THERMAE HORTUS
CROATIAE
Greenfield Tourism & Real Estate
Investment Project in Croatia
Information for potential investors...
Thermae Hortus Croatiae
Croatia – Facts & Figures
  Geographical position:
  Croatia extends from the furthest eastern edges of the Alps in the no...
Croatian Tourism
THERMAE HORTUS
CROATIAE
Location:        The location of the project Thermae Hortus Croatie is property of the company AAT...
Geographical
and transport
location of
Terme Hortus
Croatiae
THERMAE HORTUS
CROATIAE
The whole TERME HORTUS CROATIAE complex is envisioned
as a ORGANICALLY STRUCTURED ETHNO-PARK VILLA...
THERMAE HORTUS
CROATIAE
PROJECT GOALS:
- Building the most attractive spa resort with the most
  comprehensive and commerc...
Project site




 48,1 ha Attractive Spa & Golf Resort area
Project site
Project site
Project site
Thermal and drinking water wells in
Draškovec – location on the Project site




Drinking
water well
- 800 m depth
       ...
Thermal and drinking water wells in
Draškovec – location on the Project site




     Exhaust of the Thermal water well
  ...
Gas (methane) well in Draškovec –
location on the Project site
Can be used as heating energy or for electricity production...
Hot water well (75oC) and
methane gas well can cover
almost all the energy needs
of the entire planned resort
(and more), ...
TECHNICAL AND BALNEOLOGICAL
  CHARACTERISTICS
  OF THE WATER
SURFACE TEMPERATURE ............................................
Opinion of
the Institute
of Geology
Marketing concept of the
  planned offer of the Resort
Program/product importance for the Terme Hortus Croatiae Spa Resort...
Marketing Concept
   Basic Concept of the TERME HORTUS CROATIAE Spa Resort
TERME HORTUS CROATIAE combine traditional envir...
Marketing Concept

                          Main Distinguishing Factor
    TERME HORTUS CROATIAE is a prominent and compr...
Planned programs
1. Stationary guests program:
   •   Hotel accommodation with 150 rooms (4+*)
   •   Draskovec palace acc...
Configuration, capacities
and required areas of
planned facilities
Net      Gross                      Building         Building
CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORT...
Net      Gross                      Building       Building
CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS...
Net      Gross                      Building       Building
CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS...
Net      Gross                        Building       Building
CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORT...
Net      Gross                     Building       Building
CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS ...
Capacities and area totals
                                                                       Net       Gross         ...
Allocation of facilities
program

  Draft proposal for modification of existing
  urbanistic documents (already in process...
Preliminary conceptual
design of the resort – ready
for drafting Detail Urban Plan
  Draft proposal of conceptual urbanist...
Estimation of the investment cost of the
     project Thermae Hortus Croatiae

Cost of total investment                   ...
Planned sources of
    financing

                                     Cost of     Amount
Sources of financing     Structu...
Support for the Project
  Municipality Prelog
  Regional governement in Medjimurje
  Government of Croatia
  President of ...
Summary
 The location of Thermae Hortus Croatie is property of the company AAT d.o.o., that is
 owned by the Hosting group...
The planned maximum allowed gross floor area is going to be adopted mainly to our
needs. What we have planned in the area,...
The Investment Project is a combination of Tourist operation and Real Estate
investment, since all the 240 Villas and Apar...
Real estate prices in Croatia
At this moment (according to the Croatian real estate statistical
analysis for year 2007) av...
Business offer
  Purchase of 100% share in commercial company AAT
  d.o.o.(ltd.) – including 48,1 ha of land parcels
  urb...
Offered share price of AAT
d.o.o.(ltd.) calculation
  4.500.000 EUR – Thermal & Gas Well
  and drinking water well infrast...
The development of the project
could be divided into 3 phases

   1st phase: €12,5 m – acquisition of land and
   completi...
Methods of recovering the
investment
 The investment can be recovered by:

     Selling the land or shares in the company ...
Foreseen price of the Project after
the first stage development
 Foreseen activities to be developed in first phase
 in ne...
Foreseen price of the Project after
the second stage development


   The investment project can, of course, be
   develop...
Foreseen price of the Project
after construction of the Project
If the investor decides to construct the Project, sell vil...
Why people would choose Draskovec for
buying a house for home or second home?

There are no real estate developments in th...
Why people would choose Draskovec for
buying a house for home or second home?

