Ramtuelle hotel & resort - Miguel Guedes de Sousa
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This feasibility study examines the development of a 5-star hotel and resort in Ramatuelle, France. The development will include a main hotel building with 54 rooms, a spa, restaurants and meeting spaces. It will also feature 54 standalone villas for hotel guests and 12 private villas to be sold. The study provides projections for sales revenues, development costs, financing requirements and cash flow for the hotel and villa components. It finds that developing the hotel and villas could generate total sales revenues of €276 million, but will require a total investment of over €105 million and financing from senior debt, construction loans and equity contributions.
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Ramtuelle hotel & resort - Miguel Guedes de Sousa
- 1. Ramatuelle Hotel & Resort Feasibility study 8 July 2011 1
- 2. Development • Situation • Photos of the site • Development Structure • Synopsis • Financing : Summary • Development Program • General description • Fact sheet • Villas Specifications • Land usage • Definition of Interior Spaces • Feasibility study • Sales Projection • Investment Cost • Cash flow Projection • FF&E Program • Hotel Operation • ROI Analysis • Development team • Disclaimer 2
- 3. Photos of the Site 3 View from the Site Aerial view
- 4. 4
- 5. Situation Situation Plan – ‘IGN’ map Cadastral Plan Zoning map ‘PLU’ Detailed Zoning map 5
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- 8. Development Structure Synopsis Financing : Summary 8
- 9. 9 Ramatuelle - 5* Hotel & Resort - Proforma 6-07-2011 EUR / € FINANCIAL REQUIREMENT SUMMARY v3c HOTEL PRIVATE VILLAS STAFF ACCOMODATI ON TOTAL SENIOR DEBT (¨) 44 009 076 0 44 009 076 CONSTRUCTION DEBT 0 23 441 371 23 441 371 MEZZANINE VAT (*) TOTAL FINANCING 44 009 076 23 441 371 67 450 447 60% 71% 64% Equity by the Developer ($) 25 991 901 9 522 122 35 514 023 Equity by the Hotelier (°) 3 000 000 0 3 000 000 EQUITY 28 991 901 9 522 122 38 514 023 40% 29% 36% Total Equity & Financing 73 000 977 32 963 494 105 964 470 Remarks : The actual financing requirement mighy slightly differ depending on the final budgets (*) The mezzanine VAT financing is considered included in the total financing requirement (¨) The interests on the Senior debt after the opening of the Hotels are not included ($) Equity by the Investor-Developer (°) The Hotel Manager will provide a total funding guarantee of 10 M€. First will be funded the Working Capital and the preopening costs at 3M€, and the remainder will serve as guarantee to cover the bank financing in case of Cash shortfall
- 10. 10 Ramatuelle - 5* Hotel & Resort - Proforma PROPOSED FINANCING SYNOPSIS v3c Drion Associates Ltd Partner(s) London Equity 14 M€ Equity 25 M€ (+Mez) 50% 50% Hotel Management Co. 5* Hotel Resort sa 12 Villas for Sale 10 yr contract (+10) Ramatuelle - St.Tropez with service / in rental pool 10 M€ guaranteed OSP Equity 29 M€ 100% Equity 10 M€ Working Capital +Preopening - 3M€ Bank Syndication Bank Syndication Paris Paris Senior debt 44 M€ / 10yr Constr. loan 23,5 M€ / 5yr Shareholding Funding Contract 7/6/2011
- 11. Development Program General Description Fact sheet Villas Specifications Land usage Definition of Interior Spaces 11
- 12. Development Program Hôtel 5* A 5* Hotel consisting of a main building with the general hotel services, being the reception , the lobby, the restaurants and bars , and the administrative and technical les services , and of 54 freestanding individual de-luxe villas of 100 to 300 m² with respectively 1 to 3 bedrooms, each with their private garden and swimming pool, on land plots of approximately 500 to 1.000 m². A gastronomic restaurant seating 60 persons, an all-day restaurant of 150 seats and a bar lounge. A spa & health center of about 1.150 m² with swimming pool and different care possibilities. The Hotel will be managed by an international luxury management company, under a management contract of 2x10 years. The hotel management company will provide a 10 M€ funding guarantee : 3 M€ for the funding of the working capital and the pre-opening costs , and the remainder as a cash flow shortfall guarantee. Private Villas 12 high luxury Private Villas of 420 m², each with 4 bedrooms , their private garden and swimming pool, on a land plot of 5.000 m². Each Villa will be equipped with a ‘hammam’ , 2 staff rooms and 2 garages. All Villas to have the optional ‘à-la-carte’ hotel services and upon owner’s request to be included in the hotel rental pool. The developer’s intention is to pre-sell the Villas on plan. Staff Lodging Necessary Staff lodging will most probably need to be provide outside the resort site. The possibilities for these staff lodging are at this stage still to be studied further. 12
