DoubleDragon Corp. said it expects to generate up to $100 million (P5.8 billion) in overseas hotel unit sales over the next 12 months.
DoubleDragon said in a stock exchange filing Wednesday it received $10 million in sales from hotel unit buyers from projects outside the country in the second quarter of 2024.
“Overseas Hotel101 remarkably generated robust cash payments inflows from unit buyers, exceeding the company’s expectations,” DoubleDragon said.
Hotel101 broke ground on its 680-hotel room in Madrid, Spain in March 2024.
Hotel101-Madrid project is set to become one of the five largest hotels in Madrid. The property is located on a 6,593-square-meter prime commercial lot along Avenida Fuerzas Armadas, Valdebebas, Madrid which is surrounded by major landmark buildings.
The hotel is being built by Ferrovial Construcción, one of the largest construction companies in Spain.
The project is scheduled to be completed by the fourth quarter of 2025 just in time for the start of the Madrid F1 Grand Prix.
Hotel101 is also developing a 482-room hotel in Niseko Hokkaido, Japan. It also secured a property in Los Angeles, California to build the first Hotel101 in the United States.
Hotel101’s long term vision is to have one million rooms, operating in over 100 countries worldwide. As a first step, Hotel101 identified the first 25 priority countries for expansion including the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and Saudi Arabia.
Hotel101’s business model is asset-light and generates revenue from two sources—first from room sales and then from hotel guests.