On the other hand strategic investors from ...
The Hosting Group

International group of companies for consulting and engineering
in tourism, specialized for development...
Peter Vesenjak, General             director

Hosting Group
Direct Mobile: 00386 41 514 020

Internet page: www.hosting.si...
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
Thermae Hortus Croatiae   Information For Potential Investors   9.9.2008
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Transcript of "Thermae Hortus Croatiae Information For Potential Investors 9.9.2008"

  1. 1. THERMAE HORTUS CROATIAE Greenfield Tourism & Real Estate Investment Project in Croatia Information for potential investors September 2008
  2. 2. Thermae Hortus Croatiae
  3. 3. Croatia – Facts & Figures Geographical position: Croatia extends from the furthest eastern edges of the Alps in the north-west to the Pannonian lowlands and the banks of the Danube in the east; its central region is covered by the Dinara mountain range, and its southern parts extend to the coast of the Adriatic Sea. Surface: the mainland covers 56,594 km2; surface area of territorial waters totals 31,067 km2. Population: 4,437,460 inhabitants. System of government: Multi-party parliamentary republic. Capital: Zagreb (779,145 inhabitants), the economic, traffic, cultural and academic centre of the country. Coastline: 5,835.3 km, of which 4,058 km comprise the coastlines of islands, solitary rocks and reefs. Number of islands, solitary rocks and reefs: 1,185; the largest islands are Cres and Krk; there are 47 inhabited islands.
  4. 4. Croatian Tourism
  5. 5. THERMAE HORTUS CROATIAE Location: The location of the project Thermae Hortus Croatie is property of the company AAT d.o.o., that is owned by the Hosting group and their financial partners. The property is situated in the Medjimurje region, in Northwest of Croatia, in the Municipality Prelog and the Draskovec settlement, in close vicinity of the highway Zagreb-Varazdin-Budapest. Location is situated near the river Drava and its lake which allows the water sports and fantastic fishermen area.The capital Zagreb (airport) is only 1 hour pleasant drive away. The location is in the car drive vicinity away from the markets of Austria, Hungary, Italy, Slovenia, Southern Germany and nearest eastern European countries that form the most important European Spa market. Plot size: 48,1 ha of empty&flat land. Plot surface: flat surface Land status: empty, on ownership base, the owners are holding the land free of obligations. Zoning: the land plot that is included in the property of the company AAT d.o.o. already in this condition is planed in the Urban Plan of the Municipality Prelog for developing and construction of tourist objects („T1“ and „T2“), In progress of adoption there is a new Municipality Urban Plan and a Detail Urban Plan which will allow construction of residential villas and apartments. The Project is highly supported by local, regional and national political and opinion leaders. Important facts: The site contains a thermal water well Draskovec-1 ( 1.800 m debth, 750C – from 10 to 30 litre per second) with high quality medical treatment values and energy potentials as well as a well of a gas which can be used for energy purposes. On location there is a research well for drinking water well Draskovec (800 m debth, 80C – from 10 to 20 litre per second – the water bottling facilities are foreseen in the near vicinity as part of the investment project in future).
  6. 6. Geographical and transport location of Terme Hortus Croatiae
  7. 7. THERMAE HORTUS CROATIAE The whole TERME HORTUS CROATIAE complex is envisioned as a ORGANICALLY STRUCTURED ETHNO-PARK VILLAGE IN A EXCEPTIONALLY ATTRACTIVE HORTICULTURAL PARK WITH WATER SURFACES, resonating natural warmth, ethno atmosphere, hospitality, tradition and natural environment at a 4+* quality level. A relaxing and cozy atmosphere combined with professional and kind staff, allow a pleasant stay and satisfied daily guests and visitors, which represents the key characteristic of the services in the HORTUS CROATIAE resort. The configuration and diversity of services and the spatial arrangements, allows both privacy and socializing for the guests of the resort.
  8. 8. THERMAE HORTUS CROATIAE PROJECT GOALS: - Building the most attractive spa resort with the most comprehensive and commercially successful supply in Croatia and wider proximity - Extraordinary incentive for socio-economic development of the wider region with 350 direct jobs in the resort and 150-200 indirect jobs in connected services and entrepreneurship in the region - First phase of the development opened by the end of 2012 or first half of 2013
  9. 9. Project site 48,1 ha Attractive Spa & Golf Resort area
  10. 10. Project site
  11. 11. Project site
  12. 12. Project site
  13. 13. Thermal and drinking water wells in Draškovec – location on the Project site Drinking water well - 800 m depth Thermal - 8oC water well - 10-20 l / sec - 2.000 m depth - 75oC - 11-30 l / sec
  14. 14. Thermal and drinking water wells in Draškovec – location on the Project site Exhaust of the Thermal water well on the site of the Project
