The construction company Ferrovial will build the fifth largest hotel in Madrid, around the future Formula 1 circuit in Madrid, whose main purpose is to attract potential investors of Spain’s Golden Visa Program or residence permits for foreigners not resident in Spain.
The Ferrovial company with the most significant capitalization in the Ibex 35 partnered with Hotel 101, a brand by Double Dragon, a developer owned by the Philippines government, to build the hotel in the Valdebebas land, SchengenVisaInfo reports.
Local media reports note that DoubleDragon will use the condominium model for the operation of the building. It means that they will sell ownership of the rooms of clients, who will then receive income rights from them.
Rafael Del Pino’s construction company, in the presence of representatives of the Madrid Government and the Philippine embassy in Spain, has committed to building what aims to become the fifth-largest hotel in the Spanish capital.
The hotel is planned to be ready by late 2025 or early 2026. Thus, facilities lining the Avenida de las Fuerzas Armadas can be ready for the Great Circus festival in the area.
New Hotel to Bring €143.3 Million for the Company
Statistics provided by Hotel 101 reveal that the sales of the rooms in the complex will bring in about €143.3 million for the company, increasing the price of each stay to nearly €210,000. In order to qualify for the golden visa, internationals must buy at least three units.
The hotel has generated a lot of expectations due to the arrival of Formula 1 in Madrid. Among the services it will have is a swimming pool with a ‘beach club’, a playground, green areas and a restaurant that will open twenty-four hours a day.
The region’s Minister of Economy defended the benefits of the capital and the good location for the new complex.
It is an honour to have been chosen as the construction company for the first European asset of Hotel 101, one of the main companies in the Philippines.
The new project is expected to significantly contribute to Spain’s economy’s further growth. Spain’s Golden Visa Program also contributes notably to the economic sector.
The Golden Visa Program of Spain allows wealthy foreigners to acquire residency in this country in exchange for financial investment. In addition to this requirement, wealthy foreign investors are also required to meet some other required conditions.
