Hotel101 Global Holdings Corp., the Nasdaq-listed hospitality arm of DoubleDragon Corp., expects to begin generating its first international recurring revenue in March as its flagship European property in Madrid begins operations.

The firm announced that the 680-room Hotel101-Madrid is scheduled to open following a 20-month development cycle, marking a pivotal shift for the developer as it transitions from a domestic player into a global “condotel” operator.

While the structure in Spain’s capital reached its topping-off milestone in April 2025 and was physically completed in December, the company has yet to enable advance bookings on its proprietary digital app.

The project, situated on a 6,593-square-meter prime commercial plot, is positioned to become one of the five largest hotels in Madrid by room count. Its location in the Valdebebas district places it within walking distance of the IFEMA convention complex, the Real Madrid Sports Complex, and a newly planned Formula 1 circuit, which is expected to drive long-term occupancy.

The Madrid opening serves as the vanguard for an aggressive European expansion. In Italy, DoubleDragon recently finalized definitive binding agreements for a joint venture to develop a 429-room property in San Donato Milanese, Milan.

The company projects this Italian foray will generate approximately €85.8 million, or ₱5.83 billion, in total sales revenue. Under the Hotel101 model, individual units are sold to investors at a standardized price—expected to be €200,000 per unit in Milan—while the company manages the hospitality operations and shares the rental income.

Management described the expansion as a test of its "asset-light" business model, which relies on standardized room designs to lower construction costs and simplify global scaling. The Milan site, covering 1.4 hectares, is located near the Linate Airport and the Autostrada del Sole, Italy’s primary motorway link to Rome and Naples.

Guests at the planned four-star property will have direct access to the city’s historic center, including the Duomo di Milano, via a 12-minute subway ride from the nearby M3 station.

The 2028 target for the Milan completion complements a broader pipeline that includes active projects in Niseko, Japan, and Los Angeles.

As of late 2025, Hotel101 Global maintains a market capitalization of approximately $1.9 billion on the Nasdaq under the ticker HBNB. The firm eventually aims to establish a presence in 25 priority countries over the medium term, part of a long-term vision to operate one million rooms globally.