- 13. 13 Ramatuelle - 5* Hotel & Resort - Proforma 6-07-2011 PROPOSED SCHEMATIC OVERALL PROGRAM RAMATUELLE ***** HOTEL & RESORT Main Building Guest Services 1 Gastronomic Restaurant of 60 seats 1 All day Restaurant of 150 seats with terrace 1 Lobby 1 Lounge bar 1 Spa (6-8 cabins), fitness center, swimming pool & bar of 1150 m² 4 Board Rooms of 40 m² & Business center Hotel Villas 54 24 Hotel Villa - Type D of 100 m² with 1 bedroom 18 Hotel Villa - Type C of 200 m² with 2 bedrooms 12 Hotel Villa - Type B of 300 m² with 3 bedrooms PRIVATE VILLAS 12 Private Villa - Type A of 420 m² with 4 bedrooms STAFF LODGING Outside the Resort site / Still to de defined Notes :
- 14. 14 Ramatuelle - 5* Hotel & Resort - Proforma 6-07-2011 v3c SUMMARY VILLA SPECIFICATIONS PRIVATE VILLA Type A VILLA HOTEL Type B VILLA HOTEL Type C VILLA HOTEL Type D QUANTITY 12 12 18 24 Land surface m² 5 000 1 000 750 500 Useful Surface 'SU' m² 300 214 143 71 Built surface 'SHON' m² 420 300 200 100 Constructed surface 'SHOB' m² 611 405 270 135 Terraces m² 120 90 60 30 Rooms # 1+3 1+2 1+1 1+0 Garages # 2 0 0 0 Service area # 2 1 1 0 Garden with pool 1 1 1 1 Hammam-Massage # 1 1 - - Total land surface m² 60 000 12 000 13 500 12 000 Total SU m² 3 600 2 571 2 571 1 714 Total SHON m² 5 040 3 600 3 600 2 400 Total SHOB m² 7 332 4 860 4 860 3 240 Total Terraces m² 1 440 1 080 1 080 720 Total Rooms 48 36 36 24 PRIVATE VILLAS Type A HOTEL VILLAS Type A-B-C TOTAL VILLAS Total land surface m² 60 000 37 500 97 500 Total SU m² 3 600 6 857 10 457 Total SHON m² 5 040 9 600 14 640 Total SHOB m² 7 332 12 960 20 292 Total Terraces m² 1 440 2 880 4 320 Total Rooms 48 96 144 Remarks : The Useful Surface 'SU' is airconditionned The SHON & SU inclusive of the Service aeras 1 m² of SU = 1,4 m² of SHON The SHOB inclusive of garages, balconies,…
- 15. 15 Ramatuelle - 5* Hotel & Resort - Proforma Land surface Usage v3c Coeff. Allocation m² Land Surface m² m² 156 553 Coefficient of Land Usage 'COS' COS 15,00% 23 483 Building print surface 'CUS' CUS 15,00% 23 483 (a) HOTEL & Infrastructure SHON m² 3 565 HOTEL VILLAS SHON m² 9 600 PRIVATE VILLAS SHON m² 5 040 TOTAL SHON m² 11,63% 18 205 Remarks : (a) CUS = CES , Building print PROPOSAL REPARTITION 2011-07-06
- 16. 16 Ramatuelle 5* Hotel & Resort - Hotel Proforma 2011-07-06 v3c PROJECT INTERIOR AREAS Description Q PROJET m² m² HOTEL PUBLIC AREA Luggage/Valet 20 Reception & Concierge 150 Lobby / Lobby Bar 150 Public Restrooms 30 Public Stores 50 Restaurants (2) 60 + 150 seats @ 2m² 210 unités @ m² 2 420 Pool Bar & grill 200 Terraces open spaces , non airconditioned 500 SUB TOTAL exclusive terraces 1 020 MEETING & BOARD ROOMS Meeting Room / Studios 4 units of 40m² 4 unités @ m² 40 160 Pre Function 40 Reception incl Business center 10 Public Restrooms 20 Pantry & Storage 15 Terraces open spaces , non airconditioned 100 SUBTOTAL exclusive terraces 245 BACK OF HOUSE Kitchen/F&B Restaurants, Bars, Room service , Meeting rooms 400 Administration all services included (bookkeeping,direction, etc.) 150 House Keeping & Laundry 100 Repairs & Maintenance 100 Mechanical & Electrical 100 Staff Facilities inclusive security, cafeteria, lockers, etc. 200 SUBTOTAL 1 050 GUEST ROOMS Villas - Type D - 1 room units of 100m² + 30m² of terrace 24 unités @ m² 100 2 400 Villas - Type C - 2 room units of 200m² + 60m² of terrace 18 unités @ m² 200 3 600 Villas - Type B - 3 room units of 300m² + 90m² of terrace 12 unités @ m² 300 3 600 Villas - Type A - 4 room units of 420m² + 120m² of terrace 12 Corridors, Services, Storage inclusive security, cafeteria, lockers, etc. 0% 0 Terraces open spaces 66 unités @ m² - 2 880 SUBTOTAL exclusive terraces 54 clefs 178 9 600 96 chambres 100 SPA & FITNESS Spa inclusive circulations; without pool 1 000 Fitness without lockers 150 SUBTOTAL 1 150 RECREATION Exterior pool with lockers/showers/technical/storage 100 Kids club not foreseen 0 SUBTOTAL 100 OTHER FUNCTIONS & SPACES Covered parking 1 000 SUB TOTAL 1 000 CIRCULATIONS des zones de travail,espaces publics,… 0 GROSS Net à Brut : inclus 0% 0 SUBTOTAL VILLAS Logements SHON m² 9 600 HOTEL Espaces publics & zones de travail SHON m² 3 565 TOTAL AREA SHON SHON m² 13 165 TOTAL AREA PARKING couvert m² 1 000 TOTAL AREA TERRACES couvert m² 3 480 inclus voir Villas
- 17. 17 Ramatuelle 5* Hotel & Resort - Private Villas Proforma 2011-07-06 v3c PROJECT INTERIOR AREAS Built spaces SHON Description PROJET m² VILLAS Villas - Type D - 1 room units of 100m² + 30m² of terrace 24 0 Villas - Type C - 2 room units of 200m² + 60m² of terrace 18 0 Villas - Type B - 3 room units of 300m² + 90m² of terrace 12 0 Villas - Type A - 4 room units of 420m² + 120m² of terrace 12 units @ m² 420 5 040 Corridors, Services, Storage inclusive security, cafeteria, lockers, etc. 0% 0 Terraces open non airconditioned spaces 12 units @ m² 120 1 440 Garages open non airconditioned spaces 12 units @ m² 50 600 Individual Pools included in outside space 12 0 0 SUBTOTAL exclusive terraces,garages,… 12 villas / keys 420 5 040 48 rooms 105 HOTEL PUBLIC AREA SEE HOTEL Luggage/Valet 0 Reception & Concierge 0 Lobby / Lobby Bar 0 Public Restrooms 0 Public Stores 0 Restaurants (2) 0 SUB TOTAL 0 BACK OF HOUSE SEE HOTEL Kitchen/F&B 0 Administration 0 House Keeping & Laundry 0 Repairs & Maintenance 0 Mechanical & Electrical 0 Staff Facilities 0 SUBTOTAL 0 RECREATION SPACES SEE HOTEL Exterior Pool 0 Kids Club 0 SUBTOTAL 0 OTHER FUNCTIONS & SPACES Covered Parking 0 SUBTOTAL 0 CIRCULATIONS of public & working spaces 0 GROSS Net to Gross : inclusive 0% 0 TOTAL BUILT SURFACES SHON m² 5 040 TOTAL PARKING underground m² 0 TOTAL TERRASSES covered, inclusive parkings m² 2 040 inclus see hotel see hotel see hotel
