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Park Hyatt Presentation AM (1) - Miguel Guedes de Sousa

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Miguel Guedes de Sousa

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Park Hyatt Presentation AM (1) - Miguel Guedes de Sousa

  1. 1. ONE GROSVENOR CRESCENT XXXXXXXXXXXXXXXXXXXXXXX Option 1 ONE GROSVENOR PLACE PARK HYATT hamilogan international hchit
  2. 2. FEASABILITY STUDIES ONE GROSVENOR PLACE logan tects international
  3. 3. One Grosvenor Place Feasibility Option 4 Park Hyatt Summary
  4. 4. One Grosvenor Place Summary • Total summary • Accomodation schedule • Total project area schedule Hotel • Development cost • Sales prognosis • Construction cash flow • Interior area program • FF&E , OS&E & Equipment program • Operational prognosis • IRR analysis Apartments • Development cost • Sales forecast • Sales prognosis • Construction cash flow • Interior area program • FF&E , OS&E & Equipment program • Operational prognosis Logan International 2
  5. 5. ONE GROSVENOR PLACE - Option 4 30-06-2011 TOTAL SUMMARY Option 4 d HOTEL APARTMENTS TOTAL - - 5 458 Specifications Total Land Area Number of Rooms/Apartments Total Area NIA % allocation Average NIA Area per Unit Total Area GIA SALES REVENUE , VAT incl. Gross Sales Revenue , VAT incl. Rooms / Apartments Parkings Price per m² NIA Avg Price Per Unit m² # m² % m² m² £ £ £ £/m² 94 57 151 10 090 38% 107 20 773 16 804 62% 295 26 480 26 894 100% 178 47 253 235 000 000 235 000 000 871 272 000 849 522 000 21 750 000 32 397 5 770 013 £ 23 290 2 500 000 636 272 000 614 522 000 21 750 000 37 864 11 162 667 £ £ £ £ £ £ 0 0 0 0 0 0 -19 088 160 -9 544 080 -18 435 660 -31 813 600 0 0 -19 088 160 -9 544 080 -18 435 660 -31 813 600 0 0 0 -78 881 500 -78 881 500 Sales costs Sales transaction fees Sales & Marketing costs Royalties Sales taxes Sales VAT Working Capital Subtotal Sales Costs £ NET SALES REVENUES , excl VAT £ 235 000 000 557 390 500 792 390 500 £ £ £ £ £ £ £ £ -83 476 798 -76 341 590 -10 857 000 -15 798 632 -500 000 -7 875 492 0 -28 046 103 -139 023 202 -88 271 387 -9 949 275 -16 903 285 -500 000 -3 527 323 0 -25 464 715 -222 500 000 -164 612 977 -20 806 275 -32 701 917 -1 000 000 -11 402 815 0 -53 510 818 £ £ -222 895 615 12 104 385 -283 639 187 273 751 313 -506 534 802 285 855 698 0% -12% -9% DEVELOPMENT COSTS Land acquisition Construction FF&E Soft costs Permits Financing (construction) Opening costs Development overhead Total Costs GROSS PROFIT (before taxes) ROI without Operations 5% 43% In the optimistic scenario of the apartment sales , the gross profit (before taxes) would increase to £ Required Financing Senior Debt Construction Loan Mezzanine VAT Total Financing 33% 400 391 653 £ £ £ 112 116 961 0 0 0 51 159 584 0 112 116 961 51 159 584 0 163 276 545 Equity Mezzanine by shareholders Other Contribution Working Capital/Pre-opening Provided Equity £ 112 116 961 51 159 584 % 50% 22% 36% £ £ £ £ 70 000 000 130 000 000 40 000 000 0 53 510 818 0 200 000 000 0 93 510 818 0 293 510 818 0 0 Equity + Financing £ 110 000 000 183 510 818 % 50% 78% 64% £ 222 116 961 234 670 402 456 787 363