  15. 15. Gas (methane) well in Draškovec – location on the Project site Can be used as heating energy or for electricity production by co-generation
  16. 16. Hot water well (75oC) and methane gas well can cover almost all the energy needs of the entire planned resort (and more), which contributes a lot to the economic efficiency of the investment.
  17. 17. TECHNICAL AND BALNEOLOGICAL CHARACTERISTICS OF THE WATER SURFACE TEMPERATURE ................................................................................................................ 70-77 *C ................................................................................................................ 70- SURFACE PRESSURE ......................................................................................................................... 3-5 Bar ......................................................................................................................... CAPACITY AT THE MOMENT OF INDEPENDENT GOING OUT ONTO THE SURFACE .............. 30 000 L/h SURFACE CAPACITY AT THE MOMENT OF PUMPING OUT (lajer permeability) ............................................ cca 90 000 L/ h (lajer EXPLOITABLE INTERVAL 1. 51 Meters ( 1878-1827)- ............................................................................................................. 101*C 1878- 1827)- ............................................................................................................. 2. 14 Meters ( 1167-1155)- ........................................................................................................... 73*C 1167- 1155)- ........................................................................................................... 3. 19 Meters (814 – 795 ) RETURNABLE PERMEABLE LAYER ................................................. 1 c.m./min ................................................. c.m./min 4. 30 Meters (185–155 ) NATURAL SPRING WATER ................................................................. 42 l./sek. approx (185– ................................................................. l./sek. WEL DEPTH............................................................................................................................................ 4.195 m DEPTH............................................................................................................................................ The thermomineral water of Draskovec, according to the classification of mineral waters and taken into account Dras kovec, into the analyses made so far has been classified as follows: Mineral, fluorine, bromide, iodine, sodium, chloride, hypertermal Min. 12818.52 mg/l, F 2,07 mg/l, Br. 34.5 mg/l, J 12.13 mg/l, Na 94.29 mval%, Cl 85.26 mval%, temp. 70-77º Na mval%, mval%, 70- 77º Water is hypertonic with strong balneologic characteristics regarding its mineralization, concentration of bromine, iodine and sodium chloride and the temperature. temperature. Medicinical application of the Draškovec thermomineral water: Draš Bath, Inhalation, Compress, Drink, Bandage, Microclystic, Shower, vaginal bedewing, Hydromassage, Microclystic, Hydromassage, Subcutaneous injection, Hydro gymnastics, Intramuscular injection, Iontophoresis, Galvanization, injection, Iontophoresis, Ultrasound In addition to the medicinical application, the Draskovec thermo mineral water may be used for various recreation and tourist purposes. The construction of a swimming pool, water park and other water facilities, playgrounds and a hall for recreation and sports activities as well as of appropriate tourist facilities are the well prerequisites of the overall development of Draskovec as a health-tourist destination. health-
  18. 18. Opinion of the Institute of Geology
  19. 19. Marketing concept of the planned offer of the Resort Program/product importance for the Terme Hortus Croatiae Spa Resort Preventive Conferences, Fun and Wellness & and Short break banquets socializing Sport & curative Spa leisure and events trough recreation health relaxation vacation recreation care
  20. 20. Marketing Concept Basic Concept of the TERME HORTUS CROATIAE Spa Resort TERME HORTUS CROATIAE combine traditional environment, healing effects of the local resources of the Draskovec location with the ecological and ethnographic character of the Medjimurje region at the river Drava into a exceptionally comfortable, attractive and unique continental destination for Health & Wellness tourism and second home investment location in Croatia and the wider region. TERME HORTUS CROATIAE is a combination of ethnographic traditions, exceptionally attractive landscape environment, natural resources of geothermal water and man’s needs, dictated by the modern way of life. The unique geothermal groundwater, ethnographic traditions and landscaped ambiance are combined with comfortable and relaxing accommodation, exceptional hospitality and a wide spectrum of specialized services by acknowledged professionals. Complete physical and mental relaxation in exceptionally well arranged parks, hot springs, pools, health-care therapies, rich social and cultural events in an ethno and natural environment represent a comprehensive and effective form of a retreat from a stressful way of life towards the delightful, a psychological and physical recovery all year round. Health care services, specialized on the beauty of body and mind, utilize geothermal groundwater as well as other modern complementary medicine therapies for successful and rapid rehabilitation, preventive programs, as well as short break and vacation programs.