- 18. Feasibility study Summary For the Hotel , respectively the Villas : Sales Projection Investment Cost FF&E Program Cash flow Projection Hotel Operation Hotel RIO Analysis 18
- 19. 19 Ramatuelle - 5* Hotel & Resort - Proforma 2011-07-06 v3c SUMMARY EUR HOTEL PRIVATE VILLAS STAFF ACCOMOD ATION TOTAL QUANTITY & SURFACES Number of Keys # 54 12 66 Number of Rooms # 96 48 144 Total surface SHON Villas m² 9 600 5 040 14 640 Total surface SHON Villas m² 3 565 - 3 565 Total surface SHON m² 13 165 5 040 18 205 Average SHON surface per key m² 244 420 276 Terraces & garages m² 3 480 2 040 5 520 Parkings m² 1 000 0 1 000 Total constructed surface 'SHOB' m² 17 645 7 080 24 725 Land surface Villas m² 37 500 60 000 97 500 Land surface Hotel, excl villas m² 59 053 59 053 Total Land surface m² 96 553 60 000 156 553 SALES REVENU Toal sales revenu, VAT inclusive € 96 000 000 180 000 000 0 276 000 000 (°) Average Sales value per Key € 1 777 778 15 000 000 Average Sales value per Room € 1 000 000 3 750 000 Sales price per m² SHON surface 7 292 35 714 Sales costs, Marketing, Royalties,… € -1 440 000 -8 100 000 -9 540 000 VAT € 0 -35 820 000 -35 820 000 (°) Working capital € 1 500 000 0 1 500 000 NET SALES REVENU, VAT exclusive € 96 060 000 136 080 000 232 140 000 DEVELOPMENT COST Land & predevelopment € -5 585 000 -5 585 000 -11 170 000 Construction € -37 492 350 -16 380 000 -53 872 350 FF&E - OS&E € -8 646 750 -6 515 250 -15 162 000 Soft costs & permits € -15 313 807 -7 289 355 -22 603 162 Financing costs € -2 363 932 -1 385 652 -3 749 584 Pre-opening costs € -3 000 000 0 -3 000 000 Total Costs € -72 401 840 -37 155 257 -109 557 097 NET PROFIT , before taxes € 23 658 160 98 924 743 122 582 903 ROI , excl operation 24,6% 55,0% 44,4% FINANCING Senior Debt , interests inclusive € 44 009 076 0 44 009 076 Construction Loan € 0 23 441 371 23 441 371 Total Financing € 44 009 076 23 441 371 67 450 447 60% 71% 64% Equity Land & Predevelopment € 5 585 000 5 585 000 11 170 000 Mezzanine & Other Equity € 20 406 901 3 937 122 24 344 023 Equity by Hotel manager € 3 000 000 0 3 000 000 Total Equity € 28 991 901 9 522 122 38 514 023 40% 29% 36% Financing & Equity € 73 000 977 32 963 494 105 964 470 Remarks : The Villas are non branded Sales revenue includes the hotel sale (°) The Hotel sale is exclusive VAT ($) for the Villas inclusive of staff accomodation and garages
- 20. 20 Ramatuelle 5* Hotel & Resort - Hotel Proforma v3c Hotel Sales Total built surface SHON 13 165 m² Average Surface SHON per room 100 m² Total built covered surface (incl terraces) 16 645 m² Average Surface Gross per room 173 m² Number of rooms 96 Number of keys 54 Gross sales price per room 1 000 000 € Gross sales price per key 1 777 778 € Total gross sales price 96 000 000 € Sales price per m² SHON surface 7 292 €/m² Sales transaction costs (incl commission,..) 1,5% (1 440 000) € Management break-up fee 0,0% - € Total Net sales value 94 560 000 € Working capital 1 500 000 € Total Sales value 96 060 000 € Development cost , excl land (66 816 840) € Profit , excl land 29 243 160 € Land & predevelopment (5 585 000) € Net Profit 24,6% 23 658 160 € excl VAT, before taxes Remarks : All figures exclusive VAT 2011-07-06
- 21. 21 Ramatuelle 5* Hotel & Resort - Hotel Proforma 2011-07-06 v3c Summary of the total development cost EUR Land acquisition Land surface Land m² €/m² 5 000 000 Acquisition costs 85 000 Predevelopment 500 000 Subtotal 5 585 000 Construction costs Built surface Building Structure , M&E & Finishings 13 165 m² @ 2 000 €/m² 26 330 000 Fixed Furniture & Decorative elements 13 165 m² @ 200 €/m² 2 633 000 Terraced buildings 3 480 m² @ 300 €/m² 1 044 000 Parking Structure & M&E 1 000 m² @ 1 000 €/m² 1 000 000 Siteworks , Infrastructure & excavation 2 000 000 Pools and ponds 54 @ per unit 50 000€ €/m² 2 700 000 Contingency 35 707 000 @ 5,00% 1 785 350 Subtotal 37 492 350 FF&E , OS&E and Special Equipments Rooms & Public spaces 96 @ per unit 64 479 6 190 000 OS&E 96 @ per unit 7 135 685 000 Low voltage systems 210 000 IT systems & equipment 100 000 Signage 50 000 Kitchens, bars & laundry 1 000 000 Contingency 8 235 000 @ 5,00% 411 750 Subtotal 8 646 750 Professional Soft Costs / Consultants Owners representative 51 724 100 0,50% of total 258 