Hotel101-Madrid, the 680-room global prototype of DoubleDragon’s standardized hospitality model, posted record monthly recurring revenue of EUR2.93 million, or about USD3.28 million (P209 million), in October as it neared full occupancy.
The property recorded an average occupancy rate of 97.41 percent during the month, equivalent to more than 660 rooms occupied daily, according to Hotel101 Global Holdings Corp. The October performance marked the strongest monthly showing for the Madrid property since it opened in March.
The results give DoubleDragon Corp. further evidence of demand for its asset-light condotel model as the company moves to expand Hotel101 beyond the Philippines and into other international markets.
Hotel101-Madrid is the first property outside the Philippines under the brand and serves as its operating prototype for global expansion. Its location in Madrid’s Valdebebas district, near Adolfo Suárez Madrid-Barajas International Airport, IFEMA and Real Madrid’s sports complex, places the hotel within a major business, tourism and events corridor.
Hotel101 Global said the strong occupancy demonstrates the appeal of its standardized “HappyRoom” concept and technology-enabled operating platform, while providing recurring hotel revenue after the initial sale of individual units.
The business model is designed to generate revenue twice, first through the sale of standardized hotel units and later through their operation as part of a pooled hotel inventory.
Unit owners collectively receive 30 percent of monthly gross room revenues, net of applicable taxes and statutory charges, distributed equally among units.
The Madrid performance comes ahead of Hotel101’s planned December opening in Niseko, Hokkaido, Japan, which the company says will be the largest hotel by room count in Kutchan Niseko.
DoubleDragon’s subsidiary is targeting a much larger international footprint, with a long-term goal of scaling Hotel101 to 1 million standardized rooms across 100 countries.
Hotel101 Madrid posts record revenue on near-full occupancy
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