An artist’s rendering of Hotel101 Madrid, located at Avenida Fuerzas Almadas, Valdebebas
PHILIPPINE hotelier Hotel101 will be planting its first footprint in Europe by setting up tourism accommodations in Spain.
In a news statement, property developer DoubleDragon Corp. said its subsidiary Hotel101 Global Pte Ltd. signed a Binding Agreement for the purchase of 6,593 square meters of prime commercial land in Madrid. Hotel101 Global is registered in Singapore and serves as DoubleDragon’s vehicle to expand its hotels worldwide. The statement failed to identify the seller of the property.
Hotel101 Madrid will have about 736 rooms, and is the third hotel development of DoubleDragon overseas, along with a 518-room hotel in Niseko, Hokkaido in Japan, and California in the United States. The company failed to reveal the timetable for the opening of Madrid and the US properties, but Hotel101-Niseko will be completed by the fourth quarter of 2025.
“These first three overseas sites will serve as bridge projects to jumpstart the transition of Hotel101 to become a global brand with a truly unique business concept that can be planted in over 100 countries,” said DoubleDragon chair and Hotel101 Global chair Edgar “Injap” J. Sia II.
The locally listed DoubleDragon closed at P7.85 per share on Thursday, up 10.56 percent from Wednesday’s close, on news of the Madrid property purchase.
Nasdaq listing
DoubleDragon has been issuing corporate bonds overseas to fund the overseas expansion of its hotels, the latest of which was a US$160-million offering listed in Singapore. The self-made entrepreneur Sia, who founded popular restaurant Mang Inasal said, “Hotel101 Global is envisioned to eventually become one of the Top 5 hotel brands globally with a total room portfolio exceeding 500,000 uniform rooms operating in over 101 countries by 2040.”
The young tycoon is partnered with Jollibee founder and taipan Tony Tan Caktiong in DoubleDragon. Sia said the property developer is targetting to list Hotel101 Global Pte Ltd at the Nasdaq, given that eventually hotel film “is expected to derive over 95 percent of its revenues outside the Philippines.”
Aside from expanding in the Philippines and opening hotels in Japan, Spain, and the US, Hotel101 Global will also enter the following markets by 2026: 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.
The company’s first development in Europe and the very first homegrown Filipino hotel chain in Spain will be similarly designed with Hotel101 facilities such as an all-day dining restaurant to be operated by a concessionaire, a business center, swimming pool, a fitness gym, and a commercial space for a 24-hour convenience store.
Target condotel revenues
“It is set to become one of the top 5 largest hotels in Madrid,” asserted Sia, as the company targeted “condotel sales revenue of about €143.3 million (₱8.8 billion) from Hotel101-Madrid project, given the high real estate investment demand in the city driven by the Spanish Golden Visa,” a residence visa issued to non-Europeans making significant investments in Spain. Under Hotel101’s business model, investors own the hotel units, which the company operates as full-service accommodations for guest bookings.
Hotel101-Madrid will be located in Avenida Fuerzas Armadas, Valdebebas, and surrounded by major landmark buildings. It is an easy three-minute walk to the Valdebebas Train Station, four-minute walk to the IFEMA convention complex, five-minute walk to the Real Madrid Sports Complex, and around seven-minute walk to the new Madrid Barajas International Airport.
Sia underscored DoubleDragon’s vision for Hotel101 is “to become world-class in all standards and create job opportunities to Filipinos, who reside in the Philippines or abroad, and bring a pinch of pride and honor to each and every Filipino from anywhere around the world where Hotel101 will eventually locate and operate.”
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