Hotel Boutique a la venta en Buzios
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Hotel Boutique a la venta en Buzios Presentation Transcript

  • 1. Hotel Boutique in BuziosBrazilExecutive SummaryThis offering is comprised of the fee simple interest in theBoutique Hotel (the “Hotel”), located 165 km ( 2.5 hours) northeast of Rio de Janiero on the edge ofManguinhos Beach on the northern coast of Armação dosBúzios. The property sits on 3,260 m2 in the beach section ofBuzios, RJ, Manguinhos, Brazil. The hotel, which wasrenovated in 2007, contains 18 suites, all featuring a privatebalcony and view of the sea. In addition to access to theManguinhos Beach, the Hotel offers a swimming pool,sauna, and beauty and body treatments. The hotel is beingoffered unencumbered by both management and brand. Asking price: $2.5 million US dollars Timing: Immediate
  • 2. Boutique Hotel:Established in 1981, the Boutique Hotel is one of the firsthotels built in Armação dos Búzios, one of the mostbeautiful and sophisticated tourist destinations in Brazil.For those seeking tranquility, privacy, or a romanticand magical getaway, the Boutique Hotel offers thefollowing amenities:• Beautiful oceanfront location on Manguinhos Beach• Private oceanfront balconies with expansive views of the sea below in every suite• 18 suites, either standard or deluxe (larger with 2 living environments)• All suites have a queen size bed that is slightly elevated so guests never lose sight of the sea, as well as cable TV, air conditioning, free wireless Internet (Wi-Fi), telephone, minibar, safe with key, and DVD player (Luxury Suites).• Swimming pool• Sauna• Beauty and body treatments that can be enjoyed in the rooms or in sessions outside facing the beach• Waterfront bar• Waterfront lounge• Upstairs bar• Air conditioning in all guest suites• Game room (billiards table)• Outdoor beds• Proximity to the shopping, fine dining, and nightlife of Buzios• Unencumbered by both management and brand.
  • 3. Region (Buzios)Búzios (officially known as Armação dos Búzios), an8km peninsula, a former fishing village located inRegião dos Lagos, in the state of Rio de Janeiro,Buzios is about 165km from the city of Rio deJaneiro. The peninsula was popularized by legendarymovie star Brigitte Bardot in the 1960s and is nowone of the top resort destinations in all of Brazil.Búzios has 23 beaches, each one with its own uniquecharacteristics – sandy or rocky, large or small, andwindy or calm. The main strip, Rua das Pedras, is thehome of the shopping, fine dining, and nightlife ofBuzios. The peninsula also has two nature reserves:the Emerências Reserve, where youll find the purestAtlantic Forest vegetation, with exotic plants,bromeliads and the last golden tamarin monkeys inthe region, and the Taua Reserve, where you can seeover 300 species of butterflies and 60 types of birds.OpportunityThe opportunity now exists to purchase theBoutique Hotel unencumbered by bothmanagement and brand. With somerenovation the property will be positioned asone of the top upscale boutique hotels in theBuzios Market.
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  • 5. Martini Lounge
  • 6. Romantic Escape
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  • 8. Property Location The Boutique Hotel was built in 1981 in Armação dos Búzios, one of the most beautiful and sophisticated tourist destinations in Brazil. Armação dos Búzios is a popular resort town located in the state of Rio de Janeiro. The peninsula was made popular by the legendary movie star Brigitte Bardot and has 23 beaches and 18 islands in its vicinity.The west of the peninsula offers clear and calm coast for aquiet relaxing vacation, while the east side offers wildadventures such as windsurfing and other water sports.Each beach offers a different experience, and everypersonality is bound to find a suitable beach here. Some ofthe popular beaches in the area include João Fernandinho,Azeda, Ferradura, and Manguinhos. While João Fernandinhois known for its seafood and drinks, Manguinhos is knownfor water sports, especially wind surfing. In addition tobeaches, the peninsula also has an active scene ofrestaurants and nightlife.
