Wearing green Hotel101 Global jackets and proudly waving Philippine flags, executives and team members pose beneath the Nasdaq tower in Times Square, New York on June 27, 2025. The digital marquee welcomed Hotel101 Global as it became the first Filipino-owned company to be listed on the Nasdaq Stock Exchange (NASDAQ: HBNB), following its $2.3 billion merger with JVSPAC Acquisition Corp. – Photo from Hotel101 social media account
NEW YORK – Hotel101 Global Holdings Corp., the international hospitality subsidiary of the Philippines’ DoubleDragon Corporation (PSE: DD), made history this week by becoming the first Filipino-owned and led company to list on the Nasdaq Stock Exchange. The milestone follows the completion of a US $2.3 billion business combination with U.S.-based JVSPAC Acquisition Corp. (NASDAQ: JVSA).
The merged entity will trade under the ticker symbol HBNB, with shares set to begin public trading on July 1, 2025.
The transaction was carried out through a SPAC, or Special Purpose Acquisition Company—a faster and less traditional path to going public. A SPAC is a publicly listed “shell” company created specifically to raise funds and merge with a private company, allowing the private firm to become publicly traded without going through a standard initial public offering (IPO).
In this case, Hotel101 Global became a public company in the U.S. through its merger with JVSPAC, without the need for a traditional IPO roadshow or pricing process. SPAC mergers have become popular in recent years as a way for growing companies to access capital and enter the stock market quickly.
The deal cleared its final regulatory hurdle on June 24, when JVSPAC shareholders approved the merger. Earlier, the U.S. Securities and Exchange Commission declared effective Hotel101 Global’s Form F-4 registration statement on June 2.
A ceremonial bell-ringing took place on June 27 at the Nasdaq MarketSite in New York’s Times Square, where executives celebrated the listing.
“This is a proud moment not just for our company, but for the Philippines,” said Hannah Yulo-Luccini, CEO of Hotel101 Global, in a statement reported by GMA News. “The Nasdaq listing gives us the global platform and credibility to execute our long-term growth plans.”
Hotel101 operates under a unique “condotel” model—selling standardized hotel units to investors, who in turn earn a portion of pooled rental revenues. The company manages the day-to-day hotel operations, allowing for brand consistency while avoiding the capital intensity of traditional hotel chains.
Hotel101 currently has properties in the Philippines, with additional developments in Japan (Niseko), Spain (Madrid), and the United States (Los Angeles). In 2024, the company signed a major 10,000-room joint venture in Saudi Arabia with Horizon Global Investments.
According to a Reuters interview published June 6, Yulo-Luccini said, “The Nasdaq listing gives us the global credibility and platform to scale the brand and execute our long-term growth plans across continents.”
Hotel101 Global is the international venture of DoubleDragon Corporation, which was co-founded in 2012 by Edgar “Injap” Sia II, the entrepreneur behind Mang Inasal, and Tony Tan Caktiong, founder of Jollibee Foods Corp. Both men remain strategic investors and board members of DoubleDragon and its subsidiaries.
In a statement to GMA News, Sia said, “This is a first-of-its-kind Filipino-led brand entering the global capital markets. We hope it opens doors for more Philippine companies to follow.”
Hotel101 aims to standardize mid-range accommodations worldwide, offering uniform design, automated check-in/out systems, and a tech-driven user experience. The brand has set a long-term target of reaching 1 million rooms in over 100 countries by 2040.
The company’s prospectus describes this as a move toward becoming “the most-booked hotel brand globally in terms of room volume.”
In a Reuters article published April 8, Hotel101 stated, “The brand will soon be able to cater to business and leisure travelers in the most key cities of the world.”
Fast facts: Hotel101 Global (NASDAQ: HBNB)
- Valuation: US $2.3 billion (post-merger with JVSPAC)
- Public trading begins: July 1, 2025
- SPAC sponsor: JVSPAC Acquisition Corp.
- Business model: Condotel (real estate + hospitality)
- Current and upcoming locations: Philippines, Japan, Spain, U.S., Saudi Arabia
- Parent company: DoubleDragon Corporation (PSE: DD)
- Founders: Edgar “Injap” Sia II and Tony Tan Caktiong
- Long-term target: 1 million rooms in 100+ countries by 2040
