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Thesis
A fifty-two-key aparthotel in Soho, Málaga's arts quarter between the port and the Alameda, priced as one building. Why it is available: an operator retiring, selling whole rather than apartment by apartment, unwilling to wait for fifty-two separate sales (The seller needs out). What we do: refurbish to one standard, run thirty-eight by the night and fourteen by the month, refinance in year four against the stabilised NOI. What has to be true: · The structural report on Friday comes back clean. · The hospedaje position for Málaga centro does not tighten before escritura. · The nightly units hold 82% occupancy at 138-210 € — the rates two streets from the Pompidou carry.
The ask
LP equity sought
5.156.538 €
at 50 % LTV
Target LP IRR
13,6 %
projected, not promised
LP equity multiple
2,20×
over 7 years
First capital call
5 Aug 2026
5 calls, modelled from the plan dates
At a glance
Asking price
11.300.000 €
Total project cost
12.603.571 €
Cost per unit
242.376 €
Units
52
Stabilised NOI
1.009.219 €
NOI margin
50 %
Yield on cost
8,01 %
Leveraged yield (at 50 % debt)
16,01 %
LP IRR
13,6 %
Hold period
7 years
Key dates
Reserva
5 Aug 2026
DD deadline
11 Sept 2026
Arras
18 Sept 2026
Escritura
27 Nov 2026
Works complete
—
Opening
—
Schedule
Squares are capital calls; circles are milestones.
Assumptions template MASTER v2. Figures are projections rather than forecasts or guarantees, and follow from the assumptions set out in this document. Prepared for discussion among Marisol and its investors; not an offer or a solicitation.
Property
FormatAparthotel
Deal type—
Units52
Gross m²3.915
Net m²3.320
AreaSoho · Málaga
Regulatory
Licence type—
Licence status—
Expediente—
Unit mix and pricing
Nightly rates and cleaning fees include IVA; the model deducts it.
| Line | Type | Net m² | ADR | Cleaning | Monthly rent |
|---|---|---|---|---|---|
| Studio · short-let | STR | 44 | 138 € | 35 € | — |
| 1-bed · short-let | STR | 66 | 168 € | 35 € | — |
| 2-bed · short-let | STR | 82 | 210 € | 35 € | — |
| 1-bed · mid-term | MTR | 64 | — | — | 900 € |
| 2-bed · mid-term | MTR | 80 | — | — | 1.100 € |
Counterparties
Listing brokerJordi Escrivà — Escrivà & Puig Inmobiliaria
SellerAmparo Cervera
Buyer lawyerLucía Ferrándiz — Ferrándiz Abogados
Seller lawyerVicent Sanchis — Sanchis Legal
LenderMarta Ribes — Caixa Turia
ArchitectPau Benlloch — Benlloch Arquitectura
From price to total project cost
What it costs to own the building, ready to trade.
Purchase price10.400.000 €
ITP (transfer tax)624.000 €
AJD (stamp duty)78.000 €
Broker commission312.000 €
Due diligence52.000 €
Notary, registry, SPV, tax advisory8.700 €
Total acquisition costs1.074.700 €
Renovation and fit-out238.000 €
FF&E, IT and locks469.800 €
Permits, licensing, architect169.000 €
Cost base12.351.500 €
GP setup fee252.071 €
Total project cost12.603.571 €
Per unit242.376 €
The GP's structuring fee (1 %) sits in every cost base; its financing fee (1 %) only where the deal is financed, so an all-equity structure carries the first and not the second.
Exit
Capitalised at the exit-year NOI.
Exit-year NOI (year 7)1.084.798 €
Exit cap rate7,00 %
Gross exit price15.497.113 €
Selling costs-309.942 €
Net exit proceeds15.187.171 €
The ramp
Total operating revenue, GOP and NOI. The dashed line is occupancy, on its own scale.
Profit and loss, 7 years
Figures in € thousands; margins on total operating revenue. Stabilised from operating year 3. USALI order: revenue, departmental and undistributed expenses, GOP before any management fee, the fees, the owner's charges, EBITDA, the reserve, NOI.