  21. 21. Marketing Concept Main Distinguishing Factor TERME HORTUS CROATIAE is a prominent and comprehensive wellness destination and a combination of a water and horticultural park in the north-most continental part of Croatia, based on unique parks interweaved with water surfaces, geothermal groundwater and a exceptionally sophisticated offer of relaxation and health care services. Unique selling proposition (USP) Unique geothermal springs, a water and wellness park, combined with a attractive horticultural landscaped nature park. + + +
  22. 22. Planned programs 1. Stationary guests program: • Hotel accommodation with 150 rooms (4+*) • Draskovec palace accommodation with 30 luxury hotel suites (5*) • Ethno luxury villa accommodation 40 units (5*) • Apartment accommodation 200 units (3+* and 4*) • Specialized medical services • Wellness & Spa center • Conference and banquet center • Cuisine • Sport and recreation (including Golf) 2. Daily guests program : • Water and Horticultural park • Botanical Greenhouse • Sport and recreation (including Golf)
  23. 23. Configuration, capacities and required areas of planned facilities
  24. 24. Net Gross Building Building CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS No. of No. of buildin buildin unit levels footprint in lot area in CROATIAE HEALTH-TOURIST RESORT rooms beds g area g area m2 m2 104.99 m2 TOTAL AREA OF ALL RESORT FACILITIES: 92.455 91.233 296.764 420 1.460 6 m2 Central hotel complex 31.122 35.790 do P+3 18.636 56.912 150 315 Medical, Wellness & Conference Hotel (150 rooms, 4+*) with common areas, functional spaces and rooms (with balconies). The rooms are to be orientated towards the south with views towards the m2 8.880 10.212 Drava river. The net building area refers only to the lodging part with functional and common spaces (reception, restaurant, rooms, lobby and bars, central kitchen, storage, housekeeping, technical,...). m2 - exterior hotel areas (room terraces and balconies in upper levels) 975 1.121 m2 - exterior hotel areas (terraces etc. at ground level) 1.417 1.629 Specialized Health Center with preventive and curative health programs: diagnostics, physiatrists, m2 750 863 dermatology and plastic surgery Ethno-eco spa & wellness themed on the topic of horticulture and human beauty (hydro, fango and m2 1.200 1.380 manual therapies, massages and beauty program) m2 - exterior Wellness areas 300 345 Covered and exterior hotel pools, designated for hotel, villa and apartment guests (750 m2 of water surfaces in various layouts: recreational swimming pool 25 m x 9 m; themed relaxation pool of m2 2.500 2.875 irregular shape with a large number of hydro-effects, 30% of the surface reaching to the exterior; three themed whirlpools; kids pool; + 1.750 m2 of functional space) P+3 12.386 41.287 150 315 m2 - exterior pool areas in horticultural environment, connected with the interior 450 518 m2 Sauna world in ethno natural environment, themed on well-kept beauty of man and nature 800 920 m2 - exterior sauna areas in horticultural environment, for cooling and moving, with exterior saunas 500 575 Conference and Banquet Center, including: main hall for 500 delegates in theatre setup (400 m2), dividable into two smaller halls for 200 delegates, 2 smaller halls for 50 attendees connectable into a m2 bigger hall for 100 attendees in theatre setup, and 4 breakout rooms for 20 attendees, a big lobby with 1.530 1.760 a terrace connected to a restaurant, with views to the south, a separate entrance, Banquet center and functional spaces (cloakrooms, toilets, offices and staff rooms,.. ) Event Club, positioned partly at ground level, partly in the basement, accessible both to hotel guests m2 600 690 as well as other visitors. A-la-carte restaurants and wine cellar (2 specialized themed restaurants, one of modern design and offer of Mediterranean, Italian and French cuisine, the other with traditional design and local m2 420 483 cuisine offer, both accessible from the hotel lobby as well as from the outside - wine cellar with a fine selection of local and international wine brands) m2 - restaurant terraces, connected with the banquet area 300 345
  25. 25. Net Gross Building Building CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS No. of No. of buildin buildin unit levels footprint in lot area in CROATIAE HEALTH-TOURIST RESORT rooms beds g area g area m2 m2 Underground car park, parking lots and technical areas (Ground level and m2 16.750 19.263 basement) m2 Central underground car park under the hotel (300 parking spaces at 30 m2 each) 9.000 10.350 P-2 5.175 m2 Basement technical spaces (HVAC, pool service,...) 1.500 1.725 P-1 1.500 Exterior parking lot at the hotel for daily guests and visitors (of the wellness and m2 6.250 7.188 P 6.250 15.625 conference center) - 250 parking spaces at 25 m2 each.
