DoubleDragon Corp.’s condotel chain Hotel101 is expecting over $100 million in contracted sales for its units in Madrid by next year amid strong demand.
The property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong said in a statement on Wednesday it had so far received $10 million in payments from buyers of units in Hotel101-Madrid since the company broke ground for the project in March.
READ: DoubleDragon breaks ground for Hotel101 in Madrid
Construction for the 680-room project is now in full swing, led by Ferrovial Construccion, which is said to be among the largest construction firms in Spain.
According to DoubleDragon, construction is expected to end by the fourth quarter of 2025, in time for a 2026 opening.
Hotel101-Madrid is DoubleDragon’s second international location under its homegrown condotel chain brand. The 482-room Hotel101-Niseko in Japan is also currently under construction.
Touted to be among the five largest hotels in Spain’s capital city, the project is located within a 6,593-square-meter area that is “minutes away” from major landmarks, including the new Madrid Barajas International Airport.
Sia previously said they planned to launch their third international Hotel101 branch in California.News of brisk sales for units in the Spain location comes ahead of the Nasdaq listing of Hotel101 Global Pte. Ltd., the Singapore-based unit of DoubleDragon.
READ: DoubleDragon banks on Hotel101’s Nasdaq debut to hit equity goal
It is expected to become the first Filipino-owned company to be publicly traded on the tech-heavy American bourse. The listing is expected in the second half of the year.
The Nasdaq debut is also seen to help strengthen the balance sheet of DoubleDragon as it aims to breach the P100-billion equity mark this year.
By the end of 2023, the real estate firm’s total equity reached P94.57 billion, up by 15.88 percent.
DoubleDragon’s international and local projects—community malls, office buildings, hotels and warehouse complexes—span 1.3 million square meters.
The developer is also set to issue P10 billion in retail bonds, which promises a yield of 8.008 percent per annum for investors, after securing the Securities and Exchange Commission’s go-signal. —MEG J. ADONIS