DOUBLEDRAGON Corp. said its Hotel101-Madrid property reached full occupancy on June 10, three months after opening, as the corporate pointed to strong demand for its first overseas hotel under the Hotel101 brand.
The listed property developer said in a press release on Thursday that the 680-room hotel was fully booked before the tip of the day and had recorded several periods of full occupancy in recent weeks.
“This latest extraordinary performance of Hotel101’s global prototype further positively reinforces DoubleDragon’s overall outlook and robust conviction towards its set DD Vision 2035,” DoubleDragon founder Edgar “Injap” Sia II said.
“Up to now years of my entrepreneurial journey, our team and I were capable of deeply gain and learn multi-dimensional and sophisticated business experiences that we consider is now sufficient to enable us to push forward towards DD’s Vision 2035,” he added.
DoubleDragon said Hotel101-Madrid generated greater than $2.3 million or about P141 million in room revenue in the course of the past 30 days. Day by day room revenue on June 10 exceeded $100,000, it added.
The corporate said the occupancy performance reflects sustained demand for accommodations on the Madrid property, which opened in March and serves as the primary international project under the Hotel101 brand.
Hotel101-Madrid forms a part of DoubleDragon’s broader technique to expand the brand outside the Philippines and establish a presence in key international markets.
The corporate expects so as to add 2,229 hotel rooms this yr through projects within the Philippines and Japan.
Planned openings include a 519-room hotel in Davao, a 548-room property in Cebu, and a 482-room development in Niseko, Hokkaido.
DoubleDragon has set a goal of greater than P500 billion in consolidated revenue and over P50 billion in net income by 2035.
The corporate also goals to keep up a debt-free balance sheet and pay annual dividends exceeding P12 billion.
Shares of DoubleDragon rose six centavos or 0.51% to shut at P11.90 each on the local bourse. — Alexandria Grace C. Magno