Jollibee Founder-Backed Hotel101 To Raise $300 Million To Bankroll Global Expansion

Hotel101 Global—a unit of DoubleDragon, which is jointly owned by Philippine fast food giant Jollibee founder Tony Tan Caktiong and real estate tycoon Edgar Sia II—will raise $300 million through a preferred share sale to fund its global expansion plans.

The perpetual preferred shares will be sold in the U.S. where Hotel101 is listed, Manila-based DoubleDragon said in a statement, without stating the date for the sale.

The fund raising comes as DoubleDragon said it’s set to open in 2026 a record number of hotels in its history. Hotel101, which is listed on the Nasdaq, has set an ambitious goal of owning a million rooms in 100 countries by 2050 through joint ventures and franchising. The company has announced plans to build hotels in Australia, Saudi Arabia and the U.S. in the next few years.

The builder said it will add 2,229 hotel rooms this year, including the 680-room Hotel101 in Madrid, Spain that opened this month, in time for the city’s maiden Formula 1 Grand Prix in September. The company also plans to open new hotels in Japan and the Philippines later this year.

Hotel101 aims to build a global hotel chain by offering identical, standardized rooms in all its properties for efficiency and affordability. Adopting the “condotel” concept that gained popularity in the U.S. in the 1980s, Hotel101’s rooms, while under construction, are pre-sold at an average price of as much as $250,000 apiece to investors, who can get a 30% share of the gross hotel room revenues and can stay for free up to ten days every year.

With a combined net worth of $2.9 billion, Tan Caktiong and his family are among the richest in the Philippines. Their fortune is anchored on Jollibee, the biggest Philippine fastfood chain that’s been rapidly expanding around the world.

Sia, who became a business partner of Tan Caktiong after selling his barbeque chicken chain to Jollibee in 2010, has a net worth of $310 million.