Hotel101 ventures into KSA

DoubleDragon Corp.’s Hotelio1 Global has teamed up with Horizon Group for a major venture in the Kingdom of Saudi Arabia, with plans to develop up to 10,000 hotel rooms worth $2.5 billion.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), DoubleDragon said Hotel101 has signed a joint venture partnership agreement with Horizon as the main partner for its expansion into Saudi Arabia, with a vision to introduce the Hotel101 brand.

Horizon is a Saudi-headquartered investment company led by the brothers Khaled and Abdulrahman Sharbatly, and Wael Daqal, with a focus on partnering and investing in industries with international market leaders.

Horizon has many partnerships and affiliations, such as AlNahla Group and SAMACO, and is a market leader in its industry, with a preference and focus on hospitality and manufacturing.

An initial five locations for Hotel1o1 projects have been identified, the first of which is intended to be located in Medina, followed by Riyadh, Jeddah, Abha, and AlUla.