The Philippine company Hotel101 is finalising the agreement with Metrovacesa to close the acquisition of a 6,000 square metre plot of land located in Valdebebas, on which the company will build a 736-room hotel, according to various media reports.
The land is located near Ifema, Adolfo Suárez Madrid-Barajas Airport and Real Madrid's sports complex. This will be the first development of Hotel101 in Europe, which is preparing an exponential growth plan and plans to open around one hundred establishments in the coming years in different parts of the world.
The chain is a subsidiary of the Philippine group Double Dragon, a real estate company listed on the Philippine Stock Exchange and led by Edgar "Injap" Sia II and Tony Tan Caktiong. The company has a combined market capitalisation of over $2 billion and has interests in the hotel, office and retail sectors.
DoubleDragon said that it expects to generate about €143.3 million (P8.8 billion) in consolidated sales from the new location, “given the high real estate investment demand in Madrid driven by the Spanish Golden Visa.” The company was referring to a residence permit for noncitizens of the European Union who invest significantly in Spain.