Milbank LLP advised Hotel101 Global Holdings Corporation (Hotel101) on its successful listing on Nasdaq, making Hotel101 the first Filipino-owned company to be listed and traded on the exchange. Hotel101 shares commenced trading on Nasdaq on July 1, 2025, under the ticker symbol "HBNB," with an equity value of $2.3 billion.
The Nasdaq listing followed the closing of Hotel101's business combination with JVSPAC Acquisition Corporation (Nasdaq: JVSA) on which Milbank also advised. The business combination was approved by JVSPAC shareholders on June 24, 2025, and Hotel101 celebrated its US public listing by ringing the opening bell at Nasdaq on June 27, 2025.
Hotel101 is an asset-light, prop-tech hospitality platform pioneering a global standardized "condotel" business model and is a subsidiary of Philippine-listed DoubleDragon Corporation.
"We are pleased to have advised Hotel101 on this historic achievement as the first Filipino-owned company to list on Nasdaq," said James Grandolfo, Global Corporate Finance and Securities partner at Milbank and managing partner of Milbank (Hong Kong) LLP. "This listing opens new doors for Hotel101's ambitious international expansion plans and gives them the resources to scale their technology-driven hospitality platform worldwide."
The transaction was executed by the Hong Kong-based Milbank deal team, which was led by partner James Grandolfo and included associates York Wu and Flora Wang. The team also received Investment Company Act advice from New York-based Alternative Investments partner Catherine Martin and special counsel Joel Cavanaugh in Washington, DC. For tax matters, New York-based Tax partner Andrew Walker and associate Michael Rivkin also assisted the team.
