Hotel101 Global to develop 766-room Melbourne condotel

HOTEL101 Global Holdings Corp., the Nasdaq-listed hospitality arm of DoubleDragon Corp., said it will develop a 766-room condotel project in Melbourne, Australia, which is expected to be completed by 2029.

In a statement on Tuesday, the company said the project is projected to generate about A$323.6 million (P12.6 billion) in total sales revenue once fully sold.

Upon completion, it is expected to be the largest hotel in Melbourne, Victoria, in terms of room count.

The condotel, to be known as Hotel101-Melbourne, will be located in the city’s central business district along Flinders Lane, near Federation Square, Flinders Street Station, the Yarra River, and the Southbank entertainment precinct.

The company said the project will offer four-star amenities positioned at affordable price points.

Hotel101 Global said it has signed definitive agreements for the development, which remains subject to the usual approvals from national, regional, and municipal regulators.–Alexandria Grace C. Magno