  26. 26. Net Gross Building Building CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS No. of No. of buildin buildin unit levels footprint in lot area in CROATIAE HEALTH-TOURIST RESORT rooms beds g area g area m2 m2 m2 Apartment village in ethno-eco style 26.760 30.774 do P+2 16.518 88.589 240 1.040 - Villa village in ethno comfort style, with big bathrooms, built-in whirlpools and saunas, well-kept gardens, on a larger land lot (40 villas at 180 m2 net building area on a m2 7.200 8.280 P+1 4.871 42.000 40 240 700 m2 land lot each) situated in a quieter part of the development, with views towards the Drava river. - High quality apartments in ethno houses with big wellness bathrooms and smaller m2 8.640 9.936 P+1 6.624 26.496 80 320 private gardens (2 appart. of 90m2 in one house, 40 houses, 80 appart. In total) - Upper middle class apartments in bigger ethno houses (4 appart. of 70 m2 in one m2 10.920 12.558 P+2 5.023 20.093 120 480 house, 30 houses, 120 appart. In total) m2 Draskovec palace with the central park of the resort 6.030 6.935 do P+3 2.312 40.246 30 105 Draskovec palace redevelopment (in relation to historical data) with 30 luxury hotel suites (from min.90 m2 to max.150 m2) at the highest quality level, with a smaller m2 meeting space for meetings, protocol events and banquets for up to 50 attendees and a 5.400 6.210 smaller restaurant and functional spaces (reception, kitchen, storage,...) with a exceptionally crafted garden terrace and café. P+3 2.312 9.246 30 105 Wellness beauty center in Draskovec palace with a offer of acclaimed world cosmetic m2 450 518 brands Specialized smaller A-la-carte restaurant offering traditional and international food and m2 180 207 wine Horticultural park surrounding Draskovec palace presenting a central landscape m2 31.000 35.650 P 31.000 31.000 attraction at the highest level as well as a intimacy buffer for the palace.
  27. 27. Net Gross Building Building CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS No. of No. of buildin buildin unit levels footprint in lot area in CROATIAE HEALTH-TOURIST RESORT rooms beds g area g area m2 m2 Water wellness and horticultural park Draškovec for daily visitors m2 17.750 20.413 do P+1 16.900 60.604 (separated from the stationary part of the resort) Covered water and wellness park total pool area: 1.500 m2, for daily guests, containing: recreational swimming pool 25 x 15 m; a big themed relaxation pool organically interconnected to a range of different sized pools, in lush vegetation and a m2 large number of hydro effects and attractions, reaching to the exterior with 25% of the 5.250 6.038 P+1 4.025 13.417 surfaces; 6 whirlpools of various sizes; quieter pool with hydro effects for massage and relaxation; a range of pools for kids with water playgrounds, aqua guns and special attractions; big accompanying surfaces with pool bars. Open water and horticultural park (connected with the interior) total pool area: 3.000 m2 with 7.000 m2 of accompanying surfaces, interlocked with a lush horticultural park, attractive in all seasons for. The pools are divided into four groups: 1. relaxation part (40% of pool surfaces) 2. recreational swimming pools (15% of pool surfaces) 3. fun water park with aqua guns and water attractions (30% of pool surfaces) 4. Kids section m2 10.000 11.500 P 10.000 10.000 (15% of pool surfaces). The pools are accompanied by large sunbathing surfaces, paved with wood and other natural materials, and walking paths connecting to recreational areas (beach volley, Boules, street basket,...). Offer of snacks, drinks, party and socializing events is provided seasonally in accompanying pavilions. Net area corresponds to the pool surfaces, paved areas and accompanying facilities. Botanical greenhouse offering pleasant walks and educational tours on the subject of m2 2.500 2.875 Visoki P 2.875 7.188 local flora, and a small botanic and souvenir shop Horticultural park, accompanying the open water park, with a great emphasis on m2 40.000 P 40.000 40.000 landscape design
  28. 28. Net Gross Building Building CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS No. of No. of buildin buildin unit levels footprint in lot area in CROATIAE HEALTH-TOURIST RESORT rooms beds g area g area m2 m2 P do m2 Sports and recreational areas (with 18 hole golf course) 9.293 9.361 10.143 21.964 P+1 Open tennis courts 4 x, with spectator seating on one side in proximity of the water and m2 5.688 5.688 P 5.688 11.376 horticultural park accessible to guests of the hotel and apartments m2 Putting green at the golf clubhouse in proximity of the village villas 1.000 1.000 P 1.000 2.500 Golf clubhouse with restaurant and views towards the Drava river in proximity of the m2 450 518 P+1 300 1.200 village villas and the start of the golf course. Combined Soccer-Handball-Basketball field, in proximity of the water and horticultural m2 1.155 1.155 P 1.155 2.888 park, accessible to the guests of the hotel and apartments Adrenaline park for kids, with climbing and playing devices, in a horticultural ambient m2 2.000 2.000 P 2.000 4.000 crafted from natural materials Optional 18 hole golf course starting and ending at the golf clubhouse, in proximity of 800.00 m2 the village villas. The course is extending on an area of min. 60 ha to max. 80 ha from 800.000 P 800.000 800.000 0 the south edge of the resort towards the Drava river. m2 Central parking lot for daily guests and technical spaces 1.500 1.725 P 26.725 28.450 Central parking lot for daily guests, close to the water, wellness and horticultural park m2 entrance. 