MANILA — DoubleDragon Corp said on Thursday its subsidiary Hotel101 Global Pte Ltd signed a binding agreement to acquire a property in Madrid, Spain for its first development in Europe.
The deal is for the acquisition of 6,593 square meters of prime commercial land located in Avenida Fuerzas Armadas, Valdebebas, Madrid, the developer said in a statement.
Hotel101-Madrid will have about 736 rooms and will be the first Hotel101 development in Europe, it said.
DoubleDragon said Hotel101-Madrid is set to be among the Top 5 largest hotels in Madrid as well as the first homegrown Filipino hotel chain to enter Spain.
DoubleDragon said it expects to generate about P8.8 billion in condotel sales revenues from Hotel101-Madrid project due to the high real estate investment demand driven by the Spanish Golden Visa.
The Hotel101 Madrid site is about a 3-minute walk to the Valdebebas Train Station, and is also near the IFEMA convention complex, the Real Madrid Sports Complex and the new Madrid Barajas International Airport, the company said.
Hotel101's first 3 overseas projects will be in Niseko Hokkaido in Japan, in Madrid, Spain as well as in California, in the US.
"If there is one hotel chain that can optimize the use of modern technology in the global hospitality space, we believe it will be Hotel101 given its pioneering standardized single room type asset-light concept globally," said DoubleDragon Corporation and Hotel101 Global Chairman Edgar Injap Sia II.
Sia said the brand aims to grow its portfolio to 500,000 uniform rooms operating in 100 countries by 2040.
DoubleDragon said its near-term roadmap includes expansion in the first 25 countries by 2026 including 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.