  • 9. The hotel is close to many transportation points and tourist attractions. It is about 2 mile (5 minute on cab) from Rua Das Pedras, the cobblestone street that is the center to all the restaurants, bars, shopping, and nightlife.Transportation Tourist AttractionsBus Station Auto Viação 1001: 2.2 mi Rua Das Pedras: 2.0 mi Three Fishermen: 2.5 miUmberto Modiano Airport: 2.7 mi Bardot Seashore : 2.0 mi City Centre: 2.6 miCabo Frio International Airport: 14 mi Gran Cine Bardot: 2.1 mi Brigitte Bardot Statue: 3 mi
  • 10. Property DescriptionProperty Overview:Established in 1981, the Boutique Hotel is one of thefirst hotels built in Armação dos Búzios, one ofthe most beautiful and sophisticated touristdestinations in Brazil. Located 2 1/2 hours from Rio deJaneiro, on the edge of the calm and crystalline waters ofManguinhos beach, the hotel, which was renovated in2007, offers 18 individually decorated suites, all featuringa balcony and view of the sea - a beautiful setting whereguests can enjoy the orange Sunset and calm reflection ofthe moonlight night.
  • 11. • 5 buildings in total: main building, waterfront building, 3 bedroom house, laundry building, and lounge building• 18 guest rooms: 7 luxury suites and 11 standard suites, all ocean view with balconies• 3,260 m2 in total• Swimming pool, sauna, TV room, bar right next to the beach• Beauty, body treatment, relaxing massages available in rooms or on beach• Proximity to beach area as well as Rua Das Pedras, the main street with restaurants, bars, and nightlife• Offers privacy, tranquility and intense contact with nature• The only hotel on Manguinhos Beach• Large windows provide breath-taking views
  • 12. Dining: Mechanical Systems:The hotel has one restaurant. The cuisine There is no central HVAC systems but each room hascombines the best of Mediterranean and Brazilian individual window air conditioning units. The housecuisine of the region, such as seafood, tropical also has 2 brand new larger window units. Plumbingsalads, meat and pasta, and appetizers that can be throughout all the buildings are in good condition.delivered in the guestrooms, or offered in thehotel restaurant, or outdoors. Hotel Management Agreement:Recreational Facilities: There is no management agreement. The hotel is owned and managed by a Brazilian limited liabilityThe Boutique Hotel offers swimming pool,sauna, TV room, games room, bar with direct entity.access to the beach, and gazebos for guests torelax on the beachfront. The hotel also offers Zoning By-Laws:beauty and body treatments. Manicure, pedicureand hair stylists are available to guests, who can The town of Armação dos Búzios has been a popularalso enjoy relaxing massages in the rooms or in resort destination for many years and currently hassessions outside facing the beach. no zoning or by-laws that affects the establishment.Property Construction Real Estate Taxes:The building was built in 1981 and is in excellent There are annual Real Estate Taxes and Waterfrontcondition. It is constructed with100% masonry. The Taxes at 8,000 Reals and 21,000 Reals respectively.building has Spanish-style white stucco exteriorfeaturing wood-frame hinged windows and terracotta roofing.
  • 13. Environmental Analysis: Target Market:Ownership has revealed no environmental issues or The target market is primarily people from Rio dehazardous waste issues that would impact the subject Janeiro, and other cities in Brazil (Belo Horizonte,property. Sao Paolo, etc.) The hotel also attracts other South Americans from Argentina, Chile, Venezuela,Guestroom Description: etc. Finally, the hotel attracts visitors from Europe - Portugal, Spain, England, Italy, Russia, etc, andThere are two types of suites that make up the total of 18 Americans and Canadian stay at the hotel from timeguestrooms: 11 Standard, with queen size double bed, to time.and 7 Luxury, more spacious with two rooms. Both typesof suites are equipped with color television, air Lease and Service Agreements:conditioning, telephone, minibar, safe, and free wirelessInternet (Wi-Fi), available throughout the entire property, The subject property is subject to minor service andincluding bedrooms. Each of the 18 individually lease agreements such as water, electric anddecorated suites offer balconies with expansive views of utilities, and pest control. All actual expenses arethe sea below. reflected on the Profit and Loss statement, and all contracts will be provided to interested parties. Additional Information: There is an adjacent property immediately to subject property’s West which is a vacant commercial lot. The owner of the lot has expressed interest in selling, and interested parties could purchase and expand.