621 Project management 46 139 100 4,00% of CC & FFE 1 845 564 Legal 51 724 100 0,30% of total 155 172 Architects & Engineers 46 139 100 6,00% of CC & FFE 2 768 346 Interior Designer 8 646 750 12,00% of FFE 1 037 610 Interior Designer Specials 8 646 750 0,80% of FFE 69 174 Bookkeeping & audit 51 724 100 0,10% of total 51 724 Technical Services Hotel Operator 96 2 500 per room 240 000 Builders Risk insurance 46 139 100 0,50% of CC & FFE 230 696 Taxes during Construction 150 000 Contingency 6 806 906 @ 5,00% inclus Subtotal 6 806 906 Permits Building Permits & Municipal Taxes 100 000 Subtotal 100 000 Financing Finance & Inspection Fees 44 000 000 @ 0,25% 110 000 Interest during Construction 2,5 ans 5,50% 2 253 932 Interest during & after Opening non inclus 0 Subtotal 2 363 932 Opening Costs Working Capital 1 500 000 Pre-opening costs 1 500 000 Subtotal 3 000 000 Development Overhead Overhead Cost & Risk Managementhors terrain & financement 56 046 006 @ 15,00% 8 406 901 Subtotal 8 406 901 TOTAL DEVELOPPEMENT COST , excl opening & financing 96 @ 698 312 67 037 907 € TOTAL DEVELOPPEMENT COST , incl financing 96 @ 722 936 69 401 840 € TOTAL DEVELOPPEMENT COST 96 @ 754 186 72 401 840 €
- 22. 22 Ramatuelle 5* Hotel & Resort - Hotel Proforma Provisional Cashflow during Construction Construction Planning Hotel 1 Studies Construction Private Villas 12 Studies Construction Sales Prognosis Hotel 1 Private Villas 12 Uses Total Cash EUR Q3 Q4 Q1 Q2 Q3 Q4 Land Purchase (5 085 000) (5 085 000) - - - - - Predevelopment (500 000) (500 000) - - - - - Construction (31 507 350) - - - - (4 726 103) (6 301 470) Siteworks & infrastructure (4 935 000) - - - - (1 233 750) (987 000) FF&E & Kitchens (7 549 500) - - - - - - OS&E and special eqmts (1 097 250) - - - - - - Soft costs (6 806 906) - (680 691) (1 021 036) (680 691) (680 691) (1 021 036) Development Overhead (8 406 901) - (840 690) (840 690) (840 690) (840 690) (840 690) Permits (100 000) - - (100 000) - - - Pre-Opening & working cap (3 000 000) - - - - - - Interests & Finance fees (2 138 902) - - - - - - Subtotal (71 126 810) (5 585 000) (1 521 381) (1 961 726) (1 521 381) (7 481 233) (9 150 196) VAT 19,90% (12 617 179) - (167 297) (167 297) (167 297) (1 353 308) (1 617 703) VAT return 12 617 179 167 297 167 297 167 297 Total of the Period OUT (71 126 810) (5 585 000) (1 688 678) (2 129 023) (1 521 381) (8 667 244) (10 600 602) Revenues Equity Equity Land & predevelopment 5 585 000 5 585 000 Mezzanine & Other equity 20 406 901 - 1 680 173 2 116 389 1 513 122 8 658 985 2 234 781 Operator Working Capital 3 000 000 Subtotal 28 991 901 5 585 000 1 680 173 2 116 389 1 513 122 8 658 985 2 234 781 Debts Financing Land Purchase - - Financing Construction 41 645 143 - 8 365 820 Interests 5,5% 2 363 932 - - - - 225 030 Subtotal 44 009 076 - - - - - 8 590 851 Total of the Period IN 73 000 977 5 585 000 1 680 173 2 116 389 1 513 122 8 658 985 10 825 632 Finance Assumptions Hotel 5,5% Avg Debt Equity Cash 8 585 000 12% Senior Debt 5,5% 44 009 076 Non-Cash 20 406 901 28% Mezzanine Debt 5,5% Debt Construction 0% Total Debts 44 009 076 Senior 44 009 076 60% Total 73 000 977 100% 2011 2012
- 23. 23 Ramatuelle 5* Hotel & Resort - Hotel Proforma Provisional Cashflow during Construction Construction Planning Hotel 1 Private Villas 12 Sales Prognosis Hotel 1 Private Villas 12 5 2 2 3 Uses Cash Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Land Purchase - - - - - - - - Predevelopment - - - - - - - - Construction (4 726 103) (4 726 103) (4 726 103) (4 726 103) (1 575 368) - - - Siteworks & infrastructure (740 250) (740 250) (740 250) (493 500) - - - - FF&E & Kitchens (1 132 425) (1 887 375) (1 509 900) (2 264 850) (754 950) - - - OS&E and special eqmts - (109 725) (219 450) (438 900) (329 175) - - - Soft costs (680 691) (680 691) (680 691) (340 345) (340 345) - - - Development Overhead (840 690) (840 690) (840 690) (840 690) (840 690) - - - Permits - - - - - - - - Pre-Opening & working cap - - - (1 500 000) (1 500 000) - - - Interests & Finance fees (216 867) (326 845) (439 639) (558 635) (596 917) (588 542) (590 024) - Subtotal (8 337 025) (9 311 678) (9 156 722) (11 163 023) (5 937 445) (588 542) (590 024) - VAT 19,90% (1 255 101) (1 255 101) (1 255 101) (1 205 998) (480 795) - - - VAT return 1 353 308 1 617 703 1 255 101 1 255 101 1 255 101 1 205 998 480 795 - Total of the Period OUT (8 238 818) (8 949 077) (9 156 722) (11 113 920) (5 163 139) 617 456 (109 228) - Revenues Equity Equity Land & predevelopment Mezzanine & Other equity 840 690 840 690 840 690 840 690 840 690 - - - Operator Working Capital - 1 500 000 1 500 000 Subtotal 840 690 840 690 840 690 2 340 690 2 340 690 - - - Debts Financing Land Purchase Financing Construction 7 181 262 7 781 542 7 876 393 8 214 595 2 225 532 (1 205 998) (480 795) - Interests 5,5% 216 867 326 845 439 639 558 635 596 917 588 542 590 024 - Subtotal 15 988 979 24 097 365 32 413 397 41 186 627 44 009 076 43 391 620 43 500 848 - Total of the Period IN 8 238 818 8 949 077 9 156 722 11 113 920 5 163 139 (617 456) 109 228 - Finance Assumptions Hotel Senior Debt Mezzanine Debt 2013 2014
