PROPERTY developer DoubleDragon Corp. on Wednesday said that the Hotel101-Madrid project, construction of which is now in full swing, had generated $10 million (about P587.3 million) in presales just a few months after its March groundbreaking.
In a stock exchange filing, DoubleDragon said cash payment inflows from unit buyers had exceeded expectations.
The company said it expected to capture over $100 million of contracted unit sales from the 680-room Hotel101-Madrid in the next 12 months.
The hotel is being built by Ferrovial Construccion, one of Spain’s largest construction firms, and is scheduled to be completed by the fourth quarter of 2025, “just in time for the start of Madrid F1 Grand Prix, which happens to be located right beside the property.”
It is being built on a 6,593-square-meter lot in Madrid near the new Madrid Barajas International Airport, Ifema convention complex, and the Real Madrid Sports Complex.
The Madrid project is one of the first three overseas hotels of DoubleDragon’s Hotel101 Global Pte. Ltd., along with Niseko Hokkaido in Japan and in Los Angeles, California.
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