DoubleDragon, China's JinJang Inn sign P6.6B PHL expansion deal

DoubleDragon Properties Corp. and its subsidiary Hotel of Asia Inc. signed a P6.6 billion deal with China's JinJiang Inn to expand their accommodations business in the Philippines.

One of the largest hotel chains in China, JinJiang Inn and the DoubleDragon group will double an earlier expansion goal of 1,000 hotel rooms to 2,000 by 2020 in various parts of the Philippines.

In a disclosure to the Philippine Stock Exchange on Friday, DoubleDragon noted the expansion deal "is in line with the expected surge in Chinese business activities and tourists in the Philippines."

The deal was announced earlier on Friday in Beijing, China and was witnessed by President Rodrigo Duterte and DoubleDragon co-Chairmen Edgar “Injap” Sia II and Tony TanCaktiong, as well as Finance Secretary Carlos Dominguez III, Public Works and Highways Secretary Mark Villar, Transportation Secretary Art Tugade, Economic Planning Secretary Ernesto Pernia, and Trade Secretary Ramon Lopez.

“We believe 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.” Sia said.

JinJiang Inn has two operating hotels in the in the Philippines, one in Makati City and another in Ortigas Center. — VDS, GMA News