Edgar Injap Sia II, DoubleDragon chairman, (3rd from left) poses with President Rodrigo Duterte (4th from left) and other Cabinet officials during the announcement in Beijing, China, of Jinjiang Inn hotel’s expansion in the Philippines (CONTRIBUTED PHOTO).
A JINJIANG Inn Hotel will soon rise in Cebu City as DoubleDragon Properties Corp. (DD) through its subsidiary, Hotel of Asia Inc., plans to double its Jinjiang Inn Hotel rooms from 1,000 to 2,000 by 2020 and it is also targeting 19 other key areas in the country for this project.
According to DoubleDragon in a disclosure, that it is allocating at least P6.6 billion to achieve this goal, which is aimed at the expected surge of Chinese business activities and Chinese tourists in the country especially with the warming of relations of China and the Philippines.
“We believe that the hospitality industry will continue to be one of the fastest growing segments in the county and it is an ideal way for us to increase our leasable portfolio in line with our focus of creating recurring revenue backed by appreciating assets,” DoubleDragon Chairman, Edgar “Injap” Sia II said in an earlier disclosure.
Hotel of Asia Inc.’s subsidiary is the exclusive master franchisee of JinJiang Inn in the Philippines.
“JinJiang Inn is one of the largest hotel chains in China, and we are excited to further grow the brand to support the expected influx of the Chinese guests and tourists to the Philippines,” said Sia.
JinJiang Inn currently has two operating hotels in the country, one in the Ortigas district, and another one in the Makati district.
Aside from Cebu City, the 19 other areas that the company is considering are Quezon City, Manila, Boracay, Cavite, Baguio City, Tagaytay City, Subic, Roxas City, Clark, Iloilo City, Bacolod City, Dumaguete City, Bohol, Palawan, Cagayan de Oro City, Davao City and Quezon City, Manila, Boracay, Cavite, Baguio City, Tagaytay City, Subic, Roxas City, Clark, Iloilo City, Bacolod City, Dumaguete City, Bohol, Palawan, Cagayan de Oro City, Davao City.
DoubleDragon has recently completed the majority acquisition of Hotel of Asia Inc., which will not only allow DoubleDragon to be a major beneficiary of the booming tourism industry, but it will also allow the company to optimize the use and value of its string of prime commercial properties in various parts of the Philippines.