DoubleDragon: Ongoing Madrid hotel project tops $10M in sales
LISTED property developer DoubleDragon Corp. (DD) on Wednesday said its ongoing hotel project in Madrid, Spain has achieved sales exceeding $10 million.
The majority of these sales were recorded in the second quarter, DD said in a disclosure to the stock exchange.
The company anticipates securing over $100 million (approximately P5.8 billion) in contracted unit sales over the next 12 months, driven by the momentum of its international projects.
Hotel101-Madrid, overseen by DD’s subsidiary Hotel101 Global Pte. Ltd., commenced construction in March and is set to become one of Madrid’s largest hotels, featuring 680 rooms on a 6,593 square meter property along Avenida Fuerzas Armadas, Valdebebas.
Ferrovial Construcción, one of Spain’s largest construction firms, is executing the project, with completion scheduled for the fourth quarter of 2025.
The property is surrounded by major landmark buildings and is about a three-minute walk to the Valdebebas Train Station, four-minute walk to IFEMA convention complex, five-minute walk to Real Madrid Sports Complex, and around seven minutes away from the new Madrid Barajas International Airport.
Hotel101 is eyeing to have presence in 25 countries by 2026. These include the Philippines, Japan, Spain, USA, 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.
On Wednesday, DD shares rose by 2.05% or 24 centavos, closing at P11.92 apiece. — Revin Mikhael D. Ochave