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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Calle Tomás Heredia 8 · Soho · Centro · Málaga
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.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Studio · short-let × 14 | STR | 44 | 138 € | — |
| 1-bed · short-let × 16 | STR | 66 | 168 € | — |
| 2-bed · short-let × 8 | STR | 82 | 210 € | — |
| 1-bed · mid-term × 8 | MTR | 64 | — | 900 € |
| 2-bed · mid-term × 6 | MTR | 80 | — | 1.100 € |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 9.981.010 € | 9,99 % | 1,76× |
| 50% LTVheadline | 50 % | 6.301.786 € | 5.156.538 € | 13,63 % | 2,20× |
| 65% LTV | 65 % | 8.192.321 € | 3.675.114 € | 15,99 % | 2,55× |
The headline row is the basis Marisol quotes. Returns at other leverage levels are shown so the effect of gearing is visible rather than assumed.
| LP IRR by case | No debt | 50% LTV |
|---|---|---|
| Base | 10,0 % · 1,76× | 13,6 % · 2,20× |
| Downside | 8,6 % · 1,62× | 11,7 % · 1,97× |
| Upside | 10,8 % · 1,84× | 14,7 % · 2,33× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€166 → €153), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€166 → €178), cap rate −50 bp. Moves are relative to the plan's own figure; the rate step depends on its level (5% up to €120, 7.5% to €200, 10% above).
| Year | Revenue | GOP | NOI | Margin |
|---|---|---|---|---|
| 1 | 1782k | 1219k | 871k | 49 % |
| 2 | 1929k | 1328k | 954k | 49 % |
| 3 | 2034k | 1403k | 1009k | 50 % |
| 4 | 2072k | 1429k | 1028k | 50 % |
| 5 | 2111k | 1455k | 1046k | 50 % |
| 6 | 2150k | 1482k | 1065k | 50 % |
| 7 | 2190k | 1509k | 1085k | 50 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 1782k | 1929k | 2034k | 2072k | 2111k | 2150k | 2190k |
| GOP | 1219k | 1328k | 1403k | 1429k | 1455k | 1482k | 1509k |
| NOI | 871k | 954k | 1009k | 1028k | 1046k | 1065k | 1085k |
| NOI margin | 49 % | 49 % | 50 % | 50 % | 50 % | 50 % | 50 % |
Figures in € thousands.