BIZ BUZZ: Done deal for DoubleDragon
It happened while everyone was on vacation mode, but there’s no denying that DoubleDragon Corp. of billionaires Edgar “Injap” Sia II and Tony Tan Caktiong is making major inroads into its plan of bringing its Hotel101 brand into the international area.
Last Tuesday, the company announced that its subsidiary, Hotel101 Global, finally received all the pertinent executed land purchase documents and made the full complete payment for the purchase of the 6,593 square meters of prime commercial land in Madrid, Spain.
“Following completion of the land purchase, Hotel101 Global has taken full possession of the prime land in Valdebebas, Madrid, Spain, located in Avenida Fuerzas Armadas,” it added.
This location is key to the success of DoubleDragon’s Hotel101 venture in the Spanish capital because it is surrounded by major landmarks.
It is about three minutes’ walk to the Valdebebas train station, a four-minute walk to IFEMA convention complex, a five-minute walk to the famed Real Madrid sports complex, and just a seven-minute walk to the new Madrid Barajas International Airport.
Hotel101-Madrid is expected to be completed in the fourth quarter of 2025.
DoubleDragon expects robust condotel sales revenue of about P8.8 billion to be generated from Hotel101’s Madrid project.
Of course, one of the most attractive elements of the property for Filipino investors is that the processing and advisory fees for the highly coveted “golden visas” that cost about 6,000 euros each will be shouldered by the developer for those who will purchase three Hotel101 units in Madrid.
This offer is good from the start of the project’s preselling phase until Dec. 31, 2023, or until the units are fully sold out, whichever comes first.
Expect more exciting developments from DoubleDragon and Hotel101 over the next few months, and expect to see progress in the Singapore and Niseko, Japan projects, just to name a few.
—Daxim L. Lucas
‘Holiday’ brand is not for all
Food manufacturer Foodsphere Inc., maker of the CDO line of meat products, has demanded food manufacturers as well as distributors, retailers and restaurants to immediately stop using “Holiday” in their products or offerings, saying that the group has been using the “Holiday” trademark, particularly on Christmas hams, since the 1970s.
In an ad in the Inquirer, Foodsphere said the unauthorized use of the “Holiday” trademark infringes on its intellectual property rights and amounted to unfair competition. Continued use, the company said, would compel it to “take appropriate civil, criminal and administrative actions in court against violators.”
The meat processing company said it had invested significantly in building the Holiday brand of frozen meats, but that other companies are riding on its popularity, especially with the Christmas holidays around the corner.
Patricia Magbanua, CDO Foodsphere corporate affairs and communications head, said: “It is our utmost priority to ensure that our loyal customers receive the brand and quality they expect when purchasing our products. We’ve built trust around the ‘Holiday’ brand for decades, and we are committed to safeguarding it not just for our company, but for the consumers who have trusted us throughout the years.”
She added: “When a consumer picks up a product labeled ‘Holiday,’ they should be confident in the consistency, quality and reputation that comes with the CDO Foodsphere name. We are taking this matter seriously to protect not only our intellectual property but also the integrity of our offerings to our valued consumers.”
