DoubleDragon Properties

What DoubleDragon Properties does

DoubleDragon Properties is a Philippine-listed (PSE:DD) real estate developer founded in 2009 and co-led by Edgar "Injap" Sia II and Tony Tan Caktiong, the founder of Jollibee Foods Corporation. The company operates a diversified property portfolio spanning hospitality, retail, and mixed-use developments, with its flagship being the Hotel101 brand. Hotel101 applies a standardized condotel model in which identically designed rooms are built across multiple cities and sold to individual investors, who share in the rental revenue — a structure designed to enable capital-light global scaling and uniform guest experience.

The portfolio spans the Philippines (Manila, Quezon City, Davao) and international assets in Madrid (Spain, 680 rooms), Niseko (Japan, 482 rooms), and Bangkok (Thailand, 770 rooms via joint venture with Origin Property PCL, expected ~$58M in sales). The international hospitality business was spun out into Hotel101 Global, which listed on NASDAQ in July 2025 at approximately $2 billion market capitalization, with a planned $300 million Series A perpetual preferred share offering on Nasdaq to fund further expansion. Domestically, DoubleDragon broadened into consumer retail through the June 2026 acquisition of approximately 99% of MerryMart Consumer Corp.

The business model combines three revenue streams: (1) direct hotel operations across owned and JV properties, (2) condotel unit sales to individual investors with ongoing revenue-share arrangements, and (3) retail and consumer revenue via MerryMart. The company has stated long-term targets of 1 million rooms across 100 countries by 2050 and ₱500 billion in revenue by 2035, with 2026 positioned as the largest growth year on record at 2,229 new rooms.

Name

DoubleDragon Properties

Legal name

DoubleDragon Corp.

Website

https://doubledragon.com.ph

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

DoubleDragon Properties is a Philippine-listed real estate and hospitality company operating the Hotel101 standardized condotel brand across the Philippines, Spain, Japan, and Thailand, with a NASDAQ-listed international subsidiary and a retail arm via MerryMart Consumer Corp.

Ownership category

akta.pro rank

Product category

Hospitality Real Estate

NAICS

Hotels (except Casino Hotels) and Motels (72111), Accommodation (721)

SIC

Hotels & Motels (7011), Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Budget Hotel Chains & Franchises (THAGABAM)

akta.pro secondary industries

Franchised/Chain Motels (THAGAFAM), Value Inn / No-Frills Hotels (THAGABAL)

Keywords

• Condotel hotel development
• Hospitality real estate
• Hotel property management
• Condotel investment
• Hotel asset development

Headquarters

HQ city

Pasay City

HQ country

Philippines

HQ region

Asia

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Hotel Room Revenue (HBNB Model): Long-term recurring revenue generated from hotel operations under the HBNB (Hotel101 Business Model) where DoubleDragon operates hotels and generates revenue from room bookings.
2. Condotel Unit Sales: Sale of condotel units to individual investors who purchase ownership stakes. Investors receive 30% of gross room revenue with no maintenance costs.
3. Joint Venture Development Revenue: Revenue from joint venture hotel developments such as Hotel101-Bangkok, expected to generate approximately 1.925 billion Baht (US$58 million) in sales revenue.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels1 record

Core offering

DoubleDragon Properties develops and operates standardized condotel (condo-hotel) properties under the Hotel101 brand, selling individual hotel units to investors who receive 30% of gross room revenue with no maintenance costs, delivering approximately 7% annual yield over eight years. The company also acquired MerryMart Consumer Corp., a listed Philippine retailer, and pursues joint-venture hotel developments globally in markets including the Philippines, Spain, Japan, and Thailand.

Product overview

DoubleDragon Properties operates a portfolio of hospitality and retail businesses, primarily through its Hotel101 brand - a standardized condotel (condo-hotel) business model. Hotel101 offers individual investors ownership in hotel rooms with revenue-sharing (30% of gross room revenue) and no maintenance costs, generating approximately 7% annual yield over eight years. The company operates multiple Hotel101 properties across the Philippines, with international expansion to Madrid (Spain), Niseko (Japan), and Bangkok (Thailand). The portfolio also includes MerryMart Consumer Corp., a listed retailer acquired through 'Project Solidify' to consolidate into DoubleDragon's business ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Hotel101 Brand
• Hotel101-Madrid
• Hotel101-Davao
• Hotel101-Niseko
• Hotel101-Libis
• Hotel101-Bangkok
• HBNB Business Model
• MerryMart Consumer Corp.

Quantifiable outcome

• Approximately 7% annual yield over eight years for condotel investors
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered flagship and core.

• Origin Property PCL / Origin HotelflagshipStrategic or Co-development Partner · 1 July 2026Joint venture development of Hotel101-Bangkok, an approximately 770-room hotel on an 8,336 sqm site along Phahon Yothin Road near Don Mueang International Airport. Project expected to generate approximately 1.925 billion Baht (US$58 million) in sales revenue and be completed by 2029.
• MerryMart Consumer Corp.coreStrategic or Co-development Partner · 19 June 2026DoubleDragon acquired nearly 99 percent of MerryMart shares through a tender offer as part of 'Project Solidify,' consolidating the listed retailer into its business ecosystem. Transaction valued at P9.30 per share combining cash and DoubleDragon shares.

Scale indicators14 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Hilton Worldwide: Global hospitality operator with brand tiers from luxury to focused-service. Overlaps with Hotel101 in the limited-service/midscale tier and competes for the same business and leisure traveler segments.
• InterContinental Hotels Group (IHG): Global franchisor with Holiday Inn and limited-service brands. Competes with Hotel101 for midscale travelers and operates a similar asset-light franchise structure at much greater scale.
• Marriott International: Largest global hotel chain with a broad portfolio spanning luxury to budget segments. Comparable as a multi-brand global operator with established distribution and loyalty, although far larger and broader than Hotel101's single standardized budget product.

Regional players

• RedDoorz: Southeast Asian budget hotel operator standardizing mid-tier independent hotels. Directly comparable as a regional budget-tier standardized brand, though focused on Indonesia/SEA rather than Philippines-international.
• Tune Hotels: Asia-Pacific budget hotel chain with limited-service, standardized rooms. Similar positioning to Hotel101's no-frills standardized offering, primarily in Malaysia and surrounding markets.
• Shangri-La Hotels and Resorts: Pan-Asian hospitality group operating hotels across Asia-Pacific including the Philippines. Comparable as a regionally anchored Asian hotel operator with multi-country presence, though focused on upscale rather than budget segments.

Direct peers

• OYO Rooms: Budget hotel aggregator/operator standardizing independent properties under a single brand. Highly comparable in its focus on standardized, budget-tier accommodations across emerging markets including Southeast Asia.
• The Ascott Limited: Serviced residence and apartment-style lodging operator with strong Asia-Pacific presence. Comparable to Hotel101's condotel/ownership-fragment model with revenue-sharing economics.
• Choice Hotels International: Franchise-heavy operator of budget and midscale brands (Comfort, Quality, Sleep Inn). Closely aligned with Hotel101's franchised/chain budget positioning and reliance on standardized room formats.
• Wyndham Hotels & Resorts: Pure-play franchisor of economy and midscale hotel brands (Days Inn, Super 8, Ramada). Directly comparable as a budget-tier, asset-light franchise model targeting similar value-conscious travelers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/doubledragonph
• LinkedInlinkedin.com/company/doubledragon-properties-corp-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DoubleDragon Properties