DoubleDragon Properties Corp.’s subsidiary Hotel101 Global signed a construction contract with Ferrovial Construction for its project in Madrid, Spain.
DoubleDragon said in a disclosure to the stock exchange Thursday Ferrovial is one of the largest construction companies in Spain and is set to commence construction of the project in April 2024.
The project is scheduled to be fully completed by the fourth quarter of 2025, opening just in time for the start of the Madrid F1 Grand Prix, which happens to be located right beside Hotel101-Madrid.
The 680-room Hotel101-Madrid project is set to become one of the top 5 largest hotels in Madrid. It is located on a 6,593 square-meter prime commercial property recently purchased by Hotel101 along Avenida Fuerzas Armadas, Valdebebas, Madrid.
It is surrounded by major landmark buildings and is about three-minute walk to the Valdebebas Train Station. It is also near IFEMA convention complex, Real Madrid Sports Complex and the new Madrid Barajas International Airport.