  • 14. Brazil Macroeconomic OutlookDemand in the Brazilian market continues to grow, The favorable situation has made the Brazilian hotelincreasing about 8% (YTD, Feb 2010), and the industry especially attractive. Large internationalappreciating Brazilian Real caused the ADR growth hotel chains have set up development teams inas the exchange rate altered (e.g. from 2.37 Real to Brazil. There are other reasons for the attentionthe Dollar in February 2009 to 1.86 Real to the besides Brazil’s economic power:Dollar in February 2010.(Source: STR Global) • The country will be hosting the 2014 World Cup and the 2016 Olympics – events that induce demand,The expectation is of strong GDP expansion (+5.35 increase international visibility, and set a deadline forpercent), a stable exchange rate, and an increase in the execution of large public investments, therebySELIC rate (The Brazilian Central Bank’s Overnight increasing executive confidence and ensuring stronglending rate). While the global economy has shown economic activity.no signs of recovery, Brazil has emerged as anoption: foreign direct investment (FDI) for 2010 • Creation of Pro-Copa line of credit, which will make(projected at US$37.5 billion) will be at its second- available R$1 billion for the renovation andhighest level in history, despite the expected expansion of the hotel supply, with attractivereduction in global FDI. interest rates and terms (starting at 6.9 percent, in(Source: HVS Brazilian Hotel Market Overview up to 18 years), through the Brazilian Development2009/2010) Bank – BNDES. The new financing conditions will make projects more feasible and give developers and owners good mechanisms for financial leveraging. (Source: HVS Brazilian Hotel Market Overview 2009/2010)
  • 15. Competitive Lodging MarketThe hotel is a midscale boutique hotel Pousada Amancay is located approximately 5with a superior location to most in its competitive kilometers further east along the northern side ofset. A unique opportunity exists to purchase the the Buzios Peninsula. Pousada Amancay offers 16hotel and reposition it as a top luxury hotel in the rooms all with ocean views. It is situated on Joaoregion. Fernandes Beach, a popular local beach. The hotel isPousada Corais e Conchas is located approximately 2 also within walking distance of Downtown.kilometers south along the peninsula on the Hibiscus Beach Pousada is located approximately 6southern side of the Buzios peninsula. The Pousada kilometers northwest on the northern side of BuziosCorais e Conchas offers 28 spacious bungalows with peninsula. The hotel is set on a hillside overlookingbalconies and hammocks in a secluded green area.The property is proximate to both Downtown and the popular Joao Fernandes Beach. Hibiscus BeachGeribá, one of Búzio’s most lively beaches known for Pousada offers 14 bungalows with ocean views andits beach sports and bars. are set adjacent to a tropical gardens.Pousada Byblos is located approximately 4kilometers further east along the north side of theBuzios peninsula in close proximity to the PousadaCorais e Conchas. Pousada Byblos offers 21 roomswith dazzling views of Armacao Beach. The hotel isproximate to Downtown and numerous popularbeaches.
  • 16. Key Market Indices • The competitive market has been able to mitigate • The natural beauty of the Buzios coastal region provides periods of economic downturn as it is considered a the perfect backdrop for beachfront properties. “drive-to” destination and will continue to benefit from this orientation. As such the local lodging • Buzios remains a seasonal market with high season market will continue to draw from major cities in stemming from December to March and low season from Brazil. April to November. Competitive Hotel Summary Pousada Corais e Hibiscus Beach Conchas Pousada Byblos Pousada Amancay PousadaDistance to SubjectProperty 1.6 km 4.2 km 5.6 km 6.5 kmType of Facility Bed & Breakfast Bed & Breakfast Bed & Breakfast Bed & BreakfastAAA Guide Rating Not Rated Not Rated Not Rated Not RatedRooms 28 21 16 14Season Dec-Mar Dec-Mar Dec-Mar Dec-MarWaterfront Location Yes Yes No Yes Wireless Internet, Outdoor Pool, Outdoor Pool, Wireless Internet, Restaurant, Bar, Restaurant, Mini- Restaurant, Mini- Outdoor Pool, BikeAmenities Outdoor Pool, Fridge, Television, AC Fridge, Television, AC Rental, Car rental, Television, AC Mini-Fridge, Television, AC
  • 17. Financial AnalysisProjected Occupancy Rate Average Daily Rate Projected Cash FlowsAnd Average Daily Rate The hotels average rate herein The projections herein utilized theProjected Occupancy assumes that the property will financial performance of the achieve a stabilized average daily subject property over the lastAs stated previously, the hotel is rate of $225.56 in 2011. Assuming three years and assumes that thelocated in one of the most significant renovations, property will undergo significantpicturesque locations on the repositioning, and aggressive renovation and marketingBrazilian Coast. With a focused marketing we anticipate significant repositioning as an upscalerenovation, repositioning, and rate gains allowing the property to boutique hotel.marketing effort as an upscale compete with upper-tier lodgingboutique hotel, along with the products in the Buzios region. Presented below is a 5-year probenefits associated with stable forma for the subject propertyownership it is anticipated that including base year 2009 fordemand levels will increase reference. The projections assumeconsiderably, by recapturing a re-positioning to an upper-tierdemand lost demand. Given these boutique hotel. The projections arefactors, a stabilized occupancy rate based on calendar years beginningof 36 percent in 2011 is January 1 and ending Decemberreasonable. 31.
