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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Rúa do Orzán 19 · Centro · A Coruña
A 34-room hotel on the Orzán, the beach side of the old town, three stars and tired. Why it is available: the owner is a shipping family that has decided it is not in hotels (The seller needs out). What we do: refurbish over one winter, reposition for the Camino's year-round trade and the port's business travel, hold. What has to be true: · 118 EUR ADR at 70 % — the Camino runs the beach hotels at 72 % from March to November. · The winter is enough for the works. · The port's corporate accounts come across: two of them are already asking.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Double room × 28 | STR | 23 | 118 € | — |
| Sea room × 6 | STR | 32 | 152 € | — |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 4.845.697 € | 12,52 % | 2,00× |
| 55% LTVheadline | 55 % | 3.365.411 € | 2.265.807 € | 18,13 % | 2,74× |
| 65% LTV | 65 % | 3.977.304 € | 1.786.328 € | 20,47 % | 3,11× |
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 | 55% LTV |
|---|---|---|
| Base | 12,5 % · 2,00× | 18,1 % · 2,74× |
| Downside | 8,1 % · 1,58× | 11,5 % · 1,97× |
| Upside | 15,8 % · 2,35× | 23,6 % · 3,48× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −7.5% (€124 → €115), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +7.5% (€124 → €133), 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 | 1010k | 677k | 477k | 47 % |
| 2 | 1105k | 749k | 532k | 48 % |
| 3 | 1170k | 797k | 567k | 48 % |
| 4 | 1193k | 813k | 579k | 48 % |
| 5 | 1217k | 829k | 590k | 48 % |
| 6 | 1242k | 845k | 602k | 48 % |
| 7 | 1267k | 862k | 614k | 48 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 1010k | 1105k | 1170k | 1193k | 1217k | 1242k | 1267k |
| GOP | 677k | 749k | 797k | 813k | 829k | 845k | 862k |
| NOI | 477k | 532k | 567k | 579k | 590k | 602k | 614k |
| NOI margin | 47 % | 48 % | 48 % | 48 % | 48 % | 48 % | 48 % |
Figures in € thousands.