1.000 parking spaces of 25 m2 each, with asphalt access ways and grass- 25.000 25.000 P 25.000 25.000 paved parking bays in lush greenery providing shadow and visual cover. m2 Technical spaces and water pumps 1.500 1.725 P 1.725 3.450
  29. 29. Capacities and area totals Net Gross Building Building CONTENT, CAPACITIES AND FACILITIES PROGRAM OF THE TERME HORTUS No. of No. of building building unit levels footprint in lot area in CROATIAE HEALTH-TOURIST RESORT rooms beds area area m2 m2 m2 TOTAL AREA OF ALL RESORT FACILITIES: 92.455 104.996 91.233 296.764 420 1.460 m2 Central hotel complex 31.122 35.790 to P+3 18.636 56.912 150 315 m2 Apartment village in ethno-eco style 26.760 30.774 to P+2 16.518 88.589 240 1.040 m2 Draškovec palace with the central park of the resort 6.030 6.935 to P+3 2.312 40.246 30 105 Water wellness and horticultural park Draškovec for daily visitors m2 17.750 20.413 to P+1 16.900 60.604 (separated from the stationary part of the resort) P to m2 Sports and recreational areas (with 18 hole golf course) 9.293 9.361 10.143 21.964 P+1 m2 Central parking lot for daily guests and technical spaces 1.500 1.725 P 26.725 28.450
  30. 30. Allocation of facilities program Draft proposal for modification of existing urbanistic documents (already in process of adoption by the Municipality)
  31. 31. Preliminary conceptual design of the resort – ready for drafting Detail Urban Plan Draft proposal of conceptual urbanistic and architectural design of the resort, as base for drafting the Detail Urban Plan of the area
  32. 32. Estimation of the investment cost of the project Thermae Hortus Croatiae Cost of total investment Amount (EUR) Share Land 48,1 ha including the wells (share acquisition) 12.500.000,00 8,83% Construction works (Hotel, Palace, Wellnes & Water Park) 46.250.000,00 32,67% Construction works (Villas and Apartments) 22.500.000,00 15,90% FF&E (Hotel, Palace, Wellnes & Water Park) 20.600.000,00 14,55% FF&E (Villas and Apartments) 6.400.000,00 4,52% Landscaping and environment arrangement (Hotel) 10.800.000,00 7,63% Landscaping and environment arrangement (Villas and Apar 4.800.000,00 3,39% Special attraction elements of interior and exterior 2.700.000,00 1,91% Communal taxes and construction of communal infrastructu 7.700.000,00 5,44% Project design and project engineering 3.800.000,00 2,68% Tehnical consultancy and engineering 1.500.000,00 1,06% Unexpected cost 2.000.000,00 1,41% TOTAL INVESTMENT COST 141.550.000,00 100,00%
  33. 33. Planned sources of financing Cost of Amount Sources of financing Structure capital (EUR) Equity capital 20,0% 12,00% 28.310.000 Debt project financing 50,0% 6,63% 70.775.000 Debt financing 30,0% 6,83% 42.465.000 WACC 100,0% 4,88% 141.550.000
  34. 34. Support for the Project Municipality Prelog Regional governement in Medjimurje Government of Croatia President of Croatia Mr. Stipe Mesic
  35. 35. Summary The location of Thermae Hortus Croatie is property of the company AAT d.o.o., that is owned by the Hosting group and their financial partners. The property is situated in the Medjimurje region, in Northwest of Croatia, in the Municipality Prelog and the Draskovec settlement, in vicinity of the highway Zagreb-Varazdin-Budapest. In this phase of development the project contains 48,1 ha of land. The land plot that is included in the property of the company AAT d.o.o. already in this condition is planed in the Urban Plan of the Municipality Prelog for developing and construction of tourist objects („T1“ and „T2“) only the Detail urban Plan has to be adopted (which decision has already been brought by the Municipality) In the County Urban plan the site is planned for tourism development, also in the Municipality plans. At the moment we are in the process of drafting the Detail Urban Plan for the site (for the 1st zone of approx. 300.000 m2, where the hotels, Water & Wellness park and recreation is planned) after which we can obtain building permit. For the rest we are in the process of defining the final conceptual design as basis for the Detail Urban Plan. So this year (but very soon) is still the right time for interested investor to come in and influence the planning, which adoption is highly supported by the County and Municipality leaders.