- 24. 24 Ramatuelle 5* Hotel & Resort - Hotel Proforma 2011-06-06 v3b FF&E , OS&E and Special equipments FF&E Villas - Type D - 1room (inclus lighting) 24 units @ € 45 000 € 1 080 000 Villas - Type C - 2room (inclus lighting) 18 units @ € 90 000 € 1 620 000 Villas - Type B - 3room (inclus lighting) 12 units @ € 135 000 € 1 620 000 Villas - Type A - 4room (inclus lighting) 12 units @ € 0 Public Area (Lobby/Bar) € 200 000 Restaurant 2 units @ € 200 000 € 400 000 Bar 2 units @ € 30 000 € 60 000 Pool grill 1 units @ € 150 000 € 150 000 Meeting rooms 4 units @ € 50 000 € 200 000 Public Stores € 10 000 Decorative Lighting (excluding guest rooms) € 250 000 Spa 1 € 200 000 Garden & Pool € 200 000 BOH areas incl engineering & maintenance € 50 000 Modelroom € 150 000 Contingencies 5% € 309 500 Subtotal FF&E € 6 499 500 OS&E Rooms, Lobby, Corridors, 96 units @ € 5 000 € 480 000 Restaurants&Bars/Kitchen € 150 000 Spa & Fitness € 50 000 BOH areas € 5 000 Contingencies 5% € 34 250 Subtotal OS&E € 719 250 Owner's Direct / Special equipments Security Camera CCTV System € 60 000 Sound System Equipment € 150 000 Signage (interior & exterior) € 50 000 IT € 100 000 Kitchen & Bar equipment € 1 000 000 Laundry equipment private kitchens included € 0 Miscellaneous & contingencies 5% € 68 000 Subtotal Owner's Direct / Special equipments € 1 428 000 Total FF&E , OS&E , special equipments 96 rooms € 90 070 € 8 646 750 54 keys € 160 125
- 25. 25 Ramatuelle 5* Hotel & Resort - Hotel Proforma Profit & Loss Projection of the Hotel Operation for 10 years kEUR Year: 2014 2015 2016 2017 2018 NumberofRooms: 96 96 96 96 96 DaysofOccupation/ yr 180 180 180 180 180 OccupiedRooms: 9504 11232 12960 13824 13824 Occupancy(%) : 55% 65% 75% 80% 80% AverageRoomRate(€) : 950 %du 969 %du 988 %du 1008 %du 1028 %du RevPAR 523 Brut 630 Brut 741 Brut 807 Brut 823 Brut REVENUES Rooms 9029 65,0 % 10884 67,9 % 12809 70,6 % 13937 71,1 % 14215 70,8 % F&B 3500 25,2 3700 23,1 3800 20,9 4000 20,4 4100 20,4 Recreation&Spa 925 6,7 950 5,9 990 5,5 1050 5,4 1100 5,5 Meeting&Banquets 200 1,4 204 1,3 208 1,1 212 1,1 216 1,1 OtherRevenue 230 1,7 280 1,7 335 1,8 394 2,0 457 2,3 Total 13884 100,0 16018 100,0 18142 100,0 19593 100,0 20089 100,0 DEPARTEMENTALEXPENSES Rooms 2158 23,9 2471 22,7 2690 21,0 2732 19,6 2630 18,5 F&B 2380 68,0 2387 64,5 2272 59,8 2300 57,5 2284 55,7 Recreation&Spa 230 40,0 352 37,0 351 35,5 341 32,5 329 29,9 0 120 60,0 122 60,0 125 60,0 127 60,0 130 60,0 OtherRevenue 113 49,0 126 45,0 147 43,8 168 42,8 193 42,1 Total 5001 36,0 5457 34,1 5585 30,8 5669 28,9 5565 27,7 DEPARTEMENTALINCOME 8883 64,0 10561 65,9 12557 69,2 13924 71,1 14524 72,3 UNDISTRIBUTEDOPERATINGEXPENSES Administrative&General 833 6,0 961 6,0 1016 5,6 1019 5,2 974 4,9 Marketing 555 4,0 641 4,0 726 4,0 745 3,8 723 3,6 Maintenance 555 4,0 609 3,8 653 3,6 627 3,2 583 2,9 Utilities 569 4,1 625 3,9 671 3,7 666 3,4 683 3,4 Total 2513 18,1 2835 17,7 3066 16,9 3056 15,6 2963 14,8 HOUSEPROFIT(GOP) 6370 45,9 7726 48,2 9491 52,3 10867 55,5 11561 57,5 MANAGEMENTFEES Basefee * 417 3,0 481 3,0 544 3,0 588 3,0 603 3,0 Incentivefee * 595 10,0 725 10,0 895 10,0 1028 10,0 1096 10,0 Marketingfee * 0 0 0,0 0 0,0 0 0,0 0 0,0 Licensefee * 0 0 0 0 0 Total 1012 1205 1439 1616 1699 INCOMEBEFOREFIXEDCHARGES 5359 38,6 6521 40,7 8052 44,4 9252 47,2 9863 49,1 FIXEDCHARGES Propertytaxes 94 0,7 109 0,7 123 0,7 133 0,7 137 0,7 PropertyInsurance 139 1,0 160 1,0 181 1,0 196 1,0 201 1,0 Audit&legal fees 42 0,3 48 0,3 54 0,3 59 0,3 60 0,3 ReplacementReserve 278 2,0 481 3,0 726 4,0 784 4,0 804 4,0 Total 553 4,0 798 5,0 1085 6,0 1172 6,0 1201 6,0 EBITDAHOTEL 4806 34,6 % 5723 35,7 % 6967 38,4 % 8080 41,2 % 8661 43,1 % REVENUE/ APARTMENTSERVICES TOTALEBITDA 4806 5723 6967 8080 8661 1 1 1 1 1 Incremental Revenue 2,0% Notes : The Incentive fee is calculated as a % on the AGOP Inflation rate 0% N/A The AGOP is calculated as the GOP less the management fees ( Base fee , Marketing fee , License fee ) Income witholding tax * 0,0% The Insurance covers only the Property , being the building & equipments. All other operational insurance included in the u
