Real estate firm DoubleDragon is investing in a 1,001-room hotel in Boracay through its subsidiary while Max’s Group announced a development agreement with a Saudi group for its investment in Saudi Arabia.
DoubleDragon boosts portfolio with 1,001-room hotel
Listed real estate development firm DoubleDragon Properties Corporation is boosting its property portfolio in the Philippines by investing in a 1,001-room hotel in the tourist island of Boracay.
In a disclosure to the Philippine Stock Exchange on Thursday, DoubleDragon said it has embarked on a hotel project in Boracay through its subsidiary, Hotel of Asia Inc. Financial details of the investment were not disclosed.
DoubleDragon’s Hotel of Asia Inc has signed a joint venture agreement with another developer, Newcoast South Beach Inc. for the project. DoubleDragon is a property company led by Mang Inasal Founder Edgar Injap Sia II and Jollibee Founder Tony Tan Caktiong.
The project, Hotel101 Resort-Boracay, will sit on a two-hectare property on the beachfront cove and support environmentally friendly operations and sustainable tourism. The hotel is expected to become the biggest hotel in the Philippines in terms of room count, DoubleDragon said in a statement.
Max’s Group invests in Saudi Arabia
Max’s Group Inc, the largest operator in the Philippine casual dining segment, has announced a five-year investment plan in Saudi Arabia through a partnership with Al-Bader National Establishment for Real-Estate Development.
Max’s Group informed the Philippine Stock Exchange that it has forged a development agreement with the Saudi-based development firm for the opening of 12 Pancake House stores in Saudi Arabia within the next 5 years. Financial details of the investment were not disclosed. Pancake House is one of the family brands of Max’s Group.
The group said it is set to further accelerate international expansion activities with a target of 20-30 new outlets for 2018, primarily across core brands Max’s Restaurant, Pancake House, and Yellow Cab Pizza. It aims to end the year with around 75-80 stores abroad.
Badr Hamdi Hamed Albalawi, CEO of Al- Bader National Establishment for Real-Estate Development, said the development deal with Max’s is a product of his company’s search for a renowned brand to spearhead its venture into the food sector, with the intention of deploying a substantial amount of investment.