HOTEL101 GLOBAL, a subsidiary of DoubleDragon Properties Corp., has completed buying a 6,593-square meter property in Madrid, Spain, for its Hotel101-Madrid project, the Edgar J. Sia II-led listed company announced on Tuesday.
In a disclosure to the stock exchange, DoubleDragon said its Hotel101 Global has taken “full possession” of the land at Fuerzas Armadas, Valdebebas, Madrid, for the planned project.
“Hotel101 Global has received all the pertinent executed land purchase documents and has made the full complete payment for the purchase,” DoubleDragon said.
The company expects to complete the construction of Hotel101-Madrid by the fourth quarter of 2025, which could generate about P8.8 billion (143.3 million euros) in condotel sales revenue.
The property acquired, positioned near significant landmarks, offers easy access to the Valdebebas Train Station, the IFEMA convention complex, the Real Madrid Sports Complex, and the new Madrid Barajas International Airport.
Hotel101-Madrid, marking DoubleDragon’s first foray into Europe, will boast roughly 736 rooms and amenities such as an all-day dining restaurant, business center, swimming pool, fitness gym, and a convenience store.
DoubleDragon expects Hotel101-Madrid to become one of the top five largest hotels in Madrid and represents the first expansion of a Filipino hotel chain into Spain.
DoubleDragon is presenting a special offer for Hotel101-Madrid: buyers of three units get a waiver on processing and advisory fees for the “golden visa,” a Spain investor visa, until Dec. 31 or until all units are sold. This visa allows non-European real estate investors in Spain to gain residency.
As part of its global expansion strategy, DoubleDragon includes Hotel101-Madrid alongside its projects in Hokkaido, Japan, and California, USA, striving to position itself as a worldwide brand.
By 2026, Hotel101 Global seeks to be present in 25 countries such as 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.
On Tuesday, shares of DoubleDragon closed unchanged at P6.80 each. — Revin Mikhael Ochave