- 26. 26 Ramatuelle 5* Hotel & Resort - Hotel Proforma 2011-07-06 v3c Profit & Loss Projection of the Hotel Operation for 10 years kEUR kEUR Year: 2019 2020 2021 2022 2023 NumberofRooms: 96 96 96 96 96 DaysofOccupation/ yr 180 180 180 180 180 OccupiedRooms: 13824 13824 13824 13824 13824 Occupancy(%) : 80% 80% 80% 80% 80% AverageRoomRate(€) : 1049 %du 1070 %du 1091 %du 1113 %du 1135 %du RevPAR 839 Brut 856 Brut 873 Brut 890 Brut 908 Brut REVENUES Rooms 14500 70,8 % 14790 70,8 % 15085 70,8 % 15387 70,8 % 15695 70,8 % F&B 4182 20,4 4266 20,4 4351 20,4 4438 20,4 4527 20,4 Recreation&Spa 1122 5,5 1144 5,5 1167 5,5 1191 5,5 1214 5,5 Meeting&Banquets 221 1,1 225 1,1 230 1,1 234 1,1 239 1,1 OtherRevenue 466 2,3 476 2,3 485 2,3 495 2,3 505 2,3 Total 20491 100,0 20901 100,0 21319 100,0 21745 100,0 22180 100,0 DEPARTEMENTALEXPENSES Rooms 2682 18,5 2736 18,5 2791 18,5 2847 18,5 2904 18,5 F&B 2329 55,7 2376 55,7 2423 55,7 2472 55,7 2521 55,7 Recreation&Spa 335 29,9 342 29,9 349 29,9 356 29,9 363 29,9 0 132 60,0 135 60,0 138 60,0 141 60,0 143 60,0 OtherRevenue 196 42,1 200 42,1 204 42,1 208 42,1 213 42,1 Total 5676 27,7 5790 27,7 5905 27,7 6024 27,7 6144 27,7 DEPARTEMENTALINCOME 14815 72,3 15111 72,3 15413 72,3 15722 72,3 16036 72,3 UNDISTRIBUTEDOPERATINGEXPENSES Administrative&General 994 4,9 1014 4,9 1034 4,9 1055 4,9 1076 4,9 Marketing 738 3,6 752 3,6 767 3,6 783 3,6 798 3,6 Maintenance 594 2,9 606 2,9 618 2,9 631 2,9 643 2,9 Utilities 697 3,4 711 3,4 725 3,4 739 3,4 754 3,4 Total 3022 14,8 3083 14,8 3145 14,8 3207 14,8 3272 14,8 HOUSEPROFIT(GOP) 11792 57,5 12028 57,5 12269 57,5 12514 57,5 12764 57,5 MANAGEMENTFEES Basefee * 615 3,0 627 3,0 640 3,0 652 3,0 665 3,0 Incentivefee * 1118 10,0 1140 10,0 1163 10,0 1186 10,0 1210 10,0 Marketingfee * 0 0,0 0 0,0 0 0,0 0 0,0 0 0,0 Licensefee * 0 0 0 0 0 Total 1732 1767 1802 1839 1875 INCOMEBEFOREFIXEDCHARGES 10060 49,1 10261 49,1 10466 49,1 10676 49,1 10889 49,1 FIXEDCHARGES Propertytaxes 139 0,7 142 0,7 145 0,7 148 0,7 151 0,7 PropertyInsurance 205 1,0 209 1,0 213 1,0 217 1,0 222 1,0 Audit&legal fees 61 0,3 63 0,3 64 0,3 65 0,3 67 0,3 ReplacementReserve 820 4,0 836 4,0 853 4,0 870 4,0 887 4,0 Total 1225 6,0 1250 6,0 1275 6,0 1300 6,0 1326 6,0 EBITDAHOTEL 8835 43,1 % 9011 43,1 % 9191 43,1 % 9375 43,1 % 9563 43,1 % REVENUE/ APARTMENTSERVICES TOTALEBITDA 8835 9011 9191 9375 9563 1 1 1 1 1 Incremental Revenue Inflation rate Income witholding tax *
- 27. 27 Ramatuelle 5* Hotel & Resort - Hotel Proforma 2011-07-06 v3c Analysis 'IRR' Total Development Cost 69 401 840 $ Construction Financing Hotel % of the Cost Mezzanine Financing 0% - $ Senior Debt 60% 44 009 076 $ Equity 40% 28 991 901 $ Total Construction Sources 100% 73 000 977 $ Financement Permanent & Produits de Vente Hotel % of the Cost Senior Debt 60% 44 009 076 $ Equity 40% 28 991 901 $ Total Permanent Financing Sources 73 000 977 $ Return Projections Hotel & Club Net Operating Income (Based on First Stabilized Year - Year 3) 6 464 325 $ Hotel Unleveraged Return On Investment (ROI) Permanent Financing 8,86% Debt Service on Hotel Loan (interest only) @ 5,5% (2 420 499) $ Annual Cash Flow 4 043 825 $ Leveraged Return On Investment (ROI) 13,95% Total Project Seven Year IRR Calculation 31% Période Total Development 1 Cash Entry (28 991 901) $ 2 No Cash Flow during Construction - $ 3 Cash Flow (Hotel in year 3) 3 461 646 $ 4 Cash Flow (Stabilized Year 4) 4 487 934 $ 5 Cash Flow Year 5 5 039 455 $ 6 Cash Flow Year 6 5 188 654 $ 7 Cash Flow and Net Sales Revenues 111 235 653 $ Sales at the end of the 7th year , less the Debts 106 046 999 $ Percentage of Reverse Capitalization 6,50%
- 28. 28 Ramatuelle 5* Hotel & Resort - Private Villas Proforma v3c Villa Sales Total built surface SHON 5 040 m² Average Surface SHON per Villa 420 m² Total built covered surface (incl terraces) 7 080 m² Average Surface Gross per Villa 590 m² Number of rooms 48 Number of Villas 12 Gross sales price per Villa, VAT incl 15 000 000 € Gross sales price per room, VAT incl 3 750 000 € Total gross sales price, VAI incl 180 000 000 € Sales price per m² SHON surface 35 714 €/m² VAT on sales 19,9% (35 820 000) € Gross Sales price, VAT excl 144 180 000 € Sales transaction costs (incl commission,..) 3,0% (5 400 000) € Royalties 0,0% - € Marketing costs 1,5% (2 700 000) € Subtotal of Sales costs (8 100 000) € Total Net sales value, VAT excl 136 080 000 € Development cost , excl land (31 577 646) € Profit , excl land 104 502 354 € Land & predevelopment (5 585 000) € Net Profit 55,0% 98 917 354 € exclusive VAT, before taxes Remarks : 2011-07-06
- 29. 29 Ramatuelle 5* Hotel & Resort - Private Villas Proforma 2011-07-06 v3c Summary of the total development cost EUR Land acquisition Land surface Land m² - 5 000 000 Acquisition costs 85 000 Predevelopment - 500 000 Soustotal 5 585 000 Construction costs Built surface Building Structure , M&E & Finishings 5 040 m² 2 000 €/m² 10 080 000 Fixed Furniture & Decorative elements 5 040 m² 200 €/m² 1 008 000 Terraced buildings 2 040 m² 300 €/m² 612 000 Parking Structure & M&E 1 200 m² 1 000 €/m² 1 200 000 Siteworks , Infrastructure & excavation 1 500 000 Pools and ponds 12 @ per unit 100 000 1 200 000 Contingency 15 600 000 @ 5,00% 780 000 Soustotal 16 380 000 FF&E , OS&E and Special Equipments Rooms & Public spaces 12 @ per unit 500 833 6 010 000 OS&E 0 Low voltage systems 180 000 IT systems & equipment 10 000 Signage 5 000 Kitchens, bars & laundry 0 Contingency 6 205 000 @ 5,00% 310 250 Soustotal 6 515 250 Professional Soft Costs / Consultants Owners representative 28 480 250 0,50% of total 142 401 