MANILA, Philippines — DoubleDragon, the listed holding company of tycoon Edgar “Injap” Sia, said yesterday its Hotel101-Madrid would open just in time for the Formula One Grand Prix in 2026.
Hotel101-Madrid will rise on a 6,593-square meter property in close proximity to train stations, airport and other sites, and it is currently the only upcoming hotel right beside the F1 Grand Prix track.
It is scheduled to commence construction in March 2024 and is targeted for completion by the fourth quarter of 2025, just in time for the 2026 F1 Grand Prix.
Given this new development officially announced by F1 regarding the Madrid Grand Prix, DoubleDragon expects the land value of the prime and centrally-located commercial land it has purchased to substantially appreciate and boost sales.
Hotel101 Global expects condotel sales revenue of about P8.8 billion to be generated from the Hotel101-Madrid project.
The upcoming F1 Grand Prix in Madrid is projected to have the capacity to host more than 100,000 per day, making Madrid one of the largest venues on the F1 calendar, according to DoubleDragon.
Hotel101 Global is the Singapore-based hospitality subsidiary of DoubleDragon.
It is currently in discussions with select special purpose acquisition companies (SPAC) as part of its plan to list on the US Nasdaq exchange.
DoubleDragon sees Hotel101 as a pioneering asset light business model with a target valuation of up to $17 billion in the near term based on Hotel101’s internal financial projections.
As part of its medium term growth plan, Hotel101 Global is bringing the condotel concept overseas starting with an initial three sites abroad.
Aside from Madrid, the other Hotel101 hotels will be in Niseko Hokkaido, Japan and California, USA.
These first three overseas sites will serve as bridge projects to jumpstart the transition of Hotel101 to become a global brand with which DoubleDragon hopes to bring in over 100 countries, Sia said.
The target near term expansion roadmap for Hotel101 Global Pte. Ltd. is to be in these first 25 countries by 2026 namely: Philippines, Japan, Spain, USA, United Kingdom, UAE, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China.