DOUBLEDRAGON Corp.'s Hotel101-Madrid generated a record €2.93 million (about P209 million) in monthly recurring revenue in October, with occupancy reaching 97.41 percent, highlighting the growing contribution of its overseas hospitality operations.
In a disclosure on Monday, DoubleDragon said the 680-room hotel posted an average occupancy rate of 97.41 percent during the month, equivalent to about 660 rooms occupied daily.
The October revenue, equivalent to approximately $3.28 million, was said to be the property's highest monthly recurring revenue since it opened in March 2026, the company said.
Hotel101-Madrid is the first property of the Hotel101 brand to operate outside the Philippines and serves as the group’s prototype for its planned international expansion.
The hotel, located in Madrid's Valdebebas district near the city's international airport and Ifema convention and exhibition center, has attracted guests from more than 100 nationalities, DoubleDragon claimed.
It said that since opening day through Oct. 31, the property recorded more than 95,500 arrivals, led by guests from Spain, the United States, Portugal, China and Mexico.
The company said the hotel's operating performance supports its asset-light hospitality model, which generates income from both the sale of standardized hotel units and recurring hotel operations.
Under the arrangement, unit owners collectively receive 30 percent of monthly gross room revenues, net of applicable taxes and statutory charges, distributed equally among the units.
DoubleDragon's latest hotel performance comes as the group reported stronger financial results for the first nine months of 2026.
Its core revenues reached P20.78 billion, up 143.65 percent from the same period last year, while core net income rose 253.59 percent to P3.91 billion.
The company also reported third-quarter net income of P1.13 billion, more than six times the P183.67 million recorded in the same quarter last year.
DoubleDragon said foreign-currency revenues accounted for 59.03 percent of its quarterly core revenues, reflecting the significant contribution of its expanding overseas operations.
The group plans to open another Hotel101 property in Niseko, Hokkaido, Japan, in December 2026 as it pursues its long-term target of developing 1 million standardized hotel rooms across 100 countries.
Shares of DoubleDragon surged P0.48, or 4.13 percent, to close at P12.10 each on Friday.