  6. 6. ONE GROSVENOR PLACE - Option 4 30-06-2011 ACCOMODATION SCHEDULE Option 4 d Level Qty Type Type Hotel Range m² Avg m² Total m² Apartment Type Avg m² Qty Total m² Total m² Remarks Level 1 0 0 8 1 Rooms Suite Suite Suite Suite Executive Junior Senior Ambassador Presidential 40-45 46-55 56-80 81-145 200-315 61 144 9 0 0 484 144 1 1 1 1 1 5 628 267 895 BOH 206 263 296 303 317 Offices 206 263 296 303 317 1 385 490 1 875 2 013 757 2 770 Levels 2-5 4 Levels 0 6 8 1 Rooms Suite Suite Suite Suite Executive Junior Senior Ambassador Presidential 40-45 46-55 56-80 81-145 200-315 52 61 144 15 0 312 484 144 1 1 1 1 1 1 1 1 1 9 158 206 263 278 293 298 303 317 374 277 158 206 263 278 293 298 303 317 374 2 490 3 430 1 1 1 1 1 1 1 1 1 9 158 191 206 244 255 278 293 296 374 255 158 191 206 244 255 278 293 296 374 2 295 3 235 0 0 0 0 625 625 0,5 1 1 1 1304 652 279 258 188 3,5 393 1 377 0 156 224 144 0 524 0,5 1 1 1 1304 652 279 258 188 3,5 393 1 377 940 Level 6 0 6 8 1 Rooms Suite Suite Suite Suite Executive Junior Senior Ambassador Presidential 40-45 46-55 56-80 81-145 200-315 52 61 144 15 0 312 484 144 940 Level 7 1 Level 0 0 0 0 2 2 Rooms Suite Suite Suite Suite 0 3 4 1 0 8 Rooms Suite Suite Suite Suite Executive Junior Senior Ambassador Presidential 40-45 46-55 56-80 81-145 200-315 313 2 002 Level 8 1 Level Executive Junior Senior Ambassador Presidential 40-45 46-55 56-80 81-145 200-315 52 56 144 1 901 Level 9 Level 10 Total 94 Qty 69 Avg m² 6 477 Total m² 57 Qty Hotel Qty 0 33 52 7 2 94 Type Rooms Suite Suite Suite Suite Type Executive Junior Senior Ambassador Presidential Range m² 40-45 46-55 56-80 81-145 200-315 Qty 5 9 16 21 5 0 1 57 288 Avg m² Apartment Type Type A Type B Type C Type D Type E Type F Type G Avg m² 125-160 160-210 220-270 300-330 350-370 390-440 1300 16 394 Total m² Type 1-bedroom 2-bedroom 3-bedroom 4-bedroom 4-bedroom 5-bedroom duplex 22 871 Total m²
  7. 7. ONE GROSVENOR PLACE - Option 4 PROPOSED AREA SCHEDULE Level HOTEL RESID HOTEL RESID TOTAL H+R KEYS APP NIA NIA NIA # # m² m² m² Level -3/ car park 68 17 2 040 510 2 550 Level -2 / car park 0 70 0 2 100 2 100 1 178 0 1 178 Level -1 Ground Floor 2 435 410 2 845 First Floor 9 5 628 1 385 2 013 Second Floor 15 9 940 2 490 3 430 Third Floor 15 9 940 2 490 3 430 Fourth Floor 15 9 940 2 490 3 430 Fifth Floor 15 9 940 2 490 3 430 Sixth Floor 15 9 940 2 295 3 235 Seventh Floor 2 3,5 625 1 377 2 002 Eight Floor 8 3,5 524 1 377 1 901 Ninth Floor Tenth Floor Total 94 57 10 090 16 804 26 894 Proportion of NIA 38% 62% MEP NIA m² 0 800 718 0 incl incl incl