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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Carrer de Sant Magí 9 · Santa Catalina · Ponent · Palma
A 32-room hotel in Santa Catalina, a block from the market, run as a three-star since 1998. Why it is available: the owner is seventy-four and his children run restaurants, not hotels (The seller needs out). What we do: a full refurbishment over the winter, reopen as a four-star boutique for the market's trade, hold five years. What has to be true: · 210 EUR ADR at 70 % — Palma's boutique set runs from 190 to 260. · The winter closure fits between October and April. · The Balearic moratorium leaves an existing licence untouched, which it does.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Double room × 24 | STR | 26 | 210 € | — |
| Suite × 8 | STR | 44 | 320 € | — |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 8.706.061 € | 14,50 % | 2,19× |
| 50% LTVheadline | 50 % | 5.496.811 € | 4.494.957 € | 20,40 % | 2,98× |
| 60% LTV | 60 % | 6.596.173 € | 3.633.496 € | 22,85 % | 3,37× |
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 | 14,5 % · 2,19× | 20,4 % · 2,98× |
| Downside | 10,0 % · 1,74× | 13,7 % · 2,17× |
| Upside | 18,2 % · 2,61× | 26,0 % · 3,78× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −10% (€238 → €214), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +10% (€238 → €261), 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 | 1821k | 1330k | 979k | 54 % |
| 2 | 1992k | 1464k | 1082k | 54 % |
| 3 | 2109k | 1553k | 1150k | 55 % |
| 4 | 2151k | 1584k | 1173k | 55 % |
| 5 | 2194k | 1616k | 1196k | 55 % |
| 6 | 2238k | 1648k | 1220k | 55 % |
| 7 | 2283k | 1681k | 1245k | 55 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 1821k | 1992k | 2109k | 2151k | 2194k | 2238k | 2283k |
| GOP | 1330k | 1464k | 1553k | 1584k | 1616k | 1648k | 1681k |
| NOI | 979k | 1082k | 1150k | 1173k | 1196k | 1220k | 1245k |
| NOI margin | 54 % | 54 % | 55 % | 55 % | 55 % | 55 % | 55 % |
Figures in € thousands.