Tycoon Edgar “Injap” Sia II is opening his first Hotel101 in California, US within three years under an ambitious global expansion push that would see the homegrown condotel chain reach more than 100 countries by 2040. | miguelrcamusINQ /PDI
Sia founded the successful Mang Inasal barbecue chicken restaurant chain before selling the venture to fast food billionaire Tony Tan Caktiong’s Jollibee Foods Corp. over a decade ago. The two later joined forces to establish DoubleDragon to take on the country’s real estate giants.
Hotel101 develops condotels, whose rooms are sold to individual investors and are managed by the company. “Hotel101 is like the Toyota Innova of the global hotel industry that delivers real unbeatable value and above average satisfaction to consumers, and at the same time delivers the scale volume with durable, simple design, versatile, easy and highly efficient to build, maintain and operate,” he said, referring to the Japanese car maker’s best-selling family car.
Last December, DoubleDragon said it would raise around $125 million from venture capital investors to help bankroll their international expansion.
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