Rooms will be priced at $100,000 to $250,000 a unit depending on the country.Ĭonstruction for Hotel 101 Madrid will start in the fourth quarter and the 800-room development is expected to open in the first quarter of 2026, Sia said. Hotel 101’s expansion will be funded primarily through the sale of rooms to investors, who will get 30% of the hotel’s gross revenue in returns. "Sia’s success hinges on providing what money-conscious tourists want: safe, clean and comfortable rooms that fit the budget.” "It’s a cutthroat industry,” said Jonathan Ravelas, managing director at Manila-based consultancy firm eMBM. Based on existing projects, it will have 7,331 rooms by 2025, making it the biggest Philippine hotel operator, Sia said. Hotel 101 wants to be among the world’s five biggest hotel operators by 2040 with 500,000 rooms in 101 countries. Philippine BBQ Chicken King Seeks to Build a New Empire He then partnered Jollibee Chairman Tony Tan Caktiong to form DoubleDragon Corp., which has developed shopping malls, warehouses and hotels. bought a barbecue chicken chain he started in 2003. Sia first shot to fame in 2010 when restaurant giant Jollibee Foods Corp. "With only one kind of room, Hotel 101 will be like Big Mac for hamburgers, iPhone for smartphones and Coca Cola for soft drinks - consumers know what to expect,” Sia, 46, said. Room rates are typically 25% lower than direct competitors, he said. All rooms in the chain are 21 square meters (226 square feet) with a double bed, a single bed, a stove, kitchen and refrigerator. Hotel 101’s selling point is to travelers who want predictability, he said. It plans to sell shares via a Nasdaq listing the same year, seeking a minimum valuation of $11 billion, Sia said. The entrepreneur aims to have Hotel 101 properties in 25 countries by 2026, mainly in the Asia Pacific and Europe. The funds raised this year will be via private placement, he said. Its first foreign project in Niseko, Japan opens in 2025, and the next targets are Madrid and the US, where sites have been identified, Sia said in an interview. runs a hotel in Manila and has 10 others in various stages of development in the Philippines. MANILA, April 9 (Bloomberg): Edgar "Injap” Sia, who turned a chicken BBQ startup into one of the biggest Philippine restaurant chains, said his hotel venture is seeking to raise as much as $125 million this year to ramp up overseas expansion.
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