Three months after breaking ground, Hotel101-Madrid, DoubleDragon's first offshore hotel, reached a milestone with over $10 million in cash payments in foreign currency, exceeding the company's expectations.
In a disclosure, DoubleDragon said the hotel generated robust cash payment inflows from unit buyers.
"Given the trajectory of overseas projects, DoubleDragon expects to capture over $100 million(about P5.8 billion) of contracted unit sales in the next 12 months," the company said.
This unprecedented achievement marks the first time in DoubleDragon's history that such a substantial volume of foreign currency cash has been received from retail buyers in just a few months, primarily in the second quarter of 2024.
Ferrovial Construcción is constructing the Hotel101-Madrid Spain.
Ferrovial is one of the largest construction companies in Spain, and the ongoing construction of Hotel101-Madrid is scheduled to be completed by Q4 2025 next year.
Hotel101-Madrid is expected to open just in time for the start of the Madrid F1 Grand Prix, which is located right beside the property.
The 680-room Hotel101-Madrid project, set to be one of the top five largest hotels in Madrid, Spain, is located in a prime 6,593-square-meter commercial property along Avenida Fuerzas Armadas, Valdebebas, Madrid.
This strategic location is surrounded by major landmark buildings and is within walking distance of the Valdebebas Train Station, IFEMA convention complex, Real Madrid Sports Complex, and the new Madrid Barajas International Airport, enhancing its appeal and potential for future success.