Hotel101 Global, a subsidiary of DoubleDragon Corp., said Tuesday it expects to generate P8.8 billion in sales from its condotel in Madrid, Spain.
The company said it received all pertinent documents and made the full payment for the purchase of 6,593 square meters of prime commercial land in Madrid.
“Following completion of the land purchase Hotel101 Global has taken full possession of the prime land located in Avenida Fuerzas Armadas, Valdebebas, Madrid which is surrounded by major landmark buildings and is about three-minute walk to the Valdebebas Train Station, four minutes to IFEMA Convention Complex, five minutes to Real Madrid Sports Complex and around 7 minutes to the new Madrid Barajas International Airport,” DoubleDragon said.
Hotel101-Madrid Spain is expected to be completed by the fourth quarter of 2025 with projected sales revenue of P8.8 billion.
The company said the Golden Visa processing and advisory fee amounting to 6,000 euros would be free of charge for those who would purchase three Hotel101 units in from the start of the pre-selling until Dec. 31, 2023 or until the units are fully sold out, whichever comes first.
Hotel101-Madrid is set to become one of five largest hotels in Madrid and the very first homegrown Filipino hotel chain to enter Spain.
DoubleDragon aims to make Hotel101 world-class in all standards, create job opportunities to Filipinos who reside in the Philippines or abroad and bring a pinch of pride and honor to Filipinos from anywhere around the world where Hotel101 will eventually locate and operate.