Milbank (Hong Kong) LLP served as legal counsel to Singapore-based Hotel101 Global Pte in connection with the signing of a definitive merger agreement with JVSPAC Acquisition Corporation. Hotel101 is expected to have an equity value of over $2.3 billion following the completion of the transaction, which is set to close in the second half of 2024, and will be listed on Nasdaq under ticker symbol HBNB.
Hotel101, a subsidiary of Philippine real estate firm DoubleDragon Corporation, is a hotel property tech operator pioneering a “condotel” business model offering identical, standardized hotel rooms.
Hotel101’s asset-light business model allows for revenue generation during the construction phase and through hotel operations, and the Nasdaq listing will position the company for accelerated global expansion.
“We’re pleased to have facilitated the first step of this transaction, which, upon closing, will support Hotel101’s strategic objectives and growing influence on the hospitality industry,” Milbank Corporate Finance and Securities partner and Hong Kong office head James Grandolfo said.
The Milbank team is being led by Mr. Grandolfo and included associates Julo Lim, Flora Wang and York Wu.
