Edgar “Injap” Sia, who turned a chicken BBQ startup into one of the biggest Philippine restaurant chains, said his hotel venture is seeking to raise as much as $125 million this year to ramp up overseas expansion. Know more:
Edgar “Injap” Sia, who turned a chicken BBQ startup into one of the biggest Philippine restaurant chains, said his hotel venture is seeking to raise as much as $125 million this year to ramp up overseas expansion.
Hotel 101’s selling point is the predictability preferred by some travelers, he said. All rooms in the chain are 21 square meters with a double bed, a single bed and a kitchen. Room rates are typically 25 percent lower than direct competitors, he said. Sia’s global hotel push is his most ambitious plan so far. The college dropout has competed head-on with local giants in fastfood, shopping malls and retail in the past two decades, entering niches in those industries that he deemed under served.
Hotel 101’s expansion will be funded primarily through the sale of rooms to investors, who will get 30 percent of the hotel’s gross revenue in returns. Rooms will be priced at $100,000 to $250,000 a unit depending on the country.
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