Thesis
A 24-apartment aparthotel over a shuttered pharmacy, four minutes from Fontana. Why it is available: two brothers inherited it, neither lives in Barcelona, and the building has been half empty for three years. What we do: refurbish to the house spec, run eighteen by the night and six by the month under one reception, refinance in year three. What has to be true: · The pharmacy licence lapses cleanly and the ground floor lets as a local. · Short-let permits transfer — the building already holds two. · The cédula arrives before the notary date.
At a glance
Key dates
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.
Property
Regulatory
Unit mix and pricing
Nightly rates and cleaning fees include IVA; the model deducts it.
| Line | Type | Net m² | ADR | Cleaning | Monthly rent |
|---|---|---|---|---|---|
| Studio · short-let | STR | 40 | 138 € | 35 € | — |
| 1-bed · short-let | STR | 58 | 170 € | 35 € | — |
| 2-bed · short-let | STR | 76 | 215 € | 40 € | — |
| 1-bed · mid-term | MTR | 56 | — | — | 950 € |
| 2-bed · mid-term | MTR | 74 | — | — | 1.200 € |
| Ground-floor local | Local | 140 | — | — | 2.900 € |
From price to total project cost
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.
Exit
Capitalised at the exit-year NOI.
The ramp
Total operating revenue, GOP and NOI. The dashed line is occupancy, on its own scale.
Profit and loss, 10 years
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 | Y8 | Y9 | Y10 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Blended ADR incl. IVA | 161 | 169 | 173 | 176 | 180 | 183 | 187 | 191 | 195 | 198 | — |
| Blended ADR ex-IVA | 146 | 154 | 157 | 160 | 163 | 167 | 170 | 173 | 177 | 180 | — |
| Accommodation | 730k | 799k | 846k | 863k | 880k | 898k | 916k | 934k | 953k | 972k | 8790k |
| Cleaning fees | 66k | 68k | 71k | 71k | 71k | 71k | 71k | 71k | 71k | 71k | 700k |
| Mid-term rent | 64k | 64k | 66k | 67k | 68k | 70k | 71k | 72k | 74k | 75k | 691k |
| Ancillary income | 35k | 35k | 35k | 36k | 37k | 38k | 38k | 39k | 40k | 41k | 374k |
| Total operating revenue | 895k | 966k | 1018k | 1037k | 1056k | 1076k | 1096k | 1116k | 1137k | 1158k | 10555k |
| Platform commission | -135k | -147k | -156k | -159k | -162k | -165k | -168k | -171k | -174k | -177k | -1613k |
| Cleaning | -54k | -57k | -61k | -62k | -63k | -64k | -66k | -67k | -68k | -70k | -631k |
| Linen | -10k | -11k | -11k | -11k | -12k | -12k | -12k | -12k | -13k | -13k | -117k |
| Amenities | -6k | -6k | -7k | -7k | -7k | -7k | -7k | -7k | -8k | -8k | -70k |
| Departmental expenses | -205k | -222k | -234k | -239k | -243k | -248k | -253k | -257k | -262k | -267k | -2431k |
| Admin / accounting | -2k | -2k | -2k | -3k | -3k | -3k | -3k | -3k | -3k | -3k | -26k |
| Utilities + community | -30k | -31k | -32k | -32k | -33k | -34k | -34k | -35k | -36k | -36k | -333k |
| Maintenance | -11k | -12k | -12k | -12k | -13k | -13k | -13k | -13k | -14k | -14k | -127k |
| IT / tech | -12k | -12k | -12k | -12k | -12k | -13k | -13k | -13k | -13k | -14k | -126k |
| Ground-floor licence transfer | -4k | 0k | 0k | 0k | 0k | 0k | 0k | 0k | 0k | 0k | -4k |
| Building manager | -15k | -15k | -16k | -16k | -16k | -17k | -17k | -17k | -18k | -18k | -164k |
| Extended appliance warranty | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -1k | -13k |
| Undistributed expenses | -75k | -73k | -75k | -77k | -78k | -80k | -81k | -83k | -85k | -86k | -794k |
| GOP | 614k | 671k | 708k | 721k | 734k | 748k | 762k | 776k | 790k | 805k | 7330k |
| GOP margin | 69 % | 69 % | 70 % | 70 % | 70 % | 70 % | 70 % | 70 % | 69 % | 69 % | 70 % |
