Hotel101-Madrid breaks ground

MANILA, Philippines —  DoubleDragon Corp. has started the development of its Hotel101 project in Spain, which is set to become one of the top five largest hotels in Madrid once completed by late next year.

The property developer, owned by Edgar Injap Sia II and Tony Tan Caktiong, broke ground on the 680-room Hotel101-Madrid on Wednesday.

It also signed a construction contract with Ferrovial Construction, one of the largest construction companies in Spain.

DoubleDragon said Ferrovial is set to commence full swing construction next month, with the project scheduled for full completion by the fourth quarter of 2025.

The company said Hotel101-Madrid’s opening would be in time for the start of the Madrid F1 Grand Prix, which happens to be located right beside the project.

Set to become one of the five biggest hotels in Madrid, Hotel101-Madrid is situated in a recently purchased 6,593-square-meter prime commercial property along Avenida Fuerzas Armadas, Valdebebas.

DoubleDragon said the area is surrounded by major landmark buildings and is a few minute-walk to the Valdebebas train station, IFEMA convention complex and Real Madrid Sports Complex. It is also around seven minutes away from the new Madrid Barajas International Airport.

Hotel101-Madrid is among the first three overseas Hotel101 projects, which will also include one in Niseko Hokkaido, Japan and Los Angeles, California.

DoubleDragon said these first three overseas sites would 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.

DoubleDragon sees Hotel101 becoming one of the major brands, concept and business model export of the Philippines, saying that its asset-light business model could become one of the major sources of  dollar inflow to the Philippines from 2025 onwards.

It is also poised to be known as the most tech-advanced hotel company since its mid-end market typical rooms can optimize the use of technology since the rooms are all the same.

Hotel101 Global Pte Ltd is expected to derive over 95 percent of its revenues outside of the Philippines to be consolidated back to the ultimate parent, DoubleDragon.

Hotel101 Global is the Singapore-based hospitality subsidiary of DoubleDragon.

Hotel101 Global’s vision is to accumulate a portfolio of one million Hotel101 rooms in 101 countries before 2050.