Robust demand for DoubleDragon Corp.'s first overseas Hotel101 property in Madrid is strengthening the growth prospects of the company's global hospitality business, with sustained occupancy and rising tourism expected to support recurring revenues as it expands the brand overseas.

In a disclosure on Thursday, the company said the 680-room Hotel101-Madrid has reached full occupancy several times since opening in March and is gearing up for even stronger occupancy and higher room rates ahead of major events in the Spanish capital, including Real Madrid football matches and the city's maiden Formula 1 Grand Prix.

Surpassed 5K guest reviews

The hotel has also surpassed 5,000 guest reviews on Booking.com, earning a 9.1 out of 10 rating in less than five months of operations.

“Hotel101-Madrid stands as the perfected global prototype for Hotel101 Global — a fully calibrated business model now ready for hyper-scaling,” DoubleDragon said.

DoubleDragon is scaling up its hospitality portfolio this year with the opening of 2,229 additional hotel rooms across Madrid, Davao, Cebu and Niseko, Japan, marking its largest annual room expansion.

Generating high volumes or recurring revenues

The company said this year will also be the year it begins generating high volumes of recurring revenues from its combined portfolio of hotels, community malls, industrial warehouses and office buildings.

Its existing Hotel101 properties in Manila and Bonifacio Global City continue to post high occupancy rates, providing a stable domestic base as the company expands its international operations.