DoubleDragon Corporation’s subsidiary Hotel101 Global has completed its full purchase of prime commercial land in Madrid, Spain for its Hotel101 – Madrid project.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said it has “received all the pertinent executed land purchase documents and has made the full complete payment” for the 6,593 square meters of land in Avenida Fuerzas Armadas, Valdebebas, Madrid on Oct. 31.
The firm previously signed the binding agreement for the purchase of the land last April 27, 2023.
The said location was chosen due to its near proximity to the Valdebebas Train Station, IFEMA convention complex, Real Madrid Sports Complex, and the new Madrid Barajas International Airport.
The hotel will have around 736 rooms, with an all-day dining restaurant, a business center, swimming pool, fitness gym, and commercial space for 24-hour convenience stores.
The target date for completion of Hotel101-Madrid is in the fourth quarter of 2025.
Hotel101-Madrid is set to become one of the top five largest hotels in Madrid, Spain, and the first homegrown Filipino hotel chain to enter the country.
The firm noted that the new condotel is expected to generate around €143.3 million, equivalent to ₱8.8 billion, in sales revenue.
Last July 20, 2023, Hotel101 Global’s executive officers signed master service agreements with Spanish companies Orience, PSI Consultants and L&L RSM Law as the exclusive advisory service providers “to process the residency applications by investment option for buyers of at least three units in Hotel101-Madrid.”
The Golden Visa or the Spain Investor Visa is a residence permit issued to non-European citizens who make a substantial investment in Spain like buying a real estate asset worth €500,000.
DoubleDragon/Hotel101 Global Chairman Edgar Injap Sia II said the Golden Visa will be optional for Hotel101 unit buyers.
“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,” Sia said.
“We are excited for a long-term business endeavor, as Spain and Philippines have a very long history of cultural relationship and would bring long term benefits to both Spain and the Philippines,” he added.
The “Golden Visa” processing and advisory fee normally cost around €6,000 EURO.
Interested tenants who will purchase three Hotel101 units in Madrid from the beginning of the unit pre-selling until Dec. 31, 2023 or until the units are fully sold out may avail of the Golden Visa processing and advisory fee free of charge, said the firm.
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The article was originally published in Manila Bulletin and written by Khriscielle Yalao.
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