incl incl incl incl incl Inner patio ; 50/50 divided 2 2 3 3 6 1 518 BOH BOH RETAIL HOTEL RESID TOTAL TOTAL H+R SUM HOTEL RESID NIA NIA NIA GIA GIA GIA GEA m² m² m² m² m² m² m² 200 0 0 3 106 707 3 813 4 077 0 0 0 713 4 453 5 166 5 458 1 300 0 0 4 586 580 5 166 5 458 0 150 0 2 515 715 3 230 3 460 757 0 1 796 1 796 3 591 3 776 incl 1 298 3 011 4 309 4 492 1 298 3 011 4 309 4 492 incl 1 298 3 011 4 309 4 492 incl 1 298 3 011 4 309 4 492 incl 1 298 2 815 4 113 4 301 incl incl 784 1 685 2 469 2 598 incl 784 1 685 2 469 2 598 2 257 150 0 20 773 Proportion of GIA 44% Coefficient GEA / GIA Coefficient GIA / NIA 26 480 56% 3 818 16 954 Parking levels Other levels Terraces Ground floor Sixth floor Seventh floor Total 30-06-2011 Option 4 d 5 161 21 320 8 979 38 274 999 999 196 550 1 745 61% 1 998 196 650 2 844 100% 100 1 099 39% 47 253 100% 49 694 1,05 1,33 Notes : The areas above are indicative at the schematic stage , and are subject by verification by the architects , and subject to change and final All NIA figures include all internal walls , but exclude the corridors and the shared areas
  8. 8. One Grosvenor Place Feasibility Option 4 Park Hyatt Hotel
  9. 9. ONE GROSVENOR PLACE - ***** HOTEL PROFORMA 2011-06-30 Option 4 d £ Summary of Development Cost Land acquisition Land Acquisition costs Predevelopment Subtotal Construction costs 78 787 090 3 939 355 750 353 83 476 798 Building surface GIA Demolition works Siteworks , Infrastructure & excavation Building Structure , M&E & Finishings Fixed Furniture & Decorative elements Parking Structure & M&E Terraced buildings Pool Contingency Subtotal FF&E , OS&E and Special Equipments Rooms & Public spaces OS&E Low voltage systems IT systems & equipment Signage Kitchens, bars & laundry Contingency Subtotal Professional Soft Costs / Consultants Legal Project management Architects & Engineers Interior Decorator Interior Decorators Spa & other specials Bookkeeping & audit Technical Services Hotel Operator Builders Risk insurance Taxes during Construction Owners representative Contingency Subtotal Permits Building Permits & Municipal Taxes Subtotal Financing Finance & Inspection Fees Interest during Construction Subtotal Opening Costs Working Capital Pre-opening costs Subtotal Development Overhead Overhead costs Subtotal 16 954 16 954 3 818 1 099 72 706 276 m² @ m² @ m² @ m² @ 3 200 300 2 000 300 @ 2 000 000 3 000 000 54 253 485 5 086 264 7 636 827 329 700 400 000 3 635 314 76 341 590 £/m² £/m² £/m² £/m² 5,00% 94 94 @ per unit @ per unit 81 064 11 277 10 340 000 @ 5,00% 76 341 590 rooms @ @ 0,30% 5,00% 9,00% 12,00% 0,40% 0,1% 3 000 1,00% 15 798 632 @ 185 914 775 87 198 590 87 198 590 10 857 000 87 198 590 185 730 241 94 7 620 000 1 060 000 210 000 200 000 50 000 1 200 000 517 000 10 857 000 of all of CC,FF&E of CC,FF&E of FF&E of CC,FF&E of all 559 244 4 359 929 7 847 873 1 302 840 348 794 184 535 282 000 763 416 150 000 0 of CC 0% of all 5,00% inclusive 15 798 632 500 000 500 000 113 000 000 @ 0,25% 282 500 7 592 992 7 875 492 by Operator by Operator 0 0 0 (excl on financing) TOTAL DEVELOPPEMENT COST excl opening & financing TOTAL DEVELOPPEMENT COST 186 974 020 @ 15,00% 28 046 103 28 046 103 94 @ 2 287 448 215 020 123 £ 94 @ 2 371 230 222 895 615 £
