DoubleDragon unit signs deal for 766-room Hotel101 in Melbourne
International news
In a statement on Tuesday, DoubleDragon said the hotel will rise at 540 Flinders Street in central Melbourne. It is expected to be completed by 2029.
Once finished, the project is set to become the largest hotel in Melbourne by room count.
Hotel101-Melbourne is projected to generate about AU$323.6 million ( roughly P12.6 billion) in sales revenue.
The property will include meeting spaces and a conference center, catering to both business and leisure travelers.
Nasdaq-listed Hotel101 Global said the Melbourne project forms part of its push to expand the Hotel101 brand globally. The long-term goal is to operate in 100 countries.
The company added that Hotel101 Global has reached an equity valuation of $2.34 billion (around P139 billion).
By: Emmanuel John B. Abris