On March 13, 2024, the Minister of Economy, Finance, and Employment, Rocío Albert, laid the first stone for the first European project of the Filipino chain Double Dragon, listed on the New York Stock Exchange: a 680-room hotel, which ranks among the five largest hotels in Spain on its debut. The project strengthens the appeal of the Madrid Region for global operators looking to establish a presence in the city’s tourism and events market, as it is located in Valdebebas next to the future Formula 1 circuit.
Just two years after the groundbreaking ceremony, the group—supported from the start by the regional government agency Invest in Madrid—has opened its doors with an investment of approximately €150 million, creating thousands of direct and indirect jobs.
The project, part of Hotel101 Global Holdings Corp.’s expansion strategy, is set to be completed by 2040 and aims to develop an international network of properties based on the “condohotel” model, which combines condominium and hotel features.
The company considers the Madrid establishment a key component of its growth outside Asia and its positioning in international markets.
This new infrastructure reflects the regional government’s goal of creating a favorable environment for entrepreneurship, creativity, and innovation, making the Madrid Region the most competitive region in Spain—the only one without its own regional taxes, with the lowest tax rates, and the greatest economic freedom. This has resulted in more than half of all foreign investment entering Spain being directed to the Madrid Region.
Support from Invest in Madrid
Invest in Madrid has guided, assisted, and collaborated with the Filipino group in the creation, establishment, and expansion of this project in the Madrid Region.
As the foreign investor service office for the Madrid region, we support companies throughout their investment projects in the community, from initial inquiries about establishing a business to setup and subsequent expansion.