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Total |
|---|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Blended ADR incl. IVA | 157 | 166 | 169 | 172 | 176 | 179 | 183 | — |
| Blended ADR ex-IVA | 143 | 151 | 154 | 157 | 160 | 163 | 166 | — |
| Accommodation | 1509k | 1651k | 1748k | 1783k | 1819k | 1855k | 1893k | 12260k |
| Cleaning fees | 134k | 139k | 145k | 145k | 145k | 145k | 145k | 997k |
| Mid-term rent | 139k | 139k | 141k | 144k | 147k | 150k | 153k | 1012k |
| Total operating revenue | 1782k | 1929k | 2034k | 2072k | 2111k | 2150k | 2190k | 14269k |
| Platform commission | -279k | -304k | -322k | -328k | -334k | -340k | -346k | -2254k |
| Cleaning | -114k | -121k | -128k | -130k | -133k | -136k | -138k | -900k |
| Linen | -21k | -22k | -24k | -24k | -25k | -25k | -26k | -167k |
| Amenities | -13k | -13k | -14k | -14k | -15k | -15k | -15k | -100k |
| Departmental expenses | -427k | -461k | -488k | -497k | -506k | -516k | -526k | -3420k |
| Admin / accounting | -2k | -2k | -2k | -3k | -3k | -3k | -3k | -18k |
| Utilities + community | -64k | -66k | -67k | -68k | -70k | -71k | -73k | -479k |
| Maintenance | -21k | -23k | -24k | -25k | -25k | -26k | -26k | -171k |
| IT / tech | -25k | -25k | -26k | -26k | -27k | -28k | -28k | -186k |
| 24h remote check-in | -6k | -6k | -6k | -6k | -6k | -6k | -6k | -42k |
| Building manager | -15k | -15k | -16k | -16k | -16k | -17k | -17k | -112k |
| Extended appliance warranty | -2k | -3k | -3k | -3k | -3k | -3k | -3k | -19k |
| Undistributed expenses | -136k | -140k | -144k | -147k | -150k | -153k | -156k | -1026k |
| GOP | 1219k | 1328k | 1403k | 1429k | 1455k | 1482k | 1509k | 9824k |
| GOP margin | 68 % | 69 % | 69 % | 69 % | 69 % | 69 % | 69 % | 69 % |
| Management fee — 15,5 % of total operating revenue | -276k | -299k | -315k | -321k | -327k | -333k | -339k | -2212k |
| Management fees | -276k | -299k | -315k | -321k | -327k | -333k | -339k | -2212k |
| Income before non-operating | 942k | 1029k | 1088k | 1107k | 1128k | 1148k | 1169k | 7612k |
| Property tax (IBI) | -17k | -17k | -18k | -18k | -19k | -19k | -19k | -127k |
| Insurance | -9k | -10k | -10k | -10k | -10k | -10k | -11k | -70k |
| Non-operating | -26k | -27k | -28k | -28k | -29k | -29k | -30k | -197k |
| EBITDA | 916k | 1002k | 1060k | 1079k | 1099k | 1119k | 1140k | 7415k |
| FF&E reserve | -45k | -48k | -51k | -52k | -53k | -54k | -55k | -357k |
| NOI | 871k | 954k | 1009k | 1028k | 1046k | 1065k | 1085k | 7058k |
| NOI margin | 49 % | 49 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % |
Financing scenarios
The highlighted row is the basis Marisol quotes.
| Scenario | LTV | Senior debt | All-in rate | Debt service | DSCR | Total equity | LP equity | LP IRR | LP × |
|---|---|---|---|---|---|---|---|---|---|
| No debt | 0 % | 0 € | — | — | — | 12.476.263 € | 9.981.010 € | 9,99 % | 1,76× |
| 50% LTV | 50 % | 6.301.786 € | 2,75 % | 513.183 € | 1,97 | 6.445.672 € | 5.156.538 € | 13,63 % | 2,20× |
| 65% LTV | 65 % | 8.192.321 € | 2,75 % | 667.138 € | 1,51 | 4.593.893 € | 3.675.114 € | 15,99 % | 2,55× |
Capital calls
Equity is drawn as it is needed, not on day one.
Reserva · 5 Aug 2026100.000 €
Arras · 18 Sept 2026940.000 €
Completion · 27 Nov 20264.528.872 €
Works · 12 Jan 2027407.000 €
FF&E and fit-out · 27 Feb 2027469.800 €
Total equity6.445.672 €
Dated on this schedule the LP IRR is 12,85 %, against 13,63 % if the whole commitment were drawn at close. The difference is the cost of construction: money is committed before the building earns anything.
From NOI to cash
On the 50% LTV basis. What the lender is owed before anything reaches equity. Coverage is year by year, so it opens below the stabilised figure above and climbs as the building fills. Figures in € thousands.
| Line | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Total |
|---|---|---|---|---|---|---|---|---|
| NOI | 871k | 954k | 1009k | 1028k | 1046k | 1065k | 1085k | 7058k |
| Loan interest | -169k | -159k | -150k | -139k | -129k | -118k | -107k | -972k |
| Principal repaid | -344k | -354k | -364k | -374k | -384k | -395k | -406k | -2620k |
| Cash after debt service | 358k | 441k | 496k | 514k | 533k | 552k | 572k | 3466k |
| DSCR | 1,70 | 1,86 | 1,97 | 2,00 | 2,04 | 2,08 | 2,11 | — |
| Cumulative cash | 358k | 799k | 1295k | 1809k | 2342k | 2895k | 3466k | — |
Waterfall, 50% LTV
At 50 % LTV. The distributable column is the cash line from the page before. Figures in € thousands, except yield.
