JVSPAC Acquisition Corp., backed by Jollibee billionaire Tony Tan Caktiong and real estate tycoon Edgar Sia II, is set to expand its Hotel101 brand into Saudi Arabia with an ambitious plan to build 10,000 rooms worth $2.5 billion. This expansion comes in partnership with the local Horizon Group, with initial projects identified in five cities: Medina, Riyadh, Jeddah, Abha, and Alula. The move is part of Hotel101's strategy to capitalize on Saudi Arabia's booming tourism sector and precedes its planned Nasdaq listing by the first half of 2025. Hotel101, which already operates in the Philippines and has projects underway in Japan, Spain, and the U.S., aims to establish a global presence with a target of one million rooms by 2050.
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