DoubleDragon Projects $100M in Sales from New Hotel101 Madrid Development

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

DoubleDragon has already secured $10 million in foreign currency cash payments from retail buyers within a few months, primarily from April to June. The company is optimistic about reaching the $100 million target.

“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,” DoubleDragon stated.

The project’s groundbreaking occurred in March 2024, following the acquisition of the 6,593-square-meter prime commercial land in October 2023.

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

In addition to the Madrid project, Hotel101 plans to launch projects in Niseko, Hokkaido, Japan, and Los Angeles, California, USA. These ventures are part of a broader strategy to build a portfolio of 1 million rooms across 101 countries by 2050.

Hotel101 also aims to expand to various countries, including the United Kingdom, 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.