DoubleDragon Opens Global Offices in Singapore to Expand Hospitality Portfolio.

DoubleDragon’s hospitality unit opens global offices in Singapore, targeting expansion to 25 countries by 2026.

DoubleDragon Corp, a listed property developer, announced on Tuesday that its hospitality unit, Hotel101 Global Pte. Ltd., has officially opened its global corporate and sales offices in Singapore. The move is part of the company’s plan to expand its portfolio to 25 countries by 2026.

According to Hotel101 Global CEO Hannah Yulo-Luccini, the new office will serve as a hub for team members as they work towards their expansion goals. DoubleDragon Chairman Edgar Injap Sia 2nd emphasized the importance of diversifying revenue sources in an increasingly fragile and volatile world economy. He stated that DoubleDragon aims to derive a significant portion of its revenues from geographically diversified sources, with no single country contributing more than 10% of revenue and income in the long term.

Sia also highlighted the company’s objectives, which include maximizing revenue in their Philippine portfolio and significantly growing Hotel101’s market share abroad by 2025. In terms of financial performance, DoubleDragon reported a net income of P1.6 billion for the first semester of 2023, compared to P1.59 billion in the same period last year. Consolidated revenues also saw a 15.62% increase to P3.94 billion from P3.41 billion, driven by improved foot traffic and higher rental income.

Despite these positive developments, DoubleDragon’s share price experienced a slight decline of 5 centavos to P7 apiece on Tuesday.

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