Blank check company JVSPAC Acquisition Corporation (NASDAQ:JVSA) has entered into a merger agreement with the Singapore-headquartered subsidiary of Philippine-listed investment company DoubleDragon Corporation, Hotel101 Global Pte. Ltd. and affiliates.

Hotel101 is a hotel prop-tech operator that specializes in asset-light "condotel" business models.

Upon the merger completion, the combined entity is expected to be publicly listed on the NASDAQ under the ticker symbol "HBNB."

Hotel101 is expected to have an equity value of over $2.3 billion after the completion of the transaction.

Hotel101 is similar to other short-term rental platforms because its inventory is generally owned by third-party individual condominium unit owners who can opt to list their unit on the Hotel101 platform.

"We are pleased to work with Hotel101 and believe its unique business model and the track record of its founders will be a disruptive force in the hospitality industry," said JVSPAC Chairman Albert Wong.

The transaction is expected to close during the second half of 2024, subject to regulatory and shareholder approvals.

Outside of the Philippines, Hotel101 has broken ground in Madrid, Spain to construct a 680-room property in the Valdebebas area beside the IFEMA Convention Complex, the Real Madrid Complex and the upcoming new F1 Grand Prix Track. Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan, and a site has been secured in Los Angeles, California, to build the first Hotel101 in the U.S.

Price Action: JVSA shares closed lower by 0.10% at $10.06 on Friday.

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