A 38-room hotel in Santa Cruz, two courtyards and a roof, run for twenty years by the family that built it. Why it is available: the second generation is three people in three cities and the hotel has not been refurbished since 2009 (The seller needs out). What we do: close for six months, take the rooms up a category and the roof to a bar, reopen under our own flag, refinance in year three. What has to be true: · A 145 EUR ADR at 74 % occupancy in a barrio that already runs at 160 in season. · The two courtyards keep their protection and the roof gets its licence. · The six-month closure does not run to nine.
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 |
|---|---|---|---|---|---|
| Double room | STR | 24 | 145 € | — | — |
| Junior suite | STR | 38 | 198 € | — | — |
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 | Total |
|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % |
| Blended ADR incl. IVA | 148 | 156 | 159 | 162 | — |
| Blended ADR ex-IVA | 135 | 142 | 145 | 148 | — |
| Accommodation | 1422k | 1556k | 1647k | 1680k | 6304k |
| Total operating revenue | 1422k | 1556k | 1647k | 1680k | 6304k |
| Platform commission | -242k | -264k | -280k | -286k | -1072k |
| Cleaning | -39k | -41k | -43k | -44k | -167k |
| Linen | -19k | -20k | -21k | -22k | -82k |
| Amenities | -11k | -12k | -13k | -13k | -49k |
| Departmental expenses | -311k | -338k | -357k | -365k | -1370k |
| Admin / accounting | -2k | -2k | -2k | -3k | -10k |
| Utilities + community | -62k | -64k | -65k | -66k | -257k |
| Maintenance | -17k | -19k | -20k | -20k | -76k |
| IT / tech | -18k | -19k | -19k | -19k | -75k |
| Building manager | -15k | -15k | -16k | -16k | -62k |
| Extended appliance warranty | -2k | -2k | -2k | -2k | -8k |
| Undistributed expenses | -117k | -121k | -124k | -126k | -488k |
| GOP | 994k | 1097k | 1166k | 1189k | 4446k |
| GOP margin | 70 % | 71 % | 71 % | 71 % | 71 % |
| Management fee — 15,5 % of total operating revenue | -220k | -241k | -255k | -260k | -977k |
| Management fees | -220k | -241k | -255k | -260k | -977k |
| Income before non-operating | 774k | 856k | 910k | 929k | 3469k |
| Property tax (IBI) | -16k | -16k | -17k | -17k | -66k |
| Insurance | -7k | -7k | -7k | -7k | -28k |
| Non-operating | -23k | -23k | -24k | -24k | -94k |
| EBITDA | 751k | 833k | 887k | 904k | 3375k |
| FF&E reserve | -36k | -39k | -41k | -42k | -158k |
| NOI | 715k | 794k | 846k | 862k | 3217k |
| NOI margin | 50 % | 51 % | 51 % | 51 % | 51 % |
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 € | — | — | — | 7.954.697 € | 6.363.758 € | 17,55 % | 1,80× |
| 55% LTV | 55 % | 4.419.727 € | 2,75 % | 359.919 € | 2,35 | 3.717.595 € | 2.974.076 € | 27,87 % | 2,46× |
| 65% LTV | 65 % | 5.223.314 € | 2,75 % | 425.358 € | 1,99 | 2.930.482 € | 2.344.385 € | 32,36 % | 2,80× |
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 | Total |
|---|---|---|---|---|---|
| NOI | 715k | 794k | 846k | 862k | 3217k |
| Loan interest | -119k | -112k | -105k | -98k | -433k |
| Principal repaid | -241k | -248k | -255k | -262k | -1007k |
| Cash after debt service | 355k | 434k | 486k | 503k | 1778k |
| DSCR | 1,99 | 2,21 | 2,35 | 2,40 | — |
| Cumulative cash | 355k | 789k | 1275k | 1778k | — |
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 | 355k | 355k | 0k | 0k | 284k | 71k | 9,6 % |
| Y2 | 434k | 434k | 0k | 0k | 347k | 87k | 11,7 % |
| Y3 | 486k | 486k | 0k | 0k | 389k | 97k | 13,1 % |
| Y4 | 503k | 503k | 0k | 0k | 402k | 101k | 13,5 % |
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% |
|---|---|---|---|---|---|
| 141 € | 17,5 % | 19,7 % | 21,8 % | 23,9 % | 25,9 % |
| 148 € | 20,6 % | 22,8 % | 24,9 % | 27,0 % | 29,0 % |
| 156 € | 23,5 % | 25,7 % | 27,9 % | 30,0 % | 32,0 % |
| 164 € | 26,3 % | 28,5 % | 30,7 % | 32,8 % | 34,8 % |
| 172 € | 29,0 % | 31,2 % | 33,4 % | 35,5 % | 37,6 % |
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 1-3 | Year 2-2 | Year 4 |
|---|---|---|---|
| 6.00% | 86,1 % | 52,8 % | 33,0 % |
| 6.50% | 68,0 % | 45,8 % | 30,3 % |
| 7.00% | 52,5 % | 39,6 % | 27,9 % |
| 7.50% | 39,0 % | 33,9 % | 25,6 % |
| 8.00% | 27,2 % | 28,8 % | 23,6 % |
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.
You are looking as an investor — a prospect the firm admitted, seeing only what was sent to them.