DoubleDragon completes purchase of land in Madrid for hotel project

Businessman Edgar Sia-led DoubleDragon Properties Corp. on Tuesday announced the completion of its acquisition of a land in Madrid, Spain, where it plans to build its Hotel101.

In a disclosure to the Philippine Stock Exchange, DoubleDragon said it has received all the pertinent executed land purchase documents and has made the full complete payment for the purchase of the 6,593-square meter prime commercial land in the Spanish capital.

To recall, in April, the company disclosed its subsidiary Hotel 101 Global Pte Ltd.’s plan to build a hotel in Madrid following the purchase of the land.

Hotel101-Madrid will soon rise on Avenida Fuerzas Armadas, Valdebebas, Madrid.

DoubleDragon said following the completion of the land purchase, Hotel101 Global has taken full possession of the land.

The area where Hotel101-Madrid will rise is surrounded by major landmark buildings and is about a three-minute walk to the Valdebebas Train Station, four-minute walk to IFEMA convention complex, five-minute walk to Real Madrid Sports Complex, and a seven-minute walk to the new Madrid Barajas International Airport.

The hotel is targeted to be completed by the fourth quarter of 2025.

DoubleDragon said it expects about €143.3 million euros or approximately P8.8 billion in revenues to be generated from the Hotel101-Madrid project.

Hotel101-Madrid will have about 736 rooms and will be the first Hotel101 development in Europe.

The company added that its Hotel101 brand is set to become one of the five largest hotels in the Spanish capital and the first homegrown Filipino hotel chain to enter Spain. —Ted Cordero/KG, GMA Integrated News