  10. 10. ONE GROSVENOR PLACE - ***** HOTEL PROFORMA 2011-06-30 Option 4 d Hotel Sales Total Constructed Covered Surface ('GIA') Total Constructed Covered Surface (incl terraces) Average Gross Surface GIA per Room Number of Rooms & Suites 20 773 m² 21 872 m² 221 m² 94 235 000 000 £ 2 500 000 £ 11 313 £/m² Total Gross Sales Price Gross Sales Price per Room Gross Sales Price per Gross Surface ('GIA') Sales Fees (incl. commission, transaction, etc.) Management break up fee 0,0% 0,0% - Total Net Sales Revenue of the Hotel £ £ 235 000 000 £ Working capital - Development Cost (exclusive financial cost, pre-opening, working capital) £ (215 020 123) £ Gross Profit 19 979 877 £ Intermediate financial cost , pre-opening + working capital (7 875 492) £ Net Profit , Land & predevelopment Inclusive Notes : Sales price is taken at cost price of the development 5,2% 12 104 385 £
  11. 11. Total GBP (£) 57 Cashflow of the Period IN-OUT Cashflow Cumulated Cumul Finance Assumptions Hotel Senior Debt Mezzanine Debt Q4 (2 369 795) (250 000) (1 963 227) (4 583 022) - 2011 Studies 45 731 764 4 583 022 4 583 022 (86 510 418) (778 654) 85 731 764 (778 654) (778 654) 4 583 022 85 731 764 40 000 000 (4 583 022) (82 726 445) (750 353) (789 932) (2 243 688) (86 510 418) - Q3 5,25% Avg Debt 5,25% 112 116 961 5,25% Total Debts 112 116 961 (778 654) - (82 726 445) (750 353) 100% (70 671 590) 100% (5 670 000) 100% (9 261 000) 100% (1 596 000) (15 798 632) 100% 100% (500 000) 100% (28 046 103) 100% (7 875 492) Subtotal (222 895 615) VAT 0% VAT return Total of the Period OUT (222 895 615) Revenues Equity Equity Contribution 70 000 000 Mezzanine by shareholders Other Contribution 40 000 000 Working Capital / Pre-opening Subtotal 110 000 000 Debts Senior Debt 104 241 469 Interests 5,25% 7 875 492 Subtotal 112 116 961 Total of the Period IN 222 116 961 Cash Land Purchase Predevelopment Construction Siteworks & infrastructure FF&E & Kitchens OS&E and special eqmts Soft costs Permits Development Overhead Pre-Opening & working c Interests & Finance fees Uses Construction Planning Sales Prognosis Apartments Provisional Cashflow during Construction ONE GROSVENOR PLACE - ***** HOTEL PROFORMA 3 543 090 3 543 090 Debt Equity (778 654) Cash Non-Cash Mezzanine Senior Total (778 654) 3 543 090 4 583 022 (778 654) 3 543 090 3 543 090 3 543 090 (1 579 863) (1 963 227) (3 543 090) (3 543 090) Q3 70 000 000 40 000 000 0 112 116 961 222 116 961 2012 (1 579 863) (1 963 227) (3 