DoubleDragon core net income rises 253.59% to P3.91 billion on overseas hotel growth

DoubleDragon Corp.'s core net income rose 253.59 percent to P3.91 billion in the first nine months of 2026, the company said. The Inquirer reported that core revenues climbed 143.65 percent to P20.78 billion over the same period.

DoubleDragon's Hotel101 Revenue Mix

DoubleDragon is a Philippine-listed real estate and hospitality company that runs the Hotel101 standardized condotel brand across the Philippines, Spain, Japan and Thailand, with a NASDAQ-listed international subsidiary and a retail arm via MerryMart Consumer Corp. Core revenues accounted for all consolidated revenues in the period, with no contribution from revaluation gains, according to the company. Consolidated revenues increased 98.76 percent from a year earlier.

For the third quarter alone, net income reached P1.13 billion, more than six times the P183.67 million recorded in the same period last year. Foreign currency revenues accounted for 59.03 percent of quarterly core revenues, the first time they contributed the majority, DoubleDragon said. The company pointed to the opening of subsidiary Hotel101 Global's 680-room property in Madrid, Spain, where all units have been sold. Hotel101's business model generates revenue from unit sales and recurring revenue from hotel operations, with a long-term goal of one million standardized rooms across more than 100 countries.

DoubleDragon's Balance Sheet and Capital Plans

According to akta.pro company records, DoubleDragon opened Hotel101-Davao on July 30, 2026, which became Mindanao's largest hotel with 519 rooms on a 5,384-square-meter property in Davao City. The same records show the company completed structural works on its 702-room Hotel101-Libis in Quezon City in July 2026, a topping-off of what will become the largest hotel in the city. Total assets stood at P256.82 billion as of September, up by P31.56 billion from P225.26 billion at the end of 2025, and total equity increased by P5.41 billion to P107.02 billion.

DoubleDragon's Earlier 2026 Results

In August 2026, the Inquirer reported that DoubleDragon's first-half core net income surged 161.89 percent to P2.41 billion, alongside a 70.2 percent jump in core revenues. The same outlet reported that the company's board approved the creation of a $300-million hospitality real estate investment trust in Singapore on August 1, 2026, to be structured through a special purpose vehicle called DD Hotel101 Worldwide One and listed on the Singapore Exchange. On August 6, 2026, The Manila Times reported that the 680-room Hotel101 Madrid property had surpassed 5,000 customer reviews on Booking.com less than five months after opening in March, with a 9.1 out of 10 rating.

DoubleDragon's P500-Billion Revenue Target

DoubleDragon said it expects to reach its P500-billion total core revenue goal ahead of its 2035 target. The company said Hotel101 Global's Nasdaq listing provides access to US capital markets for planned equity and capital raises. DoubleDragon also expects further revenue growth from its leasing portfolio, new malls and warehouses, additional office tenants and new MerryMart supermarkets, as well as Hotel101 unit sales in the Philippines and overseas.