November 27, 2024 | 12:00am
MANILA, Philippines — Hotel101 Global Pte. Ltd., a subsidiary of listed DoubleDragon Corp., expects to boost its unit sales revenue with the faster issuance of the golden visas for Hotel101 Madrid.
In a disclosure to the Philippine Stock Exchange, Hotel101 announced the successful issuance of the third batch of golden visas to unit owners of Hotel101-Madrid.
“With these initial three batches successfully issued by the government of Spain to Hotel101-Madrid unit owners, Hotel101 Global expects the succeeding golden visa issuances to Hotel101-Madrid unit owners to just flow consistently with new batches of releases expected every few weeks at an even faster pace since Hotel101 has already proven to be a highly suitable golden visa investment compliance,” the company said.
“This additional milestone is expected to significantly boost Hotel101 Global’s unit sales revenue, attracting buyers from around the world,” it said.
A golden visa for Spain, officially known as the Spain Investor Visa, is a residence permit issued to non-European citizens who make a substantial investment in Spain such as buying a real estate asset worth 500,000 euro.
Golden visa applicants have to purchase three Hotel101-Madrid units each to comply with the investment requirements.
DoubleDragon said the Hotel101 business model and concept happens to be a perfect solution for the golden visa host country and its investors.
In March, DoubleDragon broke ground for the 680-room Hotel101-Madrid. Completion of the project is targeted by the fourth quarter of 2025.
Apart from Madrid, Hotel101 Global is also bringing its flagship concept to Niseko in Hokkaido, Japan and Los Angeles, California.
The first three Hotel101 overseas projects are expected to generate inflows of $471 Million (P27.2 billion) in foreign currency revenues to DoubleDragon.
Hotel101 Global expects to complete and fully sell out all its units in Madrid, Spain and Niseko Hokkaido, Japan ahead of schedule.
The hotel group is targeting to operate one million hotel rooms globally by 2050. Of the target, 50,000 rooms are intended to be in the Philippines as it targets to be the largest hotel company in the Philippines and simultaneously become one of the top five hotel companies in the world.
Be the first to comment