Philippines: DoubleDragon’s unit to buy land in Spain to build Hotel101-Madrid

Photo from Hotel101's website.

DoubleDragon’s subsidiary, Hotel101 Global Pte Ltd, has signed a Binding Agreement to purchase 6,593 square meters of prime commercial land in Madrid, Spain.

The site, located in Avenida Fuerzas Armadas, Valdebebas, Madrid, is surrounded by major landmarks and offers convenient access to transportation and attractions, including the Valdebebas Train Station, IFEMA convention complex, Real Madrid Sports Complex, and the new Madrid Barajas International Airport.

The Hotel101-Madrid development will feature approximately 736 rooms, making it the first Hotel101 project in Europe and one of the Top 5 largest hotels in Madrid. It will also be the first homegrown Filipino hotel chain to enter the Spanish market.

DoubleDragon envisions Hotel101 becoming a world-class brand, providing job opportunities for Filipinos in the Philippines and abroad, and instilling pride and honor in Filipinos worldwide.

The Hotel101-Madrid project is expected to generate around €143.3 million (P8.8 billion pesos) in condotel sales revenue, thanks to the high demand for real estate investment in Madrid, driven by the Spanish Golden Visa program. –