HOTEL101 GLOBAL announced on September 26, 2024 the completion of an important milestone for the release of the first batch of Spanish Investor Visas (Golden Visas) to the first batch of Hotel101-Madrid unit owners in just six months and 16 days from their purchase of the units.
A Golden Visa for Spain, officially known as the Spain Investor Visa, is a residence permit issued to non-European citizens who makes a substantial investment in Spain such as buying a real estate asset worth 500,000 Euros. Golden Visa applicants have to purchase three Hotel101-Madrid units each to comply with the investment requirements.
The Hotel101 business model and concept happens to be a perfect solution for the Golden Visa host country as buying a Hotel101 unit does not create negative impact of reducing their local housing inventory, and at the same time comes as a perfect solution too for the Golden Visa applicants, as the Hotel101 investment does not require them to carry the hassle of maintaining a house or apartment abroad.
“It will be optional for the Hotel101 unit buyers if they wanted to apply for a Golden Visa with their purchase of the Hotel101 units. But it is worth noting that since Hotel101 is building a fresh inventory of units, it will not reduce the existing housing inventory in Spain, but will add economic activity through the purchase of land, generation of jobs from the construction phase up to the operation of the project, plus the long-term continuous recurring taxes that this project will bring in. We are excited for a long-term business endeavor, as Spain and Philippines have a very long history of cultural relationship and would bring long-term benefits to both countries,” said DoubleDragon chairman Edgar “Injap” Sia II.
DoubleDragon happens to be one of the very few Philippine companies that has not only positioned a diversified hard asset portfolio spread out across the Philippines, but also happens to be one of the very few that has organically developed a novel asset-light concept and highly unique business model in Hotel101 (HBnB) that is portable and exportable to other continents globally. The global expansion of Hotel101 is expected to eventually become one of the major US Dollar inflow generators to the Philippines.
The Golden Visa applications are for evaluation and approval of the proper authorities of the Government of Spain, at its discretion, but the purchase of Hotel101 units may be used by the foreign buyer to comply with the 500,000 Euro Spanish real estate investment requirement.
“We have seen incredible traction in our Hotel101 projects globally, Hotel101 Madrid has done exceptionally well not only because it qualifies as an investment under the Golden Visa regime but because of the opportunity it provides retail real estate investors globally to participate in the booming hotel industry specifically in Madrid, Spain. In fact, we have seen an increasing number of local Spanish investors buying Hotel101 units in Madrid purely because they believe in the potential revenue the project will generate once completed,” said Hotel101 Global CEO Hannah Yulo-Luccini.
The construction of Hotel101-Madrid Spain is being undertaken by Ferrovial Construcción. Ferrovial is one of the largest construction companies in Spain.
The 680-room Hotel101-Madrid is slated for completion by the end of 2025, just in time for the first Formula 1 Grand Prix race to be held adjacent to the hotel.
Hotel101-Madrid is also set to be one of the largest hotels in Europe, and slated to be the first Hotel101 to operate outside of the Philippines, and to be followed by Hotel101 in Niseko, Hokkaido, Japan, and Hotel101 in Los Angeles, California, USA.
The Hotel101-Madrid is located in a 6,593 square-meter prime commercial property along Avenida Fuerzas Armadas, Valdebebas in Madrid which is surrounded by major landmark buildings. It is about three minutes walk to the Valdebebas Train Station, four minutes walk to IFEMA convention complex, five minutes walk to Real Madrid Sports Complex, and around seven minutes to the new Madrid Barajas International Airport.
DoubleDragon Corporation’s subsidiary, Hotel101 Global, is currently in the process towards its US Listing expected in Q4 2024./PN
