SINGAPORE, Jan. 31,
2025 /PRNewswire/ -- Hotel101 Global Pte. Ltd
("Hotel101" or "HBNB"), an asset-light, prop-tech hospitality
platform business designed for rapid global growth, and JVSPAC
Acquisition Corp. (NASDAQ: JVSA) ("JVSPAC"), a special purpose
acquisition company, today announced the submission of a
confidential draft Registration Statement on Form F-4 to the United
States Securities and Exchange Commission ("SEC") in connection
with their previously announced proposed business combination,
following the signing of a definitive merger agreement between
Hotel101 and JVSPAC on April 8,
2024.
Hotel101 is an asset-light, prop-tech hospitality platform
pioneering a globally standardized "condotel" business model.
Hotel101's management believes that Hotel101 is poised to disrupt
the hospitality industry by offering identical, standardized hotel
rooms around the world, creating what it believes to be unbeatable
efficiency, simplicity, and value.
Hotel101 is expected to have an equity value of over
US$2.3 billion following completion
of the transaction, which is expected to close in the first half of
2025 subject to regulatory and shareholder approvals, and other
customary closing conditions.
Upon closing, Hotel101, the hotel subsidiary of
Philippine-listed DoubleDragon Corporation (PSE: DD), is expected
to trade on the Nasdaq under the ticker symbol "HBNB."
Hotel101 management believes that the Hotel101 platform is
unlike anything available in any part of the world today: while it
is similar to other short-term rental platforms because its
inventory is generally owned by third-party individual condominium
unit owners who can opt to list their unit on the Hotel101
platform, it is able to deliver consistency, security, and
predictability for its guests, as well as arguably higher
acceptance in the communities where it operates as all Hotel101
properties are purposely built as hospitality assets. The global
opportunity that Hotel101 management sees in the hospitality space
is that of standardization, which it believes brings efficiency,
especially for the value segment. In addition, Hotel101's
proprietary app (which recently hit a milestone of 1 million
registered users) adopts dynamic pricing for its room rates and
plans to offer self-check in, simplified by the availability of
just one type of room.
By building properties at scale – what Hotel101 management
believes to be roughly five times the size of other branded 3-star
hotel chains – Hotel101 management believes that it can offer its
guests amenities that go well beyond what it believes to be the
typical offering in the value segment. These amenities usually
include in-room kitchenettes, pools, gyms, business centers,
all-day dining, function rooms, 24/7 front desks, and children's
playgrounds – features that other mid-tier players do not typically
provide.
Outside of the Philippines,
Hotel101 has started construction in Madrid, Spain for its 680-room
Hotel101-Madrid located in the
Valdebebas area beside the IFEMA Convention Complex, the Real
Madrid Complex and the upcoming new F1 Grand Prix Track. Another
482-room property, Hotel101-Niseko, is under construction in
Hokkaido, Japan, and a site has
been secured in Los Angeles,
California to build the first Hotel101 in the U.S.
Hotel101's long term vision is to have one million rooms,
operating in over 100 countries worldwide, with an initial 25
identified priority countries for the medium term.
Important Information About the Proposed Transaction and
Where to Find It
The proposed Transaction will be submitted to shareholders of
JVSPAC for their consideration and approval. JVSPAC and PubCo
intend to jointly file a registration statement (the "Registration
Statement") with the SEC which will include preliminary and
definitive proxy statements to be distributed to JVSPAC's
shareholders in connection with JVSPAC's solicitation for proxies
for the vote by JVSPAC's shareholders in connection with the
proposed Transaction and other matters as described in the
Registration Statement, as well as a prospectus relating to the
offer of the securities to be issued to Hotel101's shareholders in
connection with the completion of the proposed Transaction. After
the Registration Statement is filed and declared effective, JVSPAC
will mail a definitive proxy statement and other relevant documents
to its shareholders as of the record date established for voting on
the proposed Transaction. JVSPAC's shareholders and other
interested persons are advised to read, once available, the
preliminary proxy statement/prospectus and any amendments thereto
and, once available, the definitive proxy statement/prospectus, in
connection with JVSPAC's solicitation of proxies for its special
meeting of shareholders to be held to approve, among other things,
the proposed Transaction, because these documents will contain
important information about JVSPAC, Hotel101 and the proposed
Transaction. Shareholders may also obtain a copy of the preliminary
or definitive proxy statement, once available, as well as other
documents filed with the SEC regarding the proposed Transaction and
other documents filed with the SEC by JVSPAC, without charge, at
the SEC's website located at www.sec.gov or by directing a request
to JVSPAC.
Participants in the Solicitation
JVSPAC, DoubleDragon Corporation, Hotel101, and their
respective directors, executive officers and other members of
management and employees may, under SEC rules, be deemed to be
participants in the solicitations of proxies from JVSPAC's
shareholders in connection with the proposed Transaction.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of JVSPAC's shareholders in
connection with the proposed Transaction will be set forth in the
proxy statement/prospectus to be filed with the SEC in connection
with the Transaction. You can find more information about JVSPAC's
directors and executive officers in JVSPAC's final prospectus
related to its initial public offering dated January 18, 2024. Additional information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests will be included
in the proxy statement/prospectus when it becomes available.
Shareholders, potential investors and other interested persons
should read the proxy statement/prospectus carefully when it
becomes available before making any voting or investment decisions.
You may obtain free copies of these documents from the sources
indicated above.
No Offer or Solicitation
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities, or a
solicitation of any vote or approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
Contacts
Brunswick Group -
Hotel101@brunswickgroup.com
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SOURCE Hotel101