DoubleDragon, a real estate company in the Philippines, is weighing to list Hotel101 Global, its Singapore-registered hospitality unit, on the Nasdaq, reported Reuters.
It is looking at the listing through a merger with a special purpose acquisition company (SPAC).
DoubleDragon confirmed to the news agency that the SPAC mode was one way to speed up its plan to expand the hospitality unit internationally.
In a stock exchange filing, DoubleDragon stated: "We likewise clarify, that the amount of equity to be raised will still be finalised at a future date, although it is notable that generally, most SPACs invest about $200 million for mergers and acquisitions."
As per the internal financial estimations of the hotel operator, DoubleDragon aims to have a valuation of up to $17bn for Hotel101 in the near term. However, it did not give any further details.
Hotel101 provides hotel accommodation in the mid-class range for travellers in the Philippines.
According to DoubleDragon, Hotel101 will expand to 25 countries by 2026 and among these markets include the US and China, reported the news agency.
DoubleDragon’s plan comes after Vietnam-based electric vehicle company VinFast’s plan to list in the US in August through SPAC mode called Black Spade Acquisition.
As per an estimation of VinFast, the merged firm was to have a potential $23bn in equity value.
DoubleDragon stated: "We also take note from recent news articles that Vietnam is expected to produce their first NASDAQ SPAC company this year with VinFast EV company, and it is the aspiration of DoubleDragon's Hotel101 to become the first of the same from the Philippines."
