Latest news: Hotel101 to NASDAQ; Hilton expands in Canada; new AAHOA chair

Hotel101 forming SPAC merger to list on NASDAQ. Hotel 101, a Singapore-based subsidiary of Philippines-based DoubleDragon Corp., is forming a SPAC merger with Hong Kong-based JVSPAC Acquisition Corp. to list on the NASDAQ under the HBNB ticker. Hotel101 is expected to have an equity value of over $2.3 billion following the completion of the transaction, which is expected to close during the second half of 2024. Hotel101 has an asset-light model and wants to “fast food-ize” the hotel space. It already has locations in the Philippines, Japan, Spain, and the U.S. It aims to have “one SKU globally” by opening the same type of hotel with the same room configuration in different locations and selling each hotel unit. The company aggressively plans to open 500,000 rooms in 101 countries by 2040. Hotel101 has identified its priority countries for expansion: the United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.

Hilton expands in Canada. Hilton said it will soon surpass 200 hotels in Canada and plans to increase its portfolio by 50% in the next few years. Hiltons said it opened 10 new hotels in Canada in 2023, including the country’s first Canopy by Hilton, with nearly 20 deals signed last year. Hilton’s current pipeline in Canada is approximately 90 hotels and 11,000 rooms, and the company introduce new brands, Spark and Motto, to the country over the coming year.

New chairman of AAHOA. Miraj Patel is the new chairman of the AAHOA board of directors and the youngest to serve in that position in the association’s 35-year history. Patel is president of Houston-based Wayside Investment Group and a second-generation hotelier.

LBA Hospitality manages the BPR portfolio. Dothan, Alabama-based LBA Hospitality has been selected by Palo Alto, California-based BPR Properties to assume full management of its hotel portfolio. Over the past three months, LBA Hospitality has added eight BPR Properties to its portfolio, bringing the number of BPR hotels to 16. LBA will also manage hotels in BPR’s pipeline in the coming year.

Wyndham adds in Vietnam. Wyndham Hotels & Resorts is expanding its presence in Vietnam by signing 214-key Wyndham T&T Hai Duong in Hanoi. The hotel will be the first Wyndham in Hai Duong and is scheduled to open in 2026. The company currently has 16 hotels across seven brands in Vietnam.

Meliá, AWC team up in Thailand. Bangkok-based Asset World Corp Public Co. Ltd. (AWC) has signed two hotel management agreements with Meliá Hotels International to develop hotels in Pattaya, Thailand under the Meliá and Paradisus brands. The 234-key Meliá Pattaya City is scheduled to open in December 2024, and the 698-key Paradisus Jomtien Resort is scheduled to open in 2028. AWC currently operates three properties for Meliá.

Ergon adds in London. Greek boutique hotel group Ergon House has chosen London’s Covent Garden for its first property outside Greece. Ergon House has acquired a 20,000 sq. ft. newly refurbished building for the hotel and rooftop restaurant, which it hopes to open in 2025.

Pyramid adds nine properties. Boston-based Pyramid Global Hospitality added nine properties to its U.S. portfolio in 2023, including properties in Florida, Hawaii, California, Minnesota, New York and Texas. The company has had more than 11 consecutive quarters of market share growth, and Pyramid has more than 240 properties in its management portfolio in the U.S., Caribbean and Europe.