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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Sixteen apartments in Gros, a block from Zurriola beach, over a surf shop. Why it is available: a family selling after the grandmother's death; two of the three want the money now (The seller needs out). What we do: run as serviced apartments for the surf and the film festival, by the night in season and by the month from October. What has to be true: · 185 EUR ADR at 68 % — Gros runs there in season and nowhere near it in February. · Donostia's tourist-use rules allow a whole building, which is being checked. · The price comes down: at 5.600.000 the model does not clear.
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 · serviced | STR | 40 | 185 € | 30 € | — |
| 1-bed · serviced | STR | 58 | 235 € | 35 € | — |
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 | 200 | 210 | 214 | 218 | 223 | 227 | 232 | — |
| Blended ADR ex-IVA | 181 | 191 | 195 | 199 | 203 | 207 | 211 | — |
| Accommodation | 805k | 881k | 933k | 951k | 970k | 990k | 1009k | 6539k |
| Cleaning fees | 43k | 45k | 47k | 47k | 47k | 47k | 47k | 323k |
| Total operating revenue | 848k | 926k | 979k | 998k | 1017k | 1037k | 1056k | 6862k |
| Platform commission | -144k | -157k | -167k | -170k | -173k | -176k | -180k | -1167k |
| Cleaning | -33k | -35k | -37k | -38k | -39k | -39k | -40k | -262k |
| Linen | -7k | -8k | -8k | -8k | -9k | -9k | -9k | -58k |
| Amenities | -4k | -5k | -5k | -5k | -5k | -5k | -5k | -35k |
| Departmental expenses | -189k | -205k | -217k | -221k | -225k | -230k | -234k | -1521k |
| Admin / accounting | -2k | -2k | -2k | -3k | -3k | -3k | -3k | -18k |
| Utilities + community | -26k | -27k | -27k | -28k | -28k | -29k | -30k | -196k |
| Maintenance | -10k | -11k | -12k | -12k | -12k | -12k | -13k | -82k |
| IT / tech | -8k | -8k | -8k | -8k | -8k | -8k | -9k | -57k |
| Building manager | -15k | -15k | -16k | -16k | -16k | -17k | -17k | -112k |
| Extended appliance warranty | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -6k |
| Undistributed expenses | -62k | -64k | -66k | -67k | -69k | -70k | -71k | -470k |
| GOP | 597k | 657k | 697k | 710k | 723k | 737k | 751k | 4871k |
| GOP margin | 70 % | 71 % | 71 % | 71 % | 71 % | 71 % | 71 % | 71 % |
| Management fee — 15,5 % of total operating revenue | -132k | -144k | -152k | -155k | -158k | -161k | -164k | -1064k |
| Management fees | -132k | -144k | -152k | -155k | -158k | -161k | -164k | -1064k |
| Income before non-operating | 465k | 513k | 545k | 555k | 565k | 576k | 587k | 3807k |
| Property tax (IBI) | -10k | -10k | -10k | -10k | -10k | -11k | -11k | -71k |
| Insurance | -3k | -3k | -3k | -3k | -3k | -3k | -3k | -21k |
| Non-operating | -12k | -13k | -13k | -13k | -14k | -14k | -14k | -93k |
| EBITDA | 453k | 500k | 532k | 542k | 552k | 562k | 573k | 3714k |
| FF&E reserve | -21k | -23k | -24k | -25k | -25k | -26k | -26k | -172k |
| NOI | 432k | 477k | 507k | 517k | 527k | 536k | 547k | 3543k |
| NOI margin | 51 % | 52 % | 52 % | 52 % | 52 % | 52 % | 52 % | 52 % |
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 € | — | — | — | 6.588.990 € | 5.271.192 € | 9,16 % | 1,68× |
| 50% LTV | 50 % | 3.328.112 € | 2,75 % | 271.023 € | 1,87 | 3.401.139 € | 2.720.911 € | 12,50 % | 2,08× |
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 | 432k | 477k | 507k | 517k | 527k | 536k | 547k | 3543k |
| Loan interest | -89k | -84k | -79k | -74k | -68k | -62k | -57k | -513k |
| Principal repaid | -182k | -187k | -192k | -197k | -203k | -209k | -214k | -1384k |
| Cash after debt service | 161k | 206k | 236k | 246k | 255k | 265k | 276k | 1645k |
| DSCR | 1,59 | 1,76 | 1,87 | 1,91 | 1,94 | 1,98 | 2,02 | — |
| Cumulative cash | 161k | 367k | 603k | 849k | 1104k | 1370k | 1645k | — |
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 | 161k | 161k | 0k | 0k | 129k | 32k | 4,7 % |
| Y2 | 206k | 206k | 0k | 0k | 165k | 41k | 6,1 % |
| Y3 | 236k | 236k | 0k | 0k | 189k | 47k | 6,9 % |
| Y4 | 246k | 246k | 0k | 0k | 197k | 49k | 7,2 % |
| Y5 | 255k | 255k | 0k | 0k | 204k | 51k | 7,5 % |
| Y6 | 265k | 265k | 0k | 0k | 212k | 53k | 7,8 % |
| Y7 | 276k | 276k | 0k | 0k | 220k | 55k | 8,1 % |
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% |
|---|---|---|---|---|---|
| 189 € | 6,7 % | 8,1 % | 9,3 % | 10,4 % | 11,5 % |
| 200 € | 8,6 % | 9,8 % | 11,0 % | 12,1 % | 13,0 % |
| 210 € | 10,2 % | 11,4 % | 12,5 % | 13,5 % | 14,4 % |
| 221 € | 11,7 % | 12,8 % | 13,8 % | 14,8 % | 15,8 % |
| 231 € | 13,0 % | 14,1 % | 15,1 % | 16,1 % | 17,1 % |
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% | 20,8 % | 19,7 % | 17,5 % | 16,2 % | 14,7 % |
| 6.50% | 15,1 % | 16,2 % | 15,1 % | 14,4 % | 13,5 % |
| 7.00% | 9,6 % | 13,0 % | 12,9 % | 12,8 % | 12,5 % |
| 7.50% | 3,6 % | 9,7 % | 10,6 % | 11,1 % | 11,5 % |
| 8.00% | -2,2 % | 6,3 % | 8,4 % | 9,5 % | 10,5 % |
Prepared 21 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.