BIZ BUZZ: Hotel101 to alter Roxas Boulevard skyline
The entire stretch of Roxas Boulevard, which spans 7.6 kilometers and passes through three cities, is already brimming with cultural, government and corporate buildings.
It should be no surprise, then, that another would soon rise.
But it won’t be just another building: DoubleDragon Corp. actually plans on making its new hotel the largest along Roxas Boulevard.
On Monday, the developer unveiled its newest Hotel101 project that will house 700 rooms on a 1,790-square-meter commercial land. Based on the map, it will be the newest neighbor of SMDC’s Breeze Residences.
Standing 34 stories tall, Hotel101-Roxas Boulevard is expected to generate P5.25 billion in condotel sales revenues. Construction will start in the second half.
READ: ‘Condotel’ investment 101
DoubleDragon’s newest offering won’t be all for naught. According to the property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, it will, naturally, form part of Hotel101 Global’s goal of operating 1 million hotel rooms across the world.
Hotel101-Roxas Boulevard will add to that number by 2028.
This is all happening as Hotel101 is pursuing its debut on the tech-heavy Nasdaq composite this year.
With a challenged property market, we’re hoping that DoubleDragon will unlock rich values from this new project, and not just add to the unsold condo inventory in Metro Manila. —MEG J. ADONIS
Open book on Camp John Hay
The drama surrounding Camp John Hay just got a lot more intense, with the Bases Conversion and Development Authority (BCDA) pledging to open its books as the justice department delves deep into the reported shady dealings of the former operator.
The BCDA has expressed that it’s all in when it comes to the investigation by the Department of Justice (DOJ) and the National Bureau of Investigation (NBI) on the Sobrepeña-led Camp John Hay Development Corporation (CJHDevCo).
No stone will be left unturned as they assist in untangling the web of questionable activities surrounding the 247-hectare economic zone.
“We trust the DOJ and NBI to conduct a swift and objective investigation, and we will provide full support to bring clarity and resolution to this matter,” said BCDA Chair Hilario Paredes, vowing to uphold ethical business practices.
In other words, the BCDA isn’t just sitting on the sidelines: expect full cooperation and a behind-the-scenes push to ensure the truth comes to light.
The BCDA, now running the show at Camp John Hay, is already offering up all the documents and intel needed to help the DOJ’s special task force.
And while the DOJ’s task force is still keeping some details close to the chest (no word yet on who’s involved or how long the investigation will take), sources confirmed to Biz Buzz last week that the team is hard at work piecing together the puzzle of CJHDevCo’s past operations.
Their mission? Gather the receipts, get those testimonies and build a case so solid that anyone involved in fraud or illegal activities will not elude the long arms of the law.
The task force has also been given the green light to slap criminal charges on anyone found guilty. It’s about to get real for the players in this tangled web.
As we wait for the drama to unfold, one thing’s for sure: this investigation is about to turn up some serious revelations. – ALDEN M. MONZON
