DoubleDragon Properties Inc. said it expects to generate 143.3 million euros, about P8.8 billion, in revenues from the development of a hotel in Madrid, Spain.
The company said it is acquiring a 6,593 square meters (sq.m.) of property on Avenida Fuerzas Armadas, Valdebebas for its Hotel101 venture, the first in Europe and they first homegrown Filipino hotel chain to enter Spain.
DoubleDragon said the property is surrounded by major landmark buildings, and is close to several destinations in Madrid.
Hotel101-Madrid will have 736 rooms, amenities distinct for the Hotel101 franchise like an all day dining restaurant, a business center, swimming pool, and a fitness gym as well as commercial space for a 24 hour convenience store.
DoubleDragon said it eyes to position Hotel101-Madrid as one of the top five largest hotels in the area.
Hotel101-Madrid is the third overseas hotel by DoubleDragon under the Hotel101 brand. The others are in Japan and the US.
DoubleDragon is also looking at bringing the hotel to 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.
