Hotel101 Global (ticker: HBNB) develops and operates standardized "condotel" hotels globally, built around a uniform 21 sq.m. hotel room called the "HappyRoom." The business is designed to generate revenue twice from each property. First, during construction, Hotel101 pre-sells individual hotel rooms to real estate investors ("Unit Owners") who receive freehold title, a share of hotel revenue, and 10 free nights per year. These pre-sale proceeds allow Hotel101 to recover construction capital before a hotel opens, funding the next project. Second, once a hotel opens, Unit Owners enroll rooms under long-term management agreements (typically 25–50 years), under which Hotel101 retains 70% of net room revenue to cover all operating costs, and Unit Owners collectively receive the remaining 30%. Hotel101's prototype, Hotel101-Manila, has operated since 2016 in the Philippines and is managed by HOA, a Philippine operator in which HBNB holds a 40% equity stake. The international portfolio is early-stage: Hotel101-Madrid (680 rooms) opened in March 2026, Hotel101-Niseko (482 rooms) is expected to open in December 2026, and Hotel101-Los Angeles (427 rooms) is in planning. Hotel101's growth strategy targets expansion to 25 priority countries in the medium term and 100 countries long-term, using pre-sale capital recycling, JV partnerships, and eventually franchise arrangements to minimize external capital needs. HBNB currently carries no third-party debt and is funded primarily by shareholder advances from majority owner DoubleDragon.