Hotel 101 Approved for Nasdaq Listing, Values at $2.3 Billion

Hotel 101 Global Holdings Corp, a subsidiary of DoubleDragon Properties Corp, has received regulatory approval to proceed with its business combination agreement with JVSPAC Acquisition Corp, a publicly listed special purpose acquisition company on the Nasdaq. The U.S. Securities and Exchange Commission has approved the effectiveness of the F-4 registration statement filed by Hotel 101 in relation to the business combination.

JVSPAC, a shell company aiming to raise funds for a merger with a private entity, will hold a special meeting of its stockholders on June 24 to vote on the proposed business combination with Hotel 101. The business combination values Hotel 101 at 2.3 billion dollars in equity. Post-listing, the merged company will operate under the name Hotel 101, becoming the first Philippine company to be traded on the Nasdaq.

This development is part of DoubleDragon's broader strategy to expand its global presence and access international capital markets. By listing on the Nasdaq, Hotel 101 seeks to attract a more diverse range of investors and elevate its global brand recognition. The decision to pursue a Nasdaq listing reflects the company's confidence in the growth prospects of the Philippine hospitality sector and its dedication to delivering value to its shareholders.

The business combination is anticipated to provide Hotel 101 with the necessary capital to drive its expansion plans, including the development of new properties and the enhancement of existing ones. The company has been actively investing in its portfolio, with a focus on high-quality assets that cater to both local and international travelers. The Nasdaq listing will enable Hotel 101 to tap into a larger pool of capital, allowing it to accelerate its growth and strengthen its position as a leading player in the Philippine hospitality industry.

The successful listing of Hotel 101 on the Nasdaq is expected to benefit not only the company but also the broader Philippine economy. It will demonstrate the region's growing appeal as an investment destination and its potential for sustainable economic growth. The listing is also expected to attract more foreign investment into the Philippines, further boosting the country's economic development.