Hotel101Global Reports 97.41% Occupancy Rate At Concept Madrid Hotel

MT Newswires Live11-02 17:22

Hotel101 Global logged a 97.41% occupancy rate in October at its 680-room hotel in Madrid, achieving monthly recurring revenue 2.93 million euros ($3.28 million), in the first test of the company's hospitality concept outside the Philippines, the company said on Sunday.

The Hotel101 Madrid facility offers only standard rooms, and the hotel units were sold to investors during construction, creating an asset-light hospitality model, the company said.

The hotel-unit owners collectively receive 30% of monthly gross room revenues, Hotel101 said.

The Madrid hotel serves as a global prototype of the asset-light, standard room concept, and the location's performance supports the replication of the Hotel101 business model through joint ventures and license agreements, the company said.

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