DoubleDragon reports P209M  in Madrid hotel revenues

LISTED property developer DoubleDragon Corp. said its Hotel101-Madrid property in Spain generated €2.93 million (approximately P209 million) in recurring room revenues in October, with average occupancy reaching 97.41%.

In a statement on Monday, DoubleDragon’s hospitality subsidiary, Hotel101 Global Holdings Corp., said the 680-room property recorded the revenue from Oct. 1 to 31, following its opening in March 2026.

The revenue figure, equivalent to approximately $3.28 million, is based on preliminary, unaudited management estimates and remains subject to change.

Based on the reported occupancy rate, the hotel had an average of approximately 662 occupied rooms daily during the month.

Hotel101 Global said the October revenue exceeded its expectations, although it did not provide comparative monthly figures.

Hotel101-Madrid is the group’s first hotel outside the Philippines. The property is located on a 6,593-square-meter site in Valdebebas, near the IFEMA convention complex and Madrid-Barajas Airport.

According to the company, guests from Spain accounted for 39% of arrivals from the hotel’s opening through Oct. 31, followed by visitors from the United States at 7%, Portugal at 4%, and China and Mexico at 3% each.

Europe accounted for 63.3% of total guest arrivals, followed by Latin America at 16.1%, North America at 8.5%, and Asia at 6.2%.

The hotel recorded more than 95,500 guest arrivals from over 100 nationalities during the period.

Hotel101 operates under a business model that involves selling individual hotel units to investors while generating recurring revenues from hotel operations.

Under the arrangement, unit owners collectively receive 30% of monthly gross room revenues, net of applicable taxes and statutory charges, with the amount distributed equally among owners.

DoubleDragon earlier announced plans to open a total of 2,229 hotel rooms in 2026, including the Madrid property, developments in Davao and Cebu, and the 482-room Hotel101-Niseko in Japan, which is scheduled to open in December.

During the third quarter, DoubleDragon reported a more than sixfold increase in net income to P1.13 billion from P183.67 million in the same period last year.

For the first nine months of 2026, the company’s core net income reached P3.91 billion, while consolidated revenues increased by 98.76% to P20.78 billion from the same period last year.

Foreign-currency revenues accounted for 59.03% of DoubleDragon’s core revenues in the third quarter, exceeding the contribution from domestic operations for the first time.

The company attributed the increase in overseas revenues partly to the expansion of its Hotel101 hospitality business following the opening of the Madrid property.

DoubleDragon’s total assets stood at P256.82 billion as of Sept. 30, up P31.56 billion from P225.26 billion at the end of 2025. Total equity rose by P5.41 billion to P107.02 billion.

The company expects additional revenue contributions from its leasing portfolio, new mall and warehouse openings, office tenants, MerryMart supermarkets, and Hotel101 unit sales in the Philippines and overseas. — Alexandria Grace C. Magno