DoubleDragon Corp., a Philippine listed property company, said Thursday its unit, Hotel101 Global Pte, broke ground and signed the construction contract with Spanish firm Ferrovial Construction on Wednesday for its first European project, the 680-room Hotel101-Madrin in Valdebebas.
The combination hotel and condominium project, envisaged as one of the largest hotels in Madrid, is expected to generate P8.8 billion in sales revenue.
DoubleDragon Chairman Edgar Injap Sia II, Hotel101 CEO Hannah Yulo-Luccini, and DoubleDragon co-chairman Tony Tan Caktiong attended the event, which was also graced by Minister of Economy, Finance and Employment of the Region of Madrid, Rocio Albert Lopez-Ibor, and the Philippine Ambassador to Spain Philippe J. Lhuillier.
Ferrovial is one of the largest construction companies in Spain, and is set to commence full swing construction this April. The hotel is scheduled to be fully completed by the last quarter of 2025, and opening just in time for the start of the Madrid F1 Grand Prix, which happens to be located right beside Hotel101-Madrid.
The 680-room Hotel101-Madrid is located in a 6,593 square-meter prime commercial property along Avenida Fuerzas Armadas, Valdebebas. It is surrounded by major landmark buildings and only about three minutes walk to the Valdebebas Train Station, four minutes to IFEMA convention complex, five minutes to Real Madrid Sports Complex, and around seven minutes to the new Madrid Barajas International Airport.
