Milbank, Appleby, Loeb & Loeb and DaHui Lawyers have assisted on the merger agreement between Singapore-based hotel operator Hotel101 Global and the Hong Kong-based special purpose acquisition company (SPAC) JVSPAC Acquisition.
The combined entity is set to be listed on the Nasdaq in the second half of this year and is expected to be valued at more than USD2.3 billion.
Hotel101 has appointed Milbank as its legal counsel and partner James Grandolfo led the team.
Appleby acted as Hotel101’s Cayman Islands and British Virgin Islands counsel, led by Shanghai-based partner Kitty Chan, with support from managing partner David Bulley at the Hong Kong and Shanghai offices.
Loeb & Loeb’s partners Giovanni Caruso and Shahrooz Shahnavaz acted as JVSPAC Acquisition’s US counsel, while DaHui Lawyers advised as transaction counsel.
Hotel101 is the subsidiary of Philippine-listed company DoubleDragon Corporation. Its co-owners are Tony Tan Caktiong, the founder of Philippine fast-food giant Jollibee, and tycoon Edgar Sia II.
JVSPAC Acquisition, which was listed on the Nasdaq on 19 January 2024 and raised USD50 million, is a SPAC that aims to acquire or merge with an existing company, allowing the combined entity to list without undertaking the traditional IPO process.
