Businessman Edgar “Injap” Sia’s DoubleDragon Properties Corp. announced on Thursday it acquired land in Madrid, Spain, where its Hotel101 will soon rise.
In a disclosure to the Philippine Stock Exchange, DoubleDragon said its subsidiary Hotel101 Global Pte Ltd. signed a binding agreement on April 27 for the purchase of 6,593 square meters of prime commercial land in Madrid.
Hotel101-Madrid will rise in Avenida Fuerzas Armadas, Valdebebas, Madrid.
The hotel will be a three-minute walk to the Valdebebas Train Station, a four-minute walk to the IFEMA convention complex, a five-minute walk to the Real Madrid Sports Complex, and a seven-minute walk to the new Madrid Barajas International Airport.
Hotel101-Madrid will have about 736 rooms and will be the first Hotel101 development in Europe.
The company said Hotel101 is set to become one of the five largest hotels in the Spanish capital and the first homegrown Filipino hotel chain to enter Spain.
DoubleDragon is expecting about €143.3 million, or P8.8 billion, in revenues from the Hotel101-Madrid project. —VBL, GMA Integrated News