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Marisol

Investment summary

Barri Vell 6

Carrer de la Força 6 · Barri Vell · Girona

Study

21 September 2026

Hostal

Thesis

An eighteen-room hostal on the Força, the old town's main street, three stars in 1985 and none since. Why it is available: the owner-operators are retiring and the children left Girona (The seller needs out). What we do: refurbish to a small design hotel for the Costa Brava's shoulder months and the Temps de Flors, run it ourselves. What has to be true: · 124 EUR ADR at 66 % — the town's two boutique hotels run at 150 and 170. · The building's protection allows the bathrooms to move. · The staff stay: eighteen rooms is one team.

Asking price

2.400.000 €

Total project cost

3.048.878 €

169.382 € per unit

Yield on cost

10,50 %

Stabilised NOI ÷ TPC

Leveraged yield

21,01 %

at 50 % debt, before debt service

LP IRR

26,02 %

at 50 % LTV

Stabilised NOI

320.234 €

Year 3 · 49 % margin

LP equity multiple

2,33×

over 4 years

Units

LP equity required

1.248.832 €

Key dates

Reserva

—

DD deadline

—

Arras

—

Escritura

—

Works complete

—

Opening

—

Exit

Year 4

Asset

FormatHostal

Deal type—

Units18

Gross m²1.120

Net m²890

Regulatory

Licence—

Licence type—

Unit mix and pricing

Unit	Type	Net m²	ADR incl. IVA	Monthly rent
Room × 14	STR	22	124 €	—
Room with terrace × 4	STR	30	160 €	—

Barri Vell 6 · ReturnsPage 2 of 2

Capital structure

Total project cost3.048.878 €

Senior debt (50 % LTV)1.524.439 €

Total equity1.561.040 €

— LP equity1.248.832 €

— GP equity312.208 €

All-in rate2,75 %

Annual debt service124.142 €

Exit

Exit yearOperating year 4

Exit-year NOI326.638 €

Gross exit price4.666.260 €

Net proceeds4.572.935 €

4-year NOI1.215.802 €

LP average yield11,52 %

LP multiple2,33×

Returns by financing scenario

No debt

LTV0 %

Senior debt0 €

LP equity2.414.465 €

LP IRR17,48 %

LP multiple1,79×

50% LTVheadline

LTV50 %

Senior debt1.524.439 €

LP equity1.248.832 €

LP IRR26,02 %

LP multiple2,33×

60% LTV

LTV60 %

Senior debt1.829.327 €

LP equity1.009.922 €

LP IRR29,73 %

LP multiple2,60×

Scenario	LTV	Senior debt	LP equity	LP IRR	LP multiple
No debt	0 %	0 €	2.414.465 €	17,48 %	1,79×
50% LTVheadline	50 %	1.524.439 €	1.248.832 €	26,02 %	2,33×
60% LTV	60 %	1.829.327 €	1.009.922 €	29,73 %	2,60×

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	50% LTV
Base	17,5 % · 1,79×	26,0 % · 2,33×
Downside	10,4 % · 1,43×	14,5 % · 1,65×
Upside	23,4 % · 2,14×	35,3 % · 2,99×

Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€132 → €122), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€132 → €142), 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 debt70 % occupancy or −15% rate

50% LTV−22% rate

What moves it — 50% LTV, IRR against · for

Exit year ±2 years21,7 % · 36,2 %

Stabilised occupancy ±10 pts18,7 % · 32,6 %

Nightly rate ±10%20,1 % · 31,5 %

Exit cap rate ±100 bp22,0 % · 30,8 %

Purchase price ±10%22,4 % · 30,1 %

Works and fees ±15%25,8 % · 26,2 %

Operating projection

Year	Revenue	GOP	NOI	Margin
1	569k	380k	269k	47 %
2	623k	421k	300k	48 %
3	659k	448k	320k	49 %
4	673k	457k	327k	49 %

Operating year	1	2	3	4
Occupancy	76 %	79 %	82 %	82 %
Total operating revenue	569k	623k	659k	673k
GOP	380k	421k	448k	457k
NOI	269k	300k	320k	327k
NOI margin	47 %	48 %	49 %	49 %

Figures in € thousands.