DOUBLEDRAGON CORP. (DD) said the 680-room Hotel101-Madrid project of its hotel subsidiary Hotel101 Global Pte. Ltd. in Spain is set for completion in December as the company continues with its global expansion.
Hotel101 held the topping-off ceremony for Hotel101-Madrid on April 11, 11 months after the start of construction, DD said in a regulatory filing on Monday.
According to the company, the completion of Hotel101-Madrid will coincide with the upcoming F1 Grand Prix in Madrid next year.
The project sits on a 6,593-square-meter commercial property along Avenida Fuerzas Armadas, Valdebebas, in Madrid.
It is located near the Valdebebas Train Station, the IFEMA convention complex, the Real Madrid Sports Complex, and the new Madrid Barajas International Airport.
Once finished, Hotel101-Madrid will be one of the top five largest hotels in Madrid. It is one of the first three Hotel101 projects overseas, along with Niseko in Japan and Los Angeles in the United States.
Hotel101 aims to have one million rooms across 100 countries. It has identified an initial 25 priority countries for expansion, including the Philippines, Japan, Spain, the US, the United Kingdom, the United Arab Emirates, India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.
Hotel101 is set to have its $2.3-billion listing on the Nasdaq Stock Exchange in the United States within the quarter.
Hotel101 will list on Nasdaq through a merger with JVSPAC Acquisition Corp. The combined entity will trade under the ticker symbol “HBNB.” The two groups signed a merger agreement in April last year.
DD shares climbed by 0.72%, or six centavos, to P8.36 per share on Monday. — Revin Mikhael D. Ochave
