Jollibee founder Tony Tan backs hotel SPAC deal despite lull in IPOs

Philippine fast-food king plans to disrupt hospitality sector with Hotel101

20240502 Hotel 101

Jollibee founder Tony Tan is part-owner of the Philippine real estate company DoubleDragon, which fully owns the hospitality brand Hotel101. (Nikkei montage/Source photos by Getty Images and Hotel 101) 

DYLAN LOH, Nikkei staff writer

SINGAPORE -- The founder of the Philippine fast-food giant Jollibee, Tony Tan, is throwing his full weight behind the initial public offering of a hotel brand on New York's Nasdaq via a merger with a special purpose acquisition company (SPAC) despite the shaky record of the listing vehicle.

Tan is part-owner of the Philippine real estate company DoubleDragon, along with Edgar "Injap" Sia II, founder of another Philippine fast-food chain, Mang Inasal. DoubleDragon fully owns the hospitality brand Hotel101, which plans to combine with the SPAC in the U.S. later this year.

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