Hotel101 receives US SEC approval for Nasdaq listing

DoubleDragon Corp. subsidiary Hotel101 Global Holdings, Inc. and Nasdaq-listed shell company JVSPAC Acquisition Corp. said they received approval from the US Securities and Exchange Commission Monday morning New York time for their business combination and their prospective combined company to offer and sell securities on Nasdaq.

The companies said the US SEC has declared Hotel101's registration statement on Form F-4 as effective.

JVSPAC, whose stock is traded under the ticker symbol JVSA, has scheduled an extraordinary general meeting of shareholders for June 24 to vote on the proposed business combination that would value Hotel101 at US$2.3 billion (roughly ₱130 billion), according to a joint statement.

Closing of the transaction is expected soon after, with the combined company set to operate as Hotel101 Global Holdings.

Hotel101 said it anticipates its stock to start trading on the US stock exchange this month under the ticker symbol "HBNB," becoming the first Filipino-owned company to trade on Nasdaq.

Hotel101 Chief Executive Hannah Yulo-Luccini said being publicly traded in the US would bring the company closer to its vision of becoming the "world's first truly global one-room hotel chain."

DoubleDragon Chief Executive Edgar "Injap" Sia II, who founded Hotel101, said the company envisioned a chain of hotels that combine efficiency, predictability, and scalability by offering identical, standardized hotel rooms.

"With its unique and novel concept, we believe Hotel101 has significant potential to successfully expand globally," he said. "As the global middle class continues to expand, we see an extraordinary opportunity to disrupt the industry with a model designed for rapid international growth."

Hotel101 introduces an asset-light condotel business model, providing condominium unit owners with direct hotel ownership.

This business model generates revenue twice: first from the pre-selling of hotel units during construction; and second, from recurring revenue earned from hotel operations upon completion of the hotel, the company said.

Hotel101 currently has two operational properties in the Philippines and a number of others under development. Expansion into Japan, Spain and the US is ongoing. (Ventures Cebu/MVI)