| Year | Distributable | Tier A | Tier B | Tier C | LP | GP | LP yield |
|---|---|---|---|---|---|---|---|
| Y1 | 358k | 358k | 0k | 0k | 287k | 72k | 5,6 % |
| Y2 | 441k | 441k | 0k | 0k | 352k | 88k | 6,8 % |
| Y3 | 496k | 496k | 0k | 0k | 397k | 99k | 7,7 % |
| Y4 | 514k | 514k | 0k | 0k | 411k | 103k | 8,0 % |
| Y5 | 533k | 533k | 0k | 0k | 426k | 107k | 8,3 % |
| Y6 | 552k | 552k | 0k | 0k | 442k | 110k | 8,6 % |
| Y7 | 572k | 572k | 0k | 0k | 457k | 114k | 8,9 % |
When the money comes back
Capital out, cash back, and the running position. The dashed line is where the LP is whole.
On exit
Loan balance repaid-3.681.469 €
Net proceeds after debt11.505.702 €
Tier A, pro rata to capital6.718.298 €
Tier B, to the hurdle3.069.122 €
Tier C, above the hurdle1.718.281 €
LP receives on exit8.553.993 €
GP receives on exit2.951.709 €
Over the hold
LP equity in5.156.538 €
LP from operations2.772.901 €
LP on exit8.553.993 €
LP total received11.326.894 €
LP multiple2,20×
LP IRR13,63 %
LP average yield on equity7,68 %
GP equity in1.289.134 €
GP total received3.644.934 €
GP multiple2,83×
Stabilised occupancy against ADR
LP IRR at the reporting basis, on the two levers that stay open after the price is agreed. The outlined cell is the base case.
| ADR | 76% | 79% | 82% | 85% | 88% |
|---|---|---|---|---|---|
| 149 € | 13,6 % | 13,6 % | 13,6 % | 13,6 % | 13,6 % |
| 158 € | 13,6 % | 13,6 % | 13,6 % | 13,6 % | 13,6 % |
| 166 € | 13,6 % | 13,6 % | 13,6 % | 13,6 % | 13,6 % |
| 174 € | 13,6 % | 13,6 % | 13,6 % | 13,6 % | 13,6 % |
| 182 € | 13,6 % | 13,6 % | 13,6 % | 13,6 % | 13,6 % |
Exit year against exit cap rate
LP IRR again. A shorter hold raises the rate and lowers the money: the equity multiple beside it falls as this table rises.
| Exit cap rate | Year 2-5 | Year 3-4 | Year 4-3 | Year 5-2 | Year 7 |
|---|---|---|---|---|---|
| 6.00% | 25,3 % | 22,4 % | 19,5 % | 17,8 % | 15,8 % |
| 6.50% | 19,5 % | 18,8 % | 17,1 % | 16,0 % | 14,7 % |
| 7.00% | 14,2 % | 15,6 % | 14,9 % | 14,3 % | 13,6 % |
| 7.50% | 9,1 % | 12,7 % | 12,8 % | 12,8 % | 12,7 % |
| 8.00% | 3,4 % | 9,6 % | 10,7 % | 11,3 % | 11,8 % |
Prepared 20 September 2026 from the current business plan against assumptions template MASTER v2. Every figure in this document is computed from the assumptions printed in the appendix; none is entered by hand.
Projections are not forecasts or guarantees. Returns depend on assumptions that will not all prove correct, and property investment carries the risk of loss including of capital. Prepared for discussion among Marisol and its investors; not an offer, a solicitation, or investment advice.
© 2026 Marisol. All rights reserved.
marks a value set for this deal. Everything else is inherited from the house template, so a change to firm policy carries through.
Revenue
Stabilised occupancy82 %
Year 1 occupancy ramp92,7 %
Year 2 occupancy ramp96,3 %
Year 1 ADR ramp95 %
ADR inflation2 %
Average length of stay2.5 nights
IVA rate10 %
Operating costs
Platform commission17 %
Management fee15,5 %
Community, per unit / month12 €
Maintenance1,2 %
IT, per unit / month40 €
Insurance, per unit / month15 €
Admin, monthly200 €
Utilities, per unit / month125 €
IBI, annual17.100 €
FF&E reserve2,5 %
Cost inflation2 %
Acquisition
Tax regimeITP / AJD
Broker commission3 %
Notary fee1.800 €
Registry fee900 €
Due diligence0,5 %
SPV setup3.500 €
Tax advisory2.500 €
GP setup fee2 %
Works and capex
Renovation levelUplift
Renovation, per unit0 €
Appliances, per unit2.000 €
Common areas96.000 €
Permits and licensing73.000 €
Architect and technical74.000 €
Interior design and procurement—
Contingency0 %
Exit
Exit cap rate7 %
Selling costs2 %
Waterfall terms
GP equity share20 %
Preferred return (LP IRR)8 %
Hurdle (LP IRR)12 %
LP split, pref to hurdle70 %
LP split, above the hurdle60 %