DoubleDragon targets over $100M in unit sales from Hotel101 Madrid

Listed property developer DoubleDragon Corp. is projecting over $100 million or P5.8 billion in contracted unit sales from its Hotel101 project in Madrid, Spain, in the next 12 months. 

DoubleDragon said it is optimistic to hit $100 million in contracted unit sales after hitting $10 million in foreign currency cash payments from retail buyers in a few months, mainly in the April to June period.

“Hotel101-Madrid is expected to open just in time for the start of the Madrid F1 Grand Prix, which happens to be located right beside the property,” the company said in a statement.

Groundbreaking for the project was held in March 2024, after the acquisition of the 6,593-square-meter prime commercial land was completed in October 2023.

The project is one of the three first overseas developments of Hotel101, which merged with JVSPAC Acquisition Corp. for its Nasdaq listing under the “HBNB” ticker, making it the first Filipino company to list on the exchange.

Aside from the Madrid project, Hotel101 is also set to put up projects in Niseko, Hokkaido, Japan, and Los Angeles, California, in the United States, which are set to jumpstart its expansion to other areas as it targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050.

It also seeks to expand to the United Kingdom, the 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. —VBL, GMA Integrated News