Demo

You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.

The firmThe investor

Marisol

13 in the pipeline · 11 markets

10 rows on this sheet print blank.Fill them in

Back to deal

PDF

Marisol

Investment summary

Santa Cruz 22

Calle Ximénez de Enciso 22 · Santa Cruz · Casco Antiguo · Sevilla

Due diligence

20 September 2026

Hotel

Thesis

A 38-room hotel in Santa Cruz, two courtyards and a roof, run for twenty years by the family that built it. Why it is available: the second generation is three people in three cities and the hotel has not been refurbished since 2009 (The seller needs out). What we do: close for six months, take the rooms up a category and the roof to a bar, reopen under our own flag, refinance in year three. What has to be true: · A 145 EUR ADR at 74 % occupancy in a barrio that already runs at 160 in season. · The two courtyards keep their protection and the roof gets its licence. · The six-month closure does not run to nine.

Asking price

7.200.000 €

Total project cost

8.035.867 €

211.470 € per unit

Yield on cost

10,52 %

Stabilised NOI ÷ TPC

Leveraged yield

23,38 %

at 55 % debt, before debt service

LP IRR

27,87 %

at 55 % LTV

Stabilised NOI

845.554 €

Year 3 · 51 % margin

LP equity multiple

2,46×

over 4 years

Units

LP equity required

2.974.076 €

Key dates

Reserva

—

DD deadline

—

Arras

—

Escritura

—

Works complete

—

Opening

—

Exit

Year 4

Asset

FormatHotel

Deal type—

Units38

Gross m²2.410

Net m²1.930

Regulatory

Licence—

Licence type—

Unit mix and pricing

Unit	Type	Net m²	ADR incl. IVA	Monthly rent
Double room × 30	STR	24	145 €	—
Junior suite × 8	STR	38	198 €	—

Santa Cruz 22 · ReturnsPage 2 of 2

Capital structure

Total project cost8.035.867 €

Senior debt (55 % LTV)4.419.727 €

Total equity3.717.595 €

— LP equity2.974.076 €

— GP equity743.519 €

All-in rate2,75 %

Annual debt service359.919 €

Exit

Exit yearOperating year 4

Exit-year NOI862.465 €

Gross exit price12.320.929 €

Net proceeds12.074.511 €

4-year NOI3.217.336 €

LP average yield11,95 %

LP multiple2,46×

Returns by financing scenario

No debt

LTV0 %

Senior debt0 €

LP equity6.363.758 €

LP IRR17,55 %

LP multiple1,80×

55% LTVheadline

LTV55 %

Senior debt4.419.727 €

LP equity2.974.076 €

LP IRR27,87 %

LP multiple2,46×

65% LTV

LTV65 %

Senior debt5.223.314 €

LP equity2.344.385 €

LP IRR32,36 %

LP multiple2,80×

Scenario	LTV	Senior debt	LP equity	LP IRR	LP multiple
No debt	0 %	0 €	6.363.758 €	17,55 %	1,80×
55% LTVheadline	55 %	4.419.727 €	2.974.076 €	27,87 %	2,46×
65% LTV	65 %	5.223.314 €	2.344.385 €	32,36 %	2,80×

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.

Risk

LP IRR by case	No debt	55% LTV
Base	17,6 % · 1,80×	27,9 % · 2,46×
Downside	10,7 % · 1,45×	16,0 % · 1,73×
Upside	23,2 % · 2,13×	37,4 % · 3,16×

Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€156 → €144), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€156 → €168), 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).

Break-even — where the IRR meets 12 %

No debt69 % occupancy or −16% rate

55% LTV−24% rate

What moves it — 55% LTV, IRR against · for

Exit year ±2 years23,0 % · 39,6 %

Stabilised occupancy ±10 pts20,4 % · 34,6 %

Nightly rate ±10%21,8 % · 33,4 %

Exit cap rate ±100 bp23,6 % · 33,0 %

Purchase price ±10%23,9 % · 32,3 %

Works and fees ±15%27,7 % · 28,0 %

Operating projection

Year	Revenue	GOP	NOI	Margin
1	1422k	994k	715k	50 %
2	1556k	1097k	794k	51 %
3	1647k	1166k	846k	51 %
4	1680k	1189k	862k	51 %

Operating year	1	2	3	4
Occupancy	76 %	79 %	82 %	82 %
Total operating revenue	1422k	1556k	1647k	1680k
GOP	994k	1097k	1166k	1189k
NOI	715k	794k	846k	862k
NOI margin	50 %	51 %	51 %	51 %

Figures in € thousands.