24/01/2024
DOUBLEDRAGON’S HOTEL101-MADRID PRIME PROPERTY JUST BECAME EVEN MORE PRIME FOLLOWING FORMULA1’s OFFICIAL ANNOUNCEMENT YESTERDAY.
Today, January 24, 2024; DoubleDragon is pleased to announce that the 6,593 square-meter property recently purchased by Hotel101 Global for the upcoming 680 Rooms Hotel101-Madrid in Valdebebas in Madrid, Spain is located right beside the F1 Grand Prix Track that was released by Formula 1. Hotel101-Madrid is currently the only upcoming hotel right beside the F1 Madrid Track and is expected to be one of the Top 5 largest hotels in Madrid, Spain.
Given this new development officially announced last night by F1 regarding the Madrid F1 Grand Prix, DoubleDragon expects the land value of the prime and centrally located commercial land it has purchased to have substantially appreciated and could translate to a faster sales offtake.
Robust condotel sales revenue of about €143.3 Million in Euros (₱8.8 Billion in Pesos) is expected to be generated from the Hotel101-Madrid project. Following the completion of the land purchase last October 31, 2023, Hotel101 Global has taken full possession of the prime land in Valdebebas, located in Avenida de las Fuerzas Armadas, Valdebebas, Madrid Spain which is surrounded by major landmark buildings and is about 3-minute walk to the Valdebebas Train Station, 4-minute walk to IFEMA convention complex, 5-minute walk to Real Madrid Sports Complex, and around 7 minutes to the new Madrid Barajas International Airport. Formula1 officially announced last night, January 23, 2024, that the Spanish Grand Prix will be held in Madrid starting in 2026 following an agreement with MADRID IFEMA to bring an all-new circuit to Madrid, Spain with street and non-street sections. It has been over 40 years since the last F1 in Madrid was conducted, thus making this news a great welcome development for Madrid.
The upcoming Grand Prix in Madrid is projected to have the capacity to host more than 100,000 per day, making Madrid one of the largest venues on the F1 calendar.
Hotel101-Madrid is scheduled and expected to begin construction in March 2024, and poised to be completed by Q4 2025, just in time for the 2026 F1 Grand Prix in Madrid, Spain.
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