543 090) (3 543 090) Q2 4 583 022 4 583 022 (4 583 022) (2 369 795) (250 000) (1 963 227) (4 583 022) - Q1 50,5% 100% 31,5% 18,0% (778 654) 8 395 818 392 695 8 788 513 16 804 524 8 016 011 8 016 011 (10 600 738) (2 268 000) (1 579 863) (1 963 227) (392 695) (16 804 524) (16 804 524) Q4 Construction (778 654) 15 561 329 319 592 24 669 434 15 880 921 - (10 600 738) (1 417 500) (1 579 863) (1 963 227) (319 592) (15 880 921) (15 880 921) Q1 3 2013 (778 654) 14 487 897 513 940 39 671 271 15 001 837 - (10 600 738) (1 134 000) (789 932) (1 963 227) (513 940) (15 001 837) (15 001 837) Q2 4 (778 654) 13 637 397 699 676 54 008 344 14 337 074 - (10 600 738) (283 500) (789 932) (1 963 227) (699 676) (14 337 074) (14 337 074) Q3 9 (778 654) 11 891 968 864 942 66 765 254 12 756 909 - (7 067 159) (283 500) (1 389 150) (399 000) (789 932) (1 963 227) (864 942) (12 756 909) (12 756 909) Q4 9 (778 654) 12 818 068 1 044 531 80 627 853 13 862 599 - (7 067 159) (283 500) (2 315 250) (399 000) (789 932) (1 963 227) (1 044 531) (13 862 599) (13 862 599) Q1 10 2014 (778 654) 12 997 618 1 228 834 94 854 305 14 226 452 - (7 067 159) (2 778 300) (399 000) (789 932) (1 963 227) (1 228 834) (14 226 452) (14 226 452) Q2 8 (778 654) 8 674 107 1 358 810 104 887 222 10 032 917 - (3 533 579) (2 778 300) (399 000) (1 963 227) (1 358 810) (10 032 917) (10 032 917) Q3 8 (778 654) 5 777 268 1 452 471 112 116 961 7 229 739 - (3 533 579) (2 243 688) (1 452 471) (7 229 739) (7 229 739) Q4 6
  12. 12. ONE GROSVENOR PLACE - ***** HOTEL PROFORMA 2011-06-30 Option 4 d PROJECT INTERIOR AREAS BUILT SPACES ('NIA') GUEST ROOMS Rooms Executive Suite Junior Suite Senior Suite Ambassador Suite Presidential Corridors, Maids, Storage Room Terraces SUB TOTAL HOTEL PUBLIC AREA Luggage/Valet Reception & Concierge Lobby Public Restrooms Public Stores Restaurant - All day Restaurant - Speciality Lounge bar Fitness bar Terraces SUBTOTAL MEETING & BOARD ROOMS Ball & Banquet Room Board Rooms Pre Function Business Center Restrooms B&M Pantry & Storage SUBTOTAL BACK OF HOUSE Kitchen/F&B Administration House Keeping & Laundry Repairs & Maintenance Mechanical & Electrical Staff Facilities SUBTOTAL RECREATION Spa Pool Fitness SUB TOTAL OTHER Garages Garages SUB TOTAL TOTAL AREA NIA Shared spaces TOTAL AREA GIA TOTAL AREA GEA BRIEF x units of x m² x units of x m² x units of x m² x units of x m² x units of x m² included in the GIA see Terraces PROJECT m² units @ m² units @ m² units @ m² units @ m² units @ m² 94 x seats @ x m² x seats @ x m² 0 33 52 7 2 units @ m² 6 477 150 100 seats @ m² seats @ m² 52 60 144 313 0% 0 1 716 3 128 1 008 625 0 69 6 477 100 2 2,2 included in spa see Terraces 20 50 200 50 585 300 220 150 0 0 1 575 x units of x m²; connected & dividable x units of x m² 1 4 units @ m² units @ m² 480 30 for Restaurant Cafe, Bar, Room Service, B&M all inclusive (back office, accounting, exec, etc.) 500 400 600 142 759 600 3 001 included Security, Cafeteria, Lockers, etc. including lockers/rest rooms including lockers/rest rooms including lockers/rest rooms Single Double ( single parking plus storage ) 480 120 200 10 50 15 875 728 350 100 1 178 68 0 68 units @ m² units @ m² 27,1% NIA + Shared spaces GEA = GIA * % 5,2% 30 60 2 040 0 2 040 m² m² m² m² 15 146 5 627 20 773 21 846 TERRACES Room Terraces Ground floor TERRACES outside inner patio 2 1 998 units @ m² m² m² 50 50% Notes The areas above are indicative at the schematic stage , and are subject by verification by the architects , and subject to change and final confirmation. All NIA figures include all internal walls and circulation areas 100 999 1 099
  13. 13. ONE GROSVENOR PLACE - ***** HOTEL PROFORMA 2011-06-30 Option 4 d FF&E , OS&E and Special equipments FF&E Rooms Executive incl lights Suite Junior incl lights Suite Senior incl lights incl lights Suite Ambassador incl lights Suite Presidential Public Areas (Lobby/Living Room Bar) Restaurants Bars Meeting rooms Public Stores Decorative Lighting (excluding guest rooms) Spa & fitness Garden & Pool BOH areas incl engineering & maintenance Model mock-up Contingencies Subtotal FF&E OS&E Rooms, Lobby, Corridors Restaurants&Bars/Kitchen Spa & Fitness BOH areas Contingencies Subtotal OS&E 0 33 52 7 2 Units @ Units @ Units @ Units @ Units @ £45 000 £50 000 £60 000 £75 000 £150 000 2 1 Units @ Units @ £200 000 £200 000 not included included 5% 94 Notes : £10 000 included 5% Owner's Direct / Special equipments Security Camera CCTV System Sound System Equipment Signage (interior & exterior) IT Kitchen & Bar equipment Laundry equipment Miscellaneous & contingencies Subtotal Owner's Direct / Special equipments Total FF&E , OS&E , special equipments Units @ 5% 94 £115 500 £0 £1 650 000 £3 120 000 £525 000 £300 000 £300 000 £400 000 £200 000 £200 000 £0 £250 000 £500 000 £0 £25 000 £150 000 £381 000 £8 001 000 £940 000 £100 000 £20 000 £0 £53 000 £1 113 000 £60 000 £150 000 £50 000 £200 000 £1 000 000 £200 000 £83 000 £1 743 000 £10 857 000
  14. 14. 2017 94 27 448 80% 988 % of 790,70 Gross Incremental Revenue Inflation rate Income witholding tax * INCOME BEFORE FIXED CHARGES FIXED CHARGES Property taxes Property Insurance Audit & legal fees Replacement Reserve Total EBITDA HOTEL REVENUE / APARTMENT SERVICES TOTAL EBITDA 0,7 1,0 0,3 2,0 4,0 28,9 % 236 347 104 695 1 383 10 025 10 025 1 2,0% 0% N/A 0,0% 32,8 11 408 0,7 1,0 0,3 3,0 5,0 33,2 % 38,2 248 365 110 1 461 2 184 12 676 14 860 1 096 1 651 0 0 2 747 3 470 1 461 1 315 1 351 7 597 17 607 0,7 1,0 0,3 4,0 6,0 34,7 % 40,7 3,0 10,0 0,0 9,5 4,0 3,6 3,7 20,8 48,2 21,0 76,0 35,5 60,0 43,8 31,0 69,0 267 392 118 1 568 2 344 14 303 16 647 1 176 1 850 0 0 3 025 3 724 1 568 1 372 1 333 7 996 19 672 5 763 3 000 455 1 496 813 