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Calle Mendizábal 27 · Vegueta · Vegueta-Cono Sur-Tafira · Las Palmas de Gran Canaria
24 apartments in Vegueta, the old town, a 1920s block with a patio the tourist office photographs. Why it is available: the owner is a construction company that took it in payment and wants cash (The seller needs out). What we do: light refurbishment, run as an aparthotel for the winter-sun trade — twelve weeks at a time by the month, the rest by the night — and hold. What has to be true: · A year-round 112 EUR ADR, because the Canaries have no low season. · The Cabildo's aparthotel licence transfers with the building. · The patio can take a breakfast room without a change of use.
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.
Nightly rates and cleaning fees include IVA; the model deducts it.
| Line | Type | Net m² | ADR | Cleaning | Monthly rent |
|---|---|---|---|---|---|
| Studio · aparthotel | STR | 36 | 112 € | 25 € | — |
| 1-bed · aparthotel | STR | 54 | 142 € | 30 € | — |
What it costs to own the building, ready to trade.
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.
Capitalised at the exit-year NOI.
Total operating revenue, GOP and NOI. The dashed line is occupancy, on its own scale.
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 | 118 | 124 | 127 | 130 | 132 | 135 | 137 | — |
| Blended ADR ex-IVA | 108 | 113 | 115 | 118 | 120 | 123 | 125 | — |
| Accommodation | 716k | 783k | 829k | 846k | 863k | 880k | 898k | 5815k |
| Cleaning fees | 64k | 66k | 69k | 69k | 69k | 69k | 69k | 476k |
| Total operating revenue | 780k | 850k | 898k | 915k | 932k | 949k | 967k | 6290k |
| Platform commission | -133k | -144k | -153k | -156k | -158k | -161k | -164k | -1069k |
| Cleaning | -49k | -52k | -55k | -56k | -57k | -58k | -59k | -385k |
| Linen | -13k | -14k | -15k | -15k | -15k | -15k | -16k | -103k |
| Amenities | -8k | -8k | -9k | -9k | -9k | -9k | -9k | -62k |
| Departmental expenses | -202k | -218k | -231k | -235k | -240k | -244k | -249k | -1619k |
| Admin / accounting | -2k | -2k | -2k | -3k | -3k | -3k | -3k | -18k |
| Utilities + community | -39k | -40k | -41k | -42k | -43k | -44k | -44k | -293k |
| Maintenance | -9k | -10k | -11k | -11k | -11k | -11k | -12k | -75k |
| IT / tech | -12k | -12k | -12k | -12k | -12k | -13k | -13k | -86k |
| Building manager | -15k | -15k | -16k | -16k | -16k | -17k | -17k | -112k |
| Extended appliance warranty | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -9k |
| Undistributed expenses | -79k | -81k | -83k | -85k | -86k | -88k | -90k | -592k |
| GOP | 499k | 550k | 584k | 595k | 606k | 617k | 628k | 4079k |
| GOP margin | 64 % | 65 % | 65 % | 65 % | 65 % | 65 % | 65 % | 65 % |
| Management fee — 15,5 % of total operating revenue | -121k | -132k | -139k | -142k | -144k | -147k | -150k | -975k |
| Management fees | -121k | -132k | -139k | -142k | -144k | -147k | -150k | -975k |
| Income before non-operating | 378k | 419k | 445k | 453k | 461k | 470k | 478k | 3104k |
| Property tax (IBI) | -8k | -8k | -8k | -8k | -8k | -9k | -9k | -58k |
| Insurance | -4k | -4k | -4k | -5k | -5k | -5k | -5k | -32k |
| Non-operating | -12k | -12k | -13k | -13k | -13k | -13k | -14k | -90k |
| EBITDA | 366k | 406k | 433k | 440k | 448k | 456k | 464k | 3014k |
| FF&E reserve | -19k | -21k | -22k | -23k | -23k | -24k | -24k | -157k |
| NOI | 346k | 385k | 410k | 417k | 425k | 433k | 440k | 2857k |
| NOI margin | 44 % | 45 % | 46 % | 46 % | 46 % | 46 % | 46 % | 46 % |
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 € | — | — | — | 4.800.051 € | 3.840.040 € | 10,88 % | 1,84× |
| 55% LTV | 55 % | 2.666.967 € | 2,75 % | 217.183 € | 1,89 | 2.243.737 € | 1.794.989 € | 15,60 % | 2,44× |
| 65% LTV | 65 % | 3.151.870 € | 2,75 % | 256.671 € | 1,60 | 1.768.774 € | 1.415.019 € | 17,52 % | 2,73× |
On the 55% 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 | 346k | 385k | 410k | 417k | 425k | 433k | 440k | 2857k |
| Loan interest | -72k | -67k | -63k | -59k | -55k | -50k | -45k | -411k |
| Principal repaid | -146k | -150k | -154k | -158k | -163k | -167k | -172k | -1109k |
| Cash after debt service | 129k | 168k | 193k | 200k | 208k | 215k | 223k | 1337k |
| DSCR | 1,59 | 1,77 | 1,89 | 1,92 | 1,96 | 1,99 | 2,03 | — |
| Cumulative cash | 129k | 297k | 490k | 690k | 898k | 1114k | 1337k | — |
At 55 % 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 | 129k | 129k | 0k | 0k | 103k | 26k | 5,8 % |
| Y2 | 168k | 168k | 0k | 0k | 134k | 34k | 7,5 % |
| Y3 | 193k | 193k | 0k | 0k | 154k | 39k | 8,6 % |
| Y4 | 200k | 200k | 0k | 0k | 160k | 40k | 8,9 % |
| Y5 | 208k | 208k | 0k | 0k | 166k | 42k | 9,3 % |
| Y6 | 215k | 215k | 0k | 0k | 172k | 43k | 9,6 % |
| Y7 | 223k | 223k | 0k | 0k | 179k | 45k | 9,9 % |
Capital out, cash back, and the running position. The dashed line is where the LP is whole.
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% |
|---|---|---|---|---|---|
| 112 € | 9,2 % | 10,7 % | 12,1 % | 13,3 % | 14,4 % |
| 118 € | 11,3 % | 12,7 % | 13,9 % | 15,1 % | 16,2 % |
| 125 € | 13,1 % | 14,4 % | 15,6 % | 16,8 % | 18,0 % |
| 131 € | 14,7 % | 16,0 % | 17,2 % | 18,5 % | 19,7 % |
| 137 € | 16,2 % | 17,6 % | 18,8 % | 20,1 % | 21,3 % |
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% | 31,5 % | 27,0 % | 23,0 % | 20,6 % | 17,9 % |
| 6.50% | 25,1 % | 23,1 % | 20,4 % | 18,7 % | 16,7 % |
| 7.00% | 19,3 % | 19,6 % | 18,0 % | 16,9 % | 15,6 % |
| 7.50% | 14,0 % | 16,4 % | 15,8 % | 15,3 % | 14,6 % |
| 8.00% | 8,7 % | 13,4 % | 13,7 % | 13,8 % | 13,7 % |
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.