Hotel101-Madrid hits full occupancy three months after opening

DOUBLEDRAGON Corp. said its Hotel101-Madrid property reached full occupancy on June 10, three months after opening, as the company pointed to strong demand for its first overseas hotel under the Hotel101 brand.

The listed property developer said in a statement on Thursday that the 680-room hotel was fully booked before the end 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 strong conviction towards its set DD Vision 2035,” DoubleDragon founder Edgar “Injap” Sia II said.

“In the past years of my entrepreneurial journey, our team and I were able to deeply gain and learn multi-dimensional and complex business experiences that we believe is now sufficient to enable us to push forward towards DD’s Vision 2035,” he added.

DoubleDragon said Hotel101-Madrid generated more than $2.3 million or about P141 million in room revenue during the past 30 days. Daily room revenue on June 10 exceeded $100,000, it added.

The company said the occupancy performance reflects sustained demand for accommodations at the Madrid property, which opened in March and serves as the first international project under the Hotel101 brand.

Hotel101-Madrid forms part of DoubleDragon’s broader strategy to expand the brand outside the Philippines and establish a presence in key international markets.

The company expects to add 2,229 hotel rooms this year through projects in 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 target of more than P500 billion in consolidated revenue and over P50 billion in net income by 2035.

The company also aims to maintain a debt-free balance sheet and pay annual dividends exceeding P12 billion.

Shares of DoubleDragon rose six centavos or 0.51% to close at P11.90 each on the local bourse. — Alexandria Grace C. Magno