Hotel101 Global Finalizes Merger Deal with JVSPAC Acquisition Corporation for NASDAQ Public Listing

HOTEL101 TO HAVE AN EQUITY VALUE OF US$2.3 BILLION (₱130 BILLION PESOS) FOLLOWING COMPLETION OF THE TRANSACTION

UPON COMPLETION OF THE PROPOSED BUSINESS COMBINATION TRANSACTION, THE COMBINED ENTITY IS EXPECTED TO BE PUBLICLY LISTED ON THE NASDAQ UNDER THE TICKER SYMBOL “HBNB”

Today, Hotel101 Global Pte. Ltd. and affiliates (“HOTEL101” or “HBNB”), the Singapore-headquartered subsidiary of Philippine-listed investment company DoubleDragon Corporation, along with JVSPAC Acquisition Corporation (NYSE: JVSA), have announced the signing of a binding definitive merger agreement.

Following the completion of the merger transaction, Hotel101 (HBNB) is set to have an equity value of US$2.3 billion (₱130 Billion pesos). The transaction is anticipated to conclude in the second half of 2024, pending regulatory and shareholder approvals, as well as other customary closing conditions.

Upon the completion of the business combination transaction, the merged entity is expected to be publicly listed on the US NASDAQ under the ticker symbol “HBNB.” It will become a majority-owned subsidiary of DoubleDragon Group, with fresh equity being injected to bolster its capital base and strengthen the balance sheet of DoubleDragon Corporation.

DoubleDragon positions Hotel101 Global to potentially become the first-ever Filipino company whose majority-owned subsidiary lists via SPAC on the US Nasdaq Stock Exchange. It is anticipated to emerge as a major brand, concept, and business model export of the Philippines, owing to its asset-light business model, which could significantly contribute to US Dollar inflow into the country.

Hotel101 is a hotel prop-tech operator that pioneers a globally standardized, asset-light “condotel” business model.

Beyond the Philippines, Hotel101 has initiated projects such as breaking ground in Madrid, Spain, for a 680-room property situated in the Valdebebas area alongside the IFEMA Convention Complex, the Real Madrid Complex, and the upcoming new F1 Grand Prix Track. Additionally, construction is underway for a 482-room property, Hotel101-Niseko, in Hokkaido, Japan, and a location has been secured in Los Angeles, California, for the first Hotel101 in the U.S.

Hotel101’s long-term vision is to have one million rooms operational in over 100 countries worldwide. As an initial step, Hotel101 has identified the first 25 priority countries for expansion, including the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.