  36. 36. The planned maximum allowed gross floor area is going to be adopted mainly to our needs. What we have planned in the area, which is already in ownership of the AAT d.o.o. company (481.000 m2) and was approved by the urban planners and Municipality is 200.000 m2 of Gross Floor Area in total, which is very conservatively planned and ensures very high quality of space and ambiance (a lot of gardens, green areas, golf course, etc.) and we can still expand it (on account of the more Villas and Apartments) if investor wants higher density. The site contains a thermal water well Draskovec-1 (750C – from 10 to 30 litre per second) which is also a Methane gas well and a research well for drinking water well Draskovec (80C – from 10 to 20 litre per second). Due to very big, practically unmeasurable volume of water-bearing collector, and its relatively high permeability, it can be expected that water pumping out of it, in the quantities permitted by its collector's properties and a capacity of uncovered interval, cannot decrease a richness of the layer during a longer period of pumping. The whole TERME HORTUS CROATIAE complex is envisioned as a ORGANICALLY STRUCTURED ETHNO-PARK VILLAGE IN A EXCEPTIONALLY ATTRACTIVE HORTICULTURAL PARK WITH WATER SURFACES, resonating natural warmth, ethno atmosphere, hospitality, tradition and natural environment at a 4+* quality level.
  37. 37. The Investment Project is a combination of Tourist operation and Real Estate investment, since all the 240 Villas and Apartments are foreseen to be sold on the real estate market to the final buyers after construction (but agreed for the management and operation back to the main operation company of the Resort) The total investment (all phases) is estimated to approx. 141,5 mil EUR The income from sale of the villas and apartments is estimated to at least 50 mil EUR Yearly income of the resort in the phase of operation is planned to reach at least 23 mil EUR The investment project can be expected to be subsidized by EU regional funds (in amount from 20 to 40 % of the total investment excluding villas and apartments = approx 20 – 30 mil EUR subsidy) after Croatia joining EU, until when all documentation and project designs and building permits can be ready (2011-2012) The energy value of the thermal water wells and potential of the drinking water well are representing the surplus to the above mentioned economic and financial estimates The owners of the AAT d.o.o. are ready to sell the majority share (up to 100%) in AAT d.o.o. to the potential interested investor(s) and remain in professional support for the realization of the investment project.
  38. 38. Real estate prices in Croatia At this moment (according to the Croatian real estate statistical analysis for year 2007) average price for building land in Croatia is €105/m2. In capital city of Zagreb the average price is €272/m2, On the coast €163/m2, And in the rest of Croatia €60/m2. Draskovec location is only 100 km from Zagreb, connected by the high quality highway. It takes about 45 min of driving to cover the distance. A small city of Samobor, (located about 27 km from Zagreb, with driving time of about 35 minutes) has already achieved (for better located building land) a price of €270/m2. In surroundings of Cakovec and Varazdin (the cities distant only 10-20 min drive away from the location of the Project) the prices for the building land have reached from €30 to €50 per m2. In 2-3 years time an attractive location in Prelog will be considered convenient for living even for the people working in Zagreb and the attraction of the leisure and recreational facilities planned within the project, will make it attractive for second and holidays home. The price of land will grow up and shall come close to those in vicinity of Zagreb and Samobor.
  39. 39. Business offer Purchase of 100% share in commercial company AAT d.o.o.(ltd.) – including 48,1 ha of land parcels urbanized for tourism & real estate development and water & gas wells Price of 100% share: 12.500.000 EUR (in present status of the Project, owing the wells and 481.000 m2 of land) This price is agreed if Hosting is engaged in local management and engineering of the investment project for price of 1,5 mil EUR (that is paid in three installments of 0,5 mil EUR in three years) Hosting engaged as local project management and engineering is performing all technical and professional as well as legal activities of the Project development with guidelines, objectives and approval of the main Investor
  40. 40. Offered share price of AAT d.o.o.(ltd.) calculation 4.500.000 EUR – Thermal & Gas Well and drinking water well infrastructure and energy and water potential value 16,63 EUR/m2 (x 481.000 m2) = 8.000.000 EUR – price of land urbanized in County and Municipality urban plans for tourism & real estate development X 100% = 12.500.000 EUR
  41. 41. The development of the project could be divided into 3 phases 1st phase: €12,5 m – acquisition of land and completing resorts plans and drawings until adoption of detail urban plan 2nd phase: €4-6 m – drafting main project design, obtaining building permits, and completing documentation for application to EU regional fund for subsidy up to €20m of the total investment. 3rd phase: €123 m - €125 m – building the whole resort to the final phase Estimated total final planned investment is € 141,5 m.
