DoubleDragon Properties Corp. is building its second overseas hotel in Madrid, Spain.
DoubleDragon said Thursday subsidiary Hotel101 Global Pte Ltd. signed an agreement to acquire 6,593 square meters of prime commercial property in Madrid, which is envisioned to become one of the five largest hotels in Spain.
Hotel101-Madrid will have about 736 rooms and will be the first homegrown Filipino hotel chain to enter Spain.
Hotel101 develops condotels, whose rooms are sold to individual investors and are managed by the company. This concept allows DoubleDragon to reduce capital requirement, while generating revenue and income twice, first from the pre-selling of the hotel units. After the project is constructed, it generates long term recurring revenue from hotel operations. Under this concept, Hotel101 Madrid is expected to generate P8.8 billion from the sale of condotel units, given the high real estate investment demand in the country.