Project management 22 895 250 4,00% of CC & FFE 915 810 Legal - of total 0 Architects & Engineers 22 895 250 6,00% of CC & FFE 1 373 715 Interior Designer 6 515 250 12,00% of FFE 781 830 Interior Designer Specials - of FFE 0 Bookkeeping & audit - of total 0 Technical Services Hotel Operator 12 2 500 per room 30 000 Builders Risk insurance 22 895 250 0,50% of CC & FFE 114 476 Taxes during Construction 0 Contingency 3 358 233 @ 5,00% inclus Soustotal 3 358 233 Permits Building Permits & Municipal Taxes 0 Soustotal 0 Financing Finance & Inspection Fees 12 500 000 @ 0,25% 31 250 Interest during Construction 2 ans 5,50% 1 354 891 Interest during & after Opening non inclus 0 Soustotal 1 386 141 Opening Costs Working Capital 0 Pre-opening costs 0 Soustotal 0 Development Overhead Overhead Cost & Risk Managementexcl land & financing 26 253 483 @ 15,00% 3 938 022 Soustotal 3 938 022 TOTAL DEVELOPPEMENT COST , excl land 12 @ 2 631 470 31 577 646 € TOTAL DEVELOPPEMENT COST , incl land 12 @ 3 096 887 37 162 646 €
- 30. 30 Ramatuelle 5* Hotel & Resort - Private Villas Proforma Provisional Cashflow during Construction Construction Planning Hotel 1 Studies Construction Private Villas 12 Studies Construction Sales Prognosis Hotel 1 Private Villas 12 Uses Totals Cash EUR Q3 Q4 Q1 Q2 Q3 Q4 Land Purchase (5 085 000) (5 085 000) - - - - - Predevelopment (500 000) (500 000) - - - - - Marketing costs (2 700 000) - (1 080 000) (810 000) (675 000) (135 000) - Construction (12 285 000) - - - - (2 457 000) (2 457 000) Siteworks & infrastructure (2 835 000) - - - - (708 750) (567 000) FF&E & Kitchens (6 310 500) - - - - - - OS&E and special eqmts (204 750) - - - - - - Soft costs (3 352 233) - (335 223) (502 835) (335 223) (335 223) (502 835) Permits - - - - - - - Development Overhead (3 937 122) - (393 712) (393 712) (393 712) (393 712) (393 712) Pre-Opening & working cap - - - - - - - Interests & Finance fees (720 494) - (55 659) (47 895) (66 286) (123 269) (179 516) Subtotal (37 930 099) (5 585 000) (1 864 595) (1 754 442) (1 470 221) (4 152 954) (4 100 063) VAT 19,90% (6 293 296) - (359 978) (339 603) (279 383) (801 907) (780 189) VAT return 6 293 296 359 978 339 603 Total of the Period OUT (37 930 099) (5 585 000) (2 224 573) (2 094 045) (1 749 605) (4 594 883) (4 540 649) Revenues Average Sales price, VAT incl 15 000 000 At option signature 10% 18 000 000 0 0 0 0 0 0 At contract signature 10% 18 000 000 0 0 At foundation 20% 36 000 000 0 At closed construction 25% 45 000 000 At finishing 25% 45 000 000 At reception 10% 18 000 000 Total sales revenu, VAT incl 100% 180 000 000 0 0 0 0 0 Sales costs 3% (5 400 000) - - - - - - VAT 19,90% (35 820 000) - - - - - - Total net sales revenu, VAT excl 138 780 000 0 0 0 0 0 0 Equity Equity Land & Predevelopment 5 585 000 5 585 000 - Mezzanine & Other equity 3 937 122 - 393 712 393 712 393 712 393 712 393 712 Operator Working Capital - - - - - - - Subtotal 9 522 122 5 585 000 393 712 393 712 393 712 393 712 393 712 Debts Financing Land Purchase - - - Financing Construction 1 775 201 1 652 438 1 289 606 4 077 903 3 967 421 Interests 5,5% 1 385 652 - 55 659 47 895 66 286 123 269 179 516 Total debt 23 441 371 - 1 830 860 3 531 194 4 887 086 9 088 257 13 235 193 Total of the Period IN 148 302 122 5 585 000 2 224 573 2 094 045 1 749 605 4 594 883 4 540 649 Finance Assumptions Villas 5,5% Avg Debt Equity Cash 5 585 000 4% Senior Debt 5,5% - Non-Cash 3 937 122 3% Construction Debt 5,5% 23 441 371 Debt Construction 23 441 371 16% Total Debts 23 441 371 Senior 0% Total 32 963 494 22% 2011 2012
- 31. 31 Ramatuelle 5* Hotel & Resort - Private Villas Proforma Provisional Cashflow during Construction Construction Planning Hotel 1 Private Villas 12 Sales Prognosis Hotel 1 Private Villas 12 5 2 2 3 Uses Cash Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Land Purchase - - - - - - - - Predevelopment - - - - - - - - Marketing costs - - - - - - - - Construction (2 457 000) (1 842 750) (1 842 750) (1 228 500) - - - - Siteworks & infrastructure (425 250) (425 250) (425 250) (283 500) - - - - FF&E & Kitchens (946 575) (1 577 625) (1 262 100) (1 893 150) (631 050) - - - OS&E and special eqmts - (20 475) (40 950) (81 900) (61 425) - - - Soft costs (335 223) (335 223) (335 223) (167 612) (167 612) - - - Permits - - - - - - - - Development Overhead (393 712) (393 712) (393 712) (393 712) (393 712) - - - Pre-Opening & working cap - - - - - - - - Interests & Finance fees (247 869) Subtotal (4 805 630) (4 595 035) (4 299 985) (4 048 374) (1 253 799) - - - VAT 19,90% (906 994) (914 412) (855 697) (805 626) (249 506) - - - VAT return 279 383 801 907 780 189 906 994 914 412 855 697 805 626 249 506 Total of the Period OUT (5 433 241) (4 707 540) (4 375 494) (3 947 006) (588 893) 855 697 805 626 249 506 Revenues Average Sales price, VAT incl At option signature 10% 0 0 7 500 000 3 000 000 3 000 000 4 500 000 0 0 At contract signature 10% 0 0 0 7 500 000 3 000 000 