Hotel 101 eyes P8.8 billion sales from Madrid project

MANILA, Philippines — DoubleDragon Corp.’s hotel expansion subsidiary Hotel101 Global

Pte. expects to generate P8.8 billion in sales revenue from its second overseas project, Hotel101-Madrid.

To further support sales, Hotel101 Global Pte. is giving unit buyers the option to apply for Spain’s investor visa which will allow them to reside in Spain via the Golden Visa.

It signed agreements with Orience, PSI Consultants and L&L RSM Law as partners to help process the residency applications via the investment route for buyers of Hotel101 units.

The option applies to buyers of at least three units in Hotel101’s first European project located in Valdebebas Madrid, Spain.

Officially known as the Spain Investor Visa, it is a residence permit issued to non-European citizens who make a substantial investment in Spain such as buying a real estate asset worth 500,000 euros.

“It will be optional for the Hotel101 unit buyers if they want to apply for a golden visa with their purchase of the Hotel101 units. As we will be building a fresh inventory of units, it will not reduce the existing housing inventory in Spain, and will add economic activity through the purchase of  land, salaries of construction team and the long term recurring taxes that this project will bring in,” said DoubleDragon/Hotel101 Global chairman Edgar Injap Sia II.

“We are excited for this long-term business endeavor, as Spain and the Philippines have a very long history of cultural relationship and would bring long term benefits to both Spain and the Philippines,” he said.

The Golden Visa applications are for evaluation and approval by the proper authorities of the government of Spain, at its discretion, but the purchase of Hotel101 units may be used by the foreign buyer to comply with the 500,000 euros Spanish real estate investment requirement.

The Golden Visa processing and advisory fee which cost about 6,000 euros will be free for those who will purchase three Hotel101 units in Madrid, Spain from the start of the unit pre-selling until Dec. 31, 2023 or until the units are fully sold out, whichever comes first.

Hotel101-Madrid, which is targeting to become one of the Top 5 largest hotels in Madrid, is set to be the very first homegrown Filipino hotel chain to enter Spain.