of our brand and make sure that our other stakeholders and guests know they are welcome to work , stay , learn and play with us .
H : What has been the biggest change to the concept with the rebranding ? CM : The concept is not changing , but we have used the rebranding to launch two new incredible properties in Madrid and Barcelona , where we have some fantastic spaces that are designed to facilitate conversations , connections , and welcome people through our doors .
H : How will the rebranding help your growth plans ? Do your plans include acquiring existing assets ? Any plans of adding an equity partner ? Will you be building from the ground-up ? CM : A few months ago , we announced our new equity partners — GIC and APG — and , with them , hope to double our property portfolio . After opening in Barcelona and Madrid last month , we already have five more properties in development to be opened in 2023 and 2024 , a mixture of new-build and renovated sites . We are always approached for new development opportunities , so really pleased to be able to share our dreams for the future both across Europe and potentially globally .
The Social Hub Madrid communal kitchen .
H : How much will you be investing in the near term ? CM : We invested around € 60 million ( US $ 60.44 million ) at each property in Barcelona and Madrid to create The Social Hubs in those locations . In addition , we are looking to invest in retrofitting some of our initial properties to increase co-working , event and social spaces .
H : How is the portfolio performing this fall and what is the forecast ahead ? CM : Our new properties in Barcelona and Madrid have exceeded our best expectations in regard to future bookings , and we expect to see around 50,000 guests across both
The Social Hub Madrid deluxe studio room .
properties with 1,000 new co-working members .
H : What are the bigger , long-term opportunities ? CM : We are pleased to be making clear commitments to our communities that we are a socially driven and responsible business . We are starting our work towards our B Corp Certification in 2023 , as well as working on several environmental initiatives . Our biggest , clearest ambition , however , is to build these spaces where people can come together to learn , grow and make meaningful connections . We want to be part of a society , a community that does better , looks out for its members and works together for a positive impact .
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