DOUBLEDRAGON CORP. (DD) said the 680-room Hotel101-Madrid project of its hotel subsidiary Hotel101 Global Pte. Ltd. in Spain is ready for completion in December as the corporate continues with its global expansion.
Hotel101 held the topping-off ceremony for Hotel101-Madrid on April 11, 11 months after the beginning of construction, DD said in a regulatory filing on Monday.
Based on the corporate, the completion of Hotel101-Madrid will coincide with the upcoming F1 Grand Prix in Madrid next 12 months.
The project sits on a 6,593-square-meter business property along Avenida Fuerzas Armadas, Valdebebas, in Madrid.
It’s positioned near the Valdebebas Train Station, the IFEMA convention complex, the Real Madrid Sports Complex, and the brand new Madrid Barajas International Airport.
Once finished, Hotel101-Madrid shall be one among the highest five largest hotels in Madrid. It’s one among the primary three Hotel101 projects overseas, together with Niseko in Japan and Los Angeles in the US.
Hotel101 goals to have a million rooms across 100 countries. It has identified an initial 25 priority countries for expansion, including the Philippines, Japan, Spain, the US, the UK, 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 ready to have its $2.3-billion listing on the Nasdaq Stock Exchange in the US throughout 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 2 groups signed a merger agreement in April last 12 months.
DD shares climbed by 0.72%, or six centavos, to P8.36 per share on Monday. — Revin Mikhael D. Ochave
