DoubleDragon snaps up prime land in Madrid
MANILA -DoubleDragon Corp., the listed property company of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, is moving forward with its first Hotel 101 in Europe after snapping up a prime commercial land in Madrid, Spain.
The project, which will rise on a nearly 6,600-square meter lot on Avenida Fuerzas Armadas in Valdebebas, Madrid, will have 736 rooms and will generate sales revenue of P8.8 billion.
DoubleDragon said the project would also benefit from the boom in real estate demand driven by Spain’s Golden Visa, which grants foreigners citizenship for investing in their property sector.
“Hotel 101-Madrid is set to become one of the Top 5 largest hotels in Madrid, Spain,” DoubleDragon said in a statement on Thursday.
The project will feature amenities such as an all-day dining restaurant, business center, swimming pool, fitness gym and a convenience store.
Madrid is Hotel 101’s second international location after Niseko, Japan. Its next target is to build a Hotel 101 branch in California in the United States.
These locations will serve as “bridge projects” to jumpstart the group’s global expansion, which will involve bringing the hotel brand to 25 countries under subsidiary Hotel 101 Global Pte. Ltd. by 2026.
Hotel 101 develops “condotels,” whose rooms are sold to individual investors and are managed by the company.
The business, which offers more affordable room rates, differentiates itself from competitors by offering uniform-sized rooms across all of its locations.
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