Filipino tycoons Sia and Tan Caktiong top up Hotel101-Madrid project

Filipino business tycoons Edgar 'Injap' Sia II and Tony Tan Caktiong held the topping up ceremony for the 680-room Hotel101-Madrid on Monday, with construction beginning just 11 months ago.

The project is set to be completed by December 2025, coinciding with Madrid's first Formula 1 Grand Prix and will sit on a 6,593-square-meter commercial property along Avenida Fuerzas Armadas in Valdebebas.

Hotel101-Madrid will be one of the largest hotels in Madrid and is located near major landmarks like IFEMA convention center, Real Madrid Sports Complex, and the new Madrid Barajas International Airport.

Sia and Tan Caktiong are expanding through Hotel101 Global with a long-term vision to operate one million rooms across more than 100 countries, including priority markets such as Japan, the United States, and the Philippines.

The ceremony was attended by Hotel101 Global CEO Hannah Yulo-Luccini, officials from Ferrovial Construcción, and Philippine dignitaries including the Ambassador to the WTO Manuel Teehankee.

Hotel101 aims for a $2.3-billion listing on the Nasdaq Stock Exchange within the quarter through a merger with JVSPAC Acquisition Corp., trading under the ticker symbol 'HBNB'.