  • 18. Forecast of Income & Expenses (Brazilian REAL)Martin Pescador- Buzios, BrazilYear (1) 2009 2010 2011 2012 2013 2014Occupancy 33.2% 34.0% 36.0% 40.0% 44.0% 60.0%Average Daily Rate $212.27 $217.45 $225.56 $243.61 $265.75 $296.23Occupied Roomnights 2,180 2,235 2,628 2,920 3,212 4,380 $ % $ % $ % $ % $ % $ %Revenue Rooms 462,749 86.8% 485,886 86.8% 592,781 83.6% 711,337 83.6% 853,605 83.5% 1,297,479 84.4% Food and Beverage 63,224 11.9% 66,385 11.9% 106,216 15.0% 129,583 15.2% 158,092 15.5% 229,233 14.9% Rentals and Other Income 7,200 1.4% 7,200 1.3% 10,000 1.4% 10,000 1.2% 10,000 1.0% 10,000 0.7% Total Revenue 533,173 100.0% 559,471 100.0% 708,997 100.0% 850,921 100.0% 1,021,697 100.0% 1,536,713 100.0%Departmental Expenses Rooms 91,277 19.7% 95,841 19.7% 119,742 20.2% 165,030 23.2% 198,036 23.2% 301,015 23.2% Food and Beverage 42,074 66.5% 44,178 66.5% 69,040 65.0% 84,229 65.0% 102,760 65.0% 149,002 65.0% Total Departmental Expenses 133,351 25.0% 140,019 25.0% 188,782 26.6% 249,260 29.3% 300,796 29.4% 450,017 29.3%Total Departmental Income 399,822 75.0% 419,453 75.0% 520,215 73.4% 601,661 70.7% 720,901 70.6% 1,086,696 70.7%Undistributed Operating Expenses Administrative and General 14,972 2.8% 15,239 2.7% 15,935 2.2% 18,753 2.2% 19,678 1.9% 21,646 1.4% Sales and Marketing 26,053 4.9% 26,518 4.7% 29,958 4.2% 32,954 3.9% 36,249 3.5% 39,874 4.7% Property Operation and Maintenance 45,976 8.6% 46,797 8.4% 50,000 7.1% 50,000 5.9% 50,000 4.9% 50,000 8.4% Utilities 61,545 11.5% 62,644 11.2% 72,028 10.2% 84,763 10.0% 88,944 8.7% 97,838 11.3% UDOE 6,275 1.2% 6,387 1.1% 6,374 0.9% 7,501 0.9% 7,871 0.8% 15,367 1.0% Total Undistributed Expenses 154,822 29.0% 157,585 28.2% 174,295 24.6% 193,971 22.8% 202,742 19.8% 224,725 14.6%Gross Operating Profit 245,000 46.0% 261,868 46.8% 345,920 48.8% 407,691 47.9% 518,159 50.7% 861,970 56.1%Income Before Fixed Charges 245,000 46.0% 261,868 46.8% 345,920 48.8% 407,691 47.9% 518,159 50.7% 861,970 56.1%Fixed Charges Property and Other Taxes 29,000 5.4% 29,000 5.2% 29,000 4.1% 29,000 3.4% 29,000 2.8% 29,000 1.9% Other Fixed Charges 262,103 49.2% 262,103 46.8% 262,103 37.0% 262,103 30.8% 262,103 25.7% 262,103 17.1% Total Fixed Charges 291,103 54.6% 291,103 52.0% 291,103 41.1% 291,103 34.2% 291,103 28.5% 291,103 18.9%Net Operating Income (46,103) -8.6% (29,235) -5.2% 54,817 7.7% 116,588 13.7% 227,056 22.2% 570,867 37.1%
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