DoubleDragon Corp. said construction of its 680-room Hotel101 Madrid is now in full swing after breaking ground in March.
The realtor said it is has already received $10 million for the project from buyers of the units in the hotel, “barely just a few months mainly in the second quarter this year 2024.”
“Overseas, Hotel101 remarkably generated robust cash payments inflows from unit buyers, exceeding the company’s expectations,” it said, noting this as a milestone.
This gave the company confidence to declare that it will capture “over $100 million” in sales from the project in the next 12 months.
DoubleDragon said Hotel101-Madrid is being constructed by Ferrovial Construcción, one of the largest construction companies in Spain. Hotel101-Madrid is scheduled to be completed by the fourth quarter of 2025, and is expected to open just in time for the start of the Madrid F1 Grand Prix, which will be held right beside the property.
The Hotel101-Madrid project is set to become one of the top five largest hotels in Madrid, Spain.
It is located in a 6,593-square-meter prime commercial property recently purchased by Hotel101 along Avenida Fuerzas Armadas, Valdebebas, Madrid, which is surrounded by major landmark buildings.
It is about three minutes walk to the Valdebebas Train Station, four minutes walk to IFEMA convention complex, five minutes walk to Real Madrid Sports Complex, and around seven minutes to the new Madrid Barajas International Airport.
Hotel101 is a condotel venture.
DoubleDragon is listing its Hotel101 business, operated under unit Hotel101 Global Pte., in the Nasdaq Stock Exchange through a special purpose acquisition company (SPAC).
DoubleDragon said Hotel101 will become the first Filipino company to list via SPAC in Nasdaq, and is seen to become a major brand, concept and business model export of the Philippines.
Hotel101 will trade under the code HBNB once the listing is completed by the second half of the year.
“Hotel101 (HBNB) will have an equity value of $2.3 billion (P130 billion pesos) following completion of the merger transaction, which is expected to close during the second half of 2024 subject to regulatory and shareholder approvals and other customary closing conditions,” DoubleDragon said.