| Management fee — 15,5 % of total operating revenue | -139k | -150k | -158k | -161k | -164k | -167k | -170k | -173k | -176k | -180k | -1636k |
| Management fees | -139k | -150k | -158k | -161k | -164k | -167k | -170k | -173k | -176k | -180k | -1636k |
| Income before non-operating | 475k | 522k | 550k | 561k | 571k | 581k | 592k | 603k | 614k | 625k | 5694k |
| Property tax (IBI) | -8k | -8k | -9k | -9k | -9k | -9k | -9k | -10k | -10k | -10k | -91k |
| Insurance | -4k | -4k | -4k | -5k | -5k | -5k | -5k | -5k | -5k | -5k | -47k |
| Non-operating | -13k | -13k | -13k | -13k | -14k | -14k | -14k | -14k | -15k | -15k | -138k |
| EBITDA | 463k | 509k | 537k | 547k | 557k | 567k | 578k | 588k | 599k | 610k | 5556k |
| FF&E reserve | -22k | -24k | -25k | -26k | -26k | -27k | -27k | -28k | -28k | -29k | -264k |
| NOI | 440k | 485k | 512k | 521k | 531k | 540k | 550k | 560k | 571k | 581k | 5292k |
| NOI margin | 49 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % |
Financing scenarios
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 € | — | — | — | 6.223.535 € | 4.978.828 € | 9,98 % | 2,11× |
| 55% LTV | 55 % | 3.457.872 € | 2,75 % | 281.590 € | 1,82 | 2.907.055 € | 2.325.644 € | 13,79 % | 2,96× |
| 65% LTV | 65 % | 4.086.577 € | 2,75 % | 332.789 € | 1,54 | 2.291.239 € | 1.832.991 € | 15,21 % | 3,36× |
From NOI to cash
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 | Y8 | Y9 | Y10 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOI | 440k | 485k | 512k | 521k | 531k | 540k | 550k | 560k | 571k | 581k | 5292k |
| Loan interest | -93k | -87k | -82k | -76k | -71k | -65k | -59k | -53k | -46k | -40k | -672k |
| Principal repaid | -189k | -194k | -200k | -205k | -211k | -217k | -223k | -229k | -235k | -242k | -2144k |
| Cash after debt service | 159k | 203k | 230k | 240k | 249k | 259k | 269k | 279k | 289k | 300k | 2476k |
| DSCR | 1,56 | 1,72 | 1,82 | 1,85 | 1,88 | 1,92 | 1,95 | 1,99 | 2,03 | 2,06 | — |
| Cumulative cash | 159k | 362k | 592k | 832k | 1081k | 1340k | 1609k | 1887k | 2177k | 2476k | — |
Waterfall, 55% LTV
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 | 159k | 159k | 0k | 0k | 127k | 32k | 5,5 % |
| Y2 | 203k | 203k | 0k | 0k | 162k | 41k | 7,0 % |
| Y3 | 230k | 230k | 0k | 0k | 184k | 46k | 7,9 % |
| Y4 | 240k | 240k | 0k | 0k | 192k | 48k | 8,2 % |
| Y5 | 249k | 249k | 0k | 0k | 199k | 50k | 8,6 % |
| Y6 | 259k | 259k | 0k | 0k | 207k | 52k | 8,9 % |
| Y7 | 269k | 269k | 0k | 0k | 215k | 54k | 9,2 % |
| Y8 | 279k | 279k | 0k | 0k | 223k | 56k | 9,6 % |
| Y9 | 289k | 289k | 0k | 0k | 231k | 58k | 9,9 % |
| Y10 | 300k | 300k | 0k | 0k | 240k | 60k | 10,3 % |
When the money comes back
Capital out, cash back, and the running position. The dashed line is where the LP is whole.
On exit
Over the hold
Stabilised occupancy against ADR
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% |
|---|---|---|---|---|---|
| 152 € | 13,8 % | 13,8 % | 13,8 % | 13,8 % | 13,8 % |
| 161 € | 13,8 % | 13,8 % | 13,8 % | 13,8 % | 13,8 % |
| 169 € | 13,8 % | 13,8 % | 13,8 % | 13,8 % | 13,8 % |
| 178 € | 13,8 % | 13,8 % | 13,8 % | 13,8 % | 13,8 % |
| 186 € | 13,8 % | 13,8 % | 13,8 % | 13,8 % | 13,8 % |
Exit year against exit cap rate
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 5-5 | Year 6-4 | Year 7-3 | Year 8-2 | Year 10 |
|---|---|---|---|---|---|
| 6.00% | 19,4 % | 18,0 % | 17,0 % | 16,2 % | 15,1 % |
| 6.50% | 17,5 % | 16,5 % | 15,8 % | 15,2 % | 14,4 % |
| 7.00% | 15,7 % | 15,1 % | 14,7 % | 14,4 % | 13,8 % |
| 7.50% | 14,1 % | 13,9 % | 13,7 % | 13,5 % | 13,2 % |
| 8.00% | 12,6 % | 12,7 % | 12,8 % | 12,8 % | 12,7 % |
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.