion in 20 key areas such as Quezon City, Manila, Boracay, Cavite, Baguio City, Tagaytay City, Subic, Roxas City, Clark, Iloilo City, Cebu City, Bacolod City, Dumaguete City, Bohol, Palawan, Cagayan De Oro City, Davao City, and Zamboanga City.
“JinJiang Inn is one of the largest hotel chains in China, and we are excited to further grow the brand to support the expected influx of the Chinese guests and tourists to the Philippines,” said Sia.
Read more at http://www.mb.com.ph/double-dragon-investing-p6-6-b-to-double-hotel-rooms/#FlvT8WCEq7WMf0J0.99