DoubleDragon’s subsidiary, Hotel 101 Global, has officially acquired a 6,593-sqm commercial land in Madrid, Spain.
The prime piece of land will house Hotel 101 Madrid, the second in the first three overseas projects of Hotel 101. Necessary documents and full payment were made on 31 October. The binding agreement for the purchase of the land took place last 27 April.
Hotel 101 Madrid, located in Avenida Fuerzas Armadas, Valdebebas, Madrid, is surrounded by major landmark buildings. On foot, it is three minutes to the Valdebebas Train Station, four minutes to IFEMA convention complex, five minutes to Real Madrid Sports Complex and around a seven-minute walk to the new Madrid Barajas International Airport.
A robust condotel sales revenue of about 143.3 million euros (P8.8 billion), given the high real estate investment demand in Madrid driven by the Spanish Golden Visa, is expected to be generated from the project.
The property, the first Hotel 101 development in Europe, will have about 736 rooms and an all-day dining restaurant (concessionaire-operated), a business center, swimming pool, fitness gym and a commercial space for a 24-hour convenience store.
DoubleDragon targets to list its subsidiary Hotel 101 Global Pte Ltd at NASDAQ (US Stock Exchange) given that, eventually, Hotel 101 Global eyes 95 percent of its revenues outside of the Philippines.
“Given that the world economy is getting more and more fragile and volatile, we deemed it imperative that the only way to future-proof itself is to passionately pursue the target of DoubleDragon’s revenues to be derived from geographically diversified sources, that eventually over the long-term, we aim that no single country will contribute over 10 percent of DD’s revenue and income,” said DoubleDragon chairman Edgar Injap Sia II.
Target near term expansion roadmap for Hotel101 Global is to be in these first 25 countries by 2026: Philippines, Japan, Spain, USA, United Kingdom, UAE, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China.
“DoubleDragon Corporation will remain to be a deep-rooted Filipino company at its core forever. And your DD team will never stop at any point, doing its unconditional responsibility, to continually be a significant contributor in nation-building, with our common goal towards a first-world Philippines,” Sia added.
Target completion of Hotel 101 Madrid is in the fourth quarter of 2025.