  42. 42. Methods of recovering the investment The investment can be recovered by: Selling the land or shares in the company after the first or second phase (before the third phase) of development and/or Building and selling homes and/or Building and operating the hotel(s) and water park facilities and/or Building and selling the hotel(s) and water park facilities
  43. 43. Foreseen price of the Project after the first stage development Foreseen activities to be developed in first phase in next one year time Final conceptual design of the entire project Additional acquisition of the leased land for golf resort (approx. 40 ha in long term lease) Adoption of Detail Urban Plan by Municipality Foreseen price of the Project after first phase development: 40 EUR/m2 x 481.000 EUR = 19.240.000 EUR Thermal and drinking water wells value: 4.500.000 EUR TOTAL VALUE: 23.740.000 EUR
  44. 44. Foreseen price of the Project after the second stage development The investment project can, of course, be developed, by investing additional €4 m - €6 m, to the second phase by drafting the main project design and obtaining building permits and on that basis acquire the EU regional fund subsidy (of approx. €20 m). In that case the sales price of shares in the company would be at least €10 m higher (meaning in total at least €33 m) and financial results of the investment even much better.
  45. 45. Foreseen price of the Project after construction of the Project If the investor decides to construct the Project, sell villas and apartments (estimation 54.120.000 EUR), and afterwards sell the whole resort (Draškovec castle, hotel, water park) the expected selling price would amount 173.834.457 EUR (in total with apartments and villas that amount would be 227.954.457 EURO). The profit from the Project would amount 86.356.741 EUR. If we take into consideration irretrievable funds from regional funds of EU in the amount of 20-40% of total investment (not including villas and apartments which are meant for sale) meaning 20-30 m EUR of irretrievable funds for tourism development, the profit from the Project could be even higher.
  46. 46. Why people would choose Draskovec for buying a house for home or second home? There are no real estate developments in that area that would built houses in a large area according to a master plan which would protect the landscape and environment. In the project all houses shall be built in the same style in carefully planned order. In addition the area will have recreational facilities, like parks, indoor and outdoor pools, playground, golf and alike, hotel with health, fitness and SPA facilities all close to the river and the lake with facilities for fishing, hunting, canoeing, horseback riding, boating, hiking and bicycling in the nature etc. Such an oasis would not doubt attract people from Zagreb (1 m inhabitants) and nearby towns like Varazdin (70.000 inhabitancies) and Cakovec (50.000 inhabitants), which are very romantic baroque towns rich in cultural heritage, to buy homes and settle in such an ambiance. It will attract people from urban centres of Slovenia, Austria, Northern Italy, south Germany and Hungary to buy second home as the retreat from the stress of city life.
  47. 47. Why people would choose Draskovec for buying a house for home or second home? On the other hand strategic investors from wider region will be interested to build a hotel(s), apartment and villa complex and large water & wellness leisure park based on health and SPA concept integrated in the nature and adventure offer. This is why the thermal water is important. The thermal water spring attracts the hoteliers and water &wellness park operators and motivate them to invest in the land owned by the resort. SPA holidays and short breaks throughout the year are very popular in this part of the world and the demand for them is steadily and continuously growing. The planned resort is following market trends in development of the retreat resorts by combining popular sports like hunting (lot of Italians are coming to Croatia for hunting), fishing, golf, cycling, horseback riding, hiking, etc. with spending time in the nature. However, it would have its unique competitive edge due to the location, proximity of the lake and river and uniquely designed tourist product.
  48. 48. The Hosting Group International group of companies for consulting and engineering in tourism, specialized for development of tourism and real estate related Greenfield investment projects with international references with its daughter companies in Slovenia, Croatia, Bosnia and Herzegovina and Serbia (www.hosting.si). Hosting is cooperating with renown European and global financial investors. With its know how on the field of preparation of projects for entering of financial investors. Hosting in some extent acts as developer and investor. Hosting is the carrier of the idea concept and the business model of the project “Thermae Hortus Croatiae”. Hosting is the owner of the project company AAT d.o.o. (ltd) who is the owner of the real estate and the wells
  49. 49. Peter Vesenjak, General director Hosting Group Direct Mobile: 00386 41 514 020 Internet page: www.hosting.si E-mail: peter.vesenjak@hosting.si

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