7 500 000 0 0 At foundation 20% 0 0 0 21 000 000 6 000 000 9 000 000 0 0 At closed construction 25% 0 0 0 0 18 750 000 15 000 000 11 250 000 0 At finishing 25% 0 0 0 0 33 750 000 11 250 000 0 At reception 10% 0 0 0 10 500 000 7 500 000 0 Total sales revenu, VAT incl 100% 0 0 7 500 000 31 500 000 30 750 000 80 250 000 30 000 000 0 Sales costs 3% - - (2 250 000) (900 000) (900 000) (1 350 000) - - VAT 19,90% - - (1 492 500) (6 268 500) (6 119 250) (15 969 750) (5 970 000) - Total net sales revenu, VAT excl 0 0 3 757 500 24 331 500 23 730 750 62 930 250 24 030 000 0 Equity Equity Land & Predevelopment Mezzanine & Other equity 393 712 393 712 393 712 393 712 393 712 - - - Operator Working Capital - - - - - - - - Subtotal 393 712 393 712 393 712 393 712 393 712 - - - Debts Financing Land Purchase Financing Construction 4 791 659 4 313 828 224 281 (20 778 206) (23 535 569) (63 785 947) (24 835 626) (249 506) Interests 5,5% 247 869 310 593 317 947 36 619 (286 492) (1 167 488) (1 525 031) (1 549 431) Total debt 18 274 722 22 899 143 23 441 371 2 699 783 (21 122 278) (86 075 713) ########## ########## Total of the Period IN 5 433 241 5 018 133 4 693 441 3 983 624 302 401 (2 023 185) (2 330 657) (1 798 937) Finance Assumptions Villas Senior Debt Construction Debt 2013 2014
- 32. 32 Ramatuelle 5* Hotel & Resort - Private Villas Proforma 2011-07-06 v3c FF&E , OS&E and Special equipments FF&E Villas - Type D - 1room (inclus lighting) 24 units @ € 0 Villas - Type C - 2room (inclus lighting) 18 units @ € 0 Villas - Type B - 3room (inclus lighting) 12 units @ € 0 Villas - Type A - 4room (inclus lighting) 12 units @ € 500 000 € 6 000 000 Public Area (Lobby/Bar) € 10 000 Restaurant units @ € 0 Bar units @ € 0 Pool grill units @ € 0 Meeting rooms units @ € 0 Public Stores € 0 Decorative Lighting (excluding guest rooms) € 0 Spa € 0 Garden & Pool € 0 BOH areas incl engineering & maintenance € 0 Modelroom € 0 Contingencies 5% € 300 500 Subtotal FF&E € 6 310 500 OS&E Rooms, Lobby, Corridors, 0 units @ € 20 000 € 0 Restaurants&Bars/Kitchen € 0 Spa & Fitness € 0 BOH areas inclus € 0 Contingencies 5% € 0 Subtotal OS&E 0 units @ € 0 € 0 Owner's Direct / Special equipments Security Camera CCTV System € 60 000 Sound System Equipment € 120 000 Signage (interior & exterior) € 5 000 IT € 10 000 Kitchen & Bar equipment inclus € 0 Laundry equipment inclus € 0 Miscellaneous & contingencies 5% € 9 750 Subtotal Owner's Direct / Special equipments € 204 750 Total FF&E , OS&E , special equipments 12 rooms € 542 938 € 6 515 250 48 keys € 135 734
- 34. Development team Investor Drion Associates Ltd London , UK Developer “Logan International” Logan Hotels & Resorts Development Company Ltd 86 Jermyn Street, London SW1Y 6AW, UK Albert Maes Tel +33 1 4115 0606 Mob +44 7825 7867 31 Email : albert.maes@logan-international.com Stephan Rahier Tel +32 9 224 0330 Mob +32 475 432 922 Email : stephan.rahier@logan-international.com Architect to be defined Landscaper to be defined Interior Decorator to be defined Environmental Consultant to be defined 34
- 35. 35 Disclaimer The information contained in this presentation is being furnished to selective prospective investors and financial institutions on a confidential basis for the purpose of providing certain information about an investment in Ramatuelle - St Tropez (the “Investment”) developed by “Logan International” in France. This presentation may not be used for any other purpose. This presentation may not be reproduced or provided to others who are not directly concerned with a prospective investor’s decision regarding such Investment without the prior written permission of Logan International. To the extent that the information contained herein includes hypothetical performance analyses, these analyses are based on assumptions as to future events and conditions that are inherently uncertain, unpredictable and subject to change. No representation is made as to, and investors should not rely on the analyses as indicative of, the actual performance of the Investment. Actual results will vary, perhaps materially, from the analyses. Investors should consider as to the reasonableness of those assumptions and evaluate the analyses on the basis of those considerations. The information contained herein is not complete and should be read in conjunction with the confidential private placement memorandum related to offers and sales of interests in the Investment, including the risk factor contained therein. Nothing contained herein shall constitute an offer of interests in the Investment, or other securities, or any representation or warranty as to future performance. Any offers and sales of interests in the Investments will be made only in accordance with the terms and conditions of, and information contained in, the private placement memorandum, which terms, conditions and information will supersede the terms, conditions and information contained herein.