MANILA, Philippines —DoubleDragon Corp., the listed property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, expects to race toward its sales goal of P8.8 billion from its Hotel 101 project in Madrid, as the capital city replaces Barcelona as site of the Spanish Formula One Grand Prix.
In a statement on Wednesday, DoubleDragon said it is banking on faster sales and increased foot traffic due to Hotel 101 Madrid’s location beside the F1 Madrid Track, which the Fédération Internationale de l’Automobile has announced.
Hotel 101 Madrid will begin construction by March this year and will be completed by the fourth quarter of 2025—ahead of the inaugural 2026 F1 Grand Prix in Madrid.
“Given this new development officially announced last night by F1 regarding [the] Madrid F1 Grand Prix, DoubleDragon expects the land value of the prime and centrally-located commercial land it has purchased to have substantially appreciated and could translate to a faster sales,” the developer said in a statement on Wednesday.
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DoubleDragon said the 680-room Hotel 101 Madrid, which is rising on a 6,593 square meter property in Valdebebas, Madrid, is “expected to be one of the top five largest hotels” in the city.
Hotel 101, a fast-growing condotel chain in the Philippines and overseas, has two other international locations.
These are Los Angeles, United States and Niseko, Japan.
READ: Globalizing Hotel101 opens hub in Singapore
For its near-term expansion road map, Hotel 101 will open new sites in 25 countries by 2026.These include Japan, Spain, US, United Kingdom, United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China.
Double Dragon aims to turn Hotel 101 into a “top 5” international hotel brand with over 500,000 hotel rooms in 101 countries by 2040.