DOUBLEDRAGON Corp. on Tuesday said its unit Hotel101 Global Pte. Ltd. has released the third batch of golden visas to property owners of its project in Madrid, Spain.
Also known as the Spain investor visa, the golden visa is a residence permit given to non-European citizens who have a substantial investment in Spain such as real estate asset worth at least 500,000 euros, the company said in a stock exchange filing.
Golden visa applicants must buy three units each of the 680-unit Hotel101-Madrid to meet the Spanish government’s investment requirements. The first batch of golden visas was issued in September, while the second was given in October.
“Hotel101 Global expects the succeeding golden visa issuances to Hotel101-Madrid unit owners to just flow consistently with new batches of releases expected every few weeks at an even faster pace,” DoubleDragon said.
Hotel101-Madrid will be finished by the end of 2025. It is one of the property company’s first three Hotel101 projects overseas, along with Niseko in Japan and Los Angeles in the US.
The three overseas projects are expected to generate $471 million (P27.2 billion) in foreign currency revenues.
Hotel101 aims to have a million operating hotel rooms globally by 2050, 50,000 of which will be in the Philippines.
For the first nine months, DoubleDragon’s attributable net income rose by 5.2% to P1.51 billion from a year earlier. Revenue increased by 4.5% to P6.42 billion.
DoubleDragon shares dropped 2.6% or 25 centavos to P9.35 each. — Revin Mikhael D. Ochave