MANILA, Philippines — The hotel brand of listed DoubleDragon Corp. has broken ground for its second international location, further pushing forward the worldwide expansion of the homegrown condotel chain.
In a stock exchange filing on Thursday, DoubleDragon, the property venture of tycoons Edgar Sia II and Tony Tan Caktiong, said the 680-room Hotel101-Madrid is touted to become among the top five largest hotels in Spain’s capital city.
DoubleDragon, owner of the Hotel101 chain, noted that construction is scheduled to start in April for completion in the fourth quarter of 2025.
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Located within a 6,593-square-meter area along Avenida Fuerzas Armadas, the Madrid branch will stand minutes away from “major landmark buildings,” including the new Madrid Barajas International Airport.
It is the second international Hotel101 location that will be developed after the branch in Niseko, Japan.
Sia earlier said they were looking to open the third overseas Hotel101 branch in California, United States, within three years.
Locally, the condotel chain is preparing for the launch of Hotel101-Libis Bridgetowne, which is expected to be the largest hotel in Quezon City with 702 rooms.
READ: Offshore debut: Hotel101 breaks ground in Hokkaido
DoubleDragon is eyeing sales of about P4.9 billion for the project scheduled for completion in 2026.
In the first nine months of 2023, the company booked a 0.7-percent growth in net income to P2.47 billion while revenues rose 3 percent to P6.15 billion.
DoubleDragon has yet to report its full-year earnings.