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

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.