11 527 27 668 29 401 4 000 1 400 2 494 1 900 39 195 0,7 1,0 0,3 4,0 6,0 36,5 % 42,5 3,0 10,0 0,0 9,5 4,0 3,5 3,4 20,4 50,2 19,6 75,0 32,5 60,0 42,8 29,4 70,6 75,0 % 10,2 3,6 6,4 4,8 100,0 2018 94 29 164 85% 1 008 % of 856,93 Gross 11 295 12 676 14 303 1 1 1 Remarks : The Base and the Marketing fees are calculated as a % on the Total Revenu The Incentive fee is calculated as a % on the AGOP (GOP less management fees) 231 340 102 1 021 1 695 11 295 12 989 3,0 10,0 0,0 1 021 1 443 0 0 2 464 3,0 10,0 0,0 MANAGEMENT FEES Base fee Incentive fee Marketing fee License fee Total 1 042 1 268 0 0 2 310 10,0 4,0 3,8 3,9 21,7 45,4 3 403 1 361 1 293 1 327 7 385 15 453 * * * * 22,7 77,0 37,0 60,0 45,0 32,9 67,1 5 660 2 849 481 1 438 765 11 193 22 838 5 697 2 888 479 1 467 788 11 320 25 204 73,3 % 10,9 3,8 7,0 5,0 100,0 24 935 3 700 1 300 2 397 1 700 34 032 74,3 % 10,4 3,7 6,7 4,9 100,0 27 129 3 800 1 350 2 445 1 800 36 524 2016 94 25 733 75% 969 % of 726,75 Gross 1 15 318 277 408 122 1 632 2 439 15 318 17 757 1 224 1 973 0 0 3 197 3 875 1 632 1 428 1 387 8 321 20 953 5 679 3 034 434 1 526 842 11 514 29 274 30 695 4 100 1 450 2 544 2 000 40 788 0,7 1,0 0,3 4,0 6,0 37,6 % 43,5 3,0 10,0 0,0 9,5 4,0 3,5 3,4 20,4 51,4 18,5 74,0 29,9 60,0 42,1 28,2 71,8 75,3 % 10,1 3,6 6,2 4,9 100,0 2019 94 29 850 87% 1 028 % of 894,63 Gross 1 15 624 283 416 125 1 664 2 488 15 624 18 112 1 248 2 012 0 0 3 261 3 952 1 664 1 456 1 415 8 487 21 372 5 792 3 095 442 1 557 859 11 745 29 860 31 309 4 182 1 479 2 595 2 040 41 604 0,7 1,0 0,3 4,0 6,0 37,6 % 43,5 3,0 10,0 0,0 9,5 4,0 3,5 3,4 20,4 51,4 18,5 74,0 29,9 60,0 42,1 28,2 71,8 75,3 % 10,1 3,6 6,2 4,9 100,0 2020 94 29 850 87% 1 048,88 % of 912,52 Gross 1 15 936 289 424 127 1 697 2 538 15 936 18 474 1 273 2 053 0 0 3 326 4 031 1 697 1 485 1 443 8 657 21 800 5 908 3 157 451 1 588 876 11 979 30 457 31 935 4 266 1 509 2 646 2 081 42 436 0,7 1,0 0,3 4,0 6,0 37,6 % 43,5 3,0 10,0 0,0 9,5 4,0 3,5 3,4 20,4 51,4 18,5 74,0 29,9 60,0 42,1 28,2 71,8 75,3 % 10,1 3,6 6,2 4,9 100,0 2021 94 29 850 87% 1 069,85 % of 930,77 Gross 1 16 255 294 433 130 1 731 2 588 16 255 18 844 1 299 2 094 0 0 3 392 4 112 1 731 1 515 1 472 8 830 22 236 6 026 3 220 460 1 620 894 12 219 31 066 32 574 4 351 1 539 2 699 2 122 43 285 0,7 1,0 0,3 4,0 6,0 37,6 % 43,5 3,0 10,0 0,0 9,5 4,0 3,5 3,4 20,4 51,4 18,5 74,0 29,9 60,0 42,1 28,2 71,8 75,3 % 10,1 3,6 6,2 4,9 100,0 2022 94 29 850 87% 1 091,25 % of 949,39 Gross 1 16 580 300 442 132 1 766 2 640 16 580 19 220 1 325 2 136 0 0 3 460 4 194 1 766 1 545 1 501 9 007 22 681 6 147 3 284 469 1 652 911 12 463 31 687 33 225 4 438 1 570 2 753 2 165 44 151 0,7 1,0 0,3 4,0 6,0 37,6 % 43,5 3,0 10,0 0,0 9,5 4,0 3,5 3,4 20,4 51,4 18,5 74,0 29,9 60,0 42,1 28,2 71,8 75,3 % 10,1 3,6 6,2 4,9 100,0 2023 94 29 850 87% 1 113,08 % of 968,38 Gross 1 16 912 306 450 135 1 801 2 693 16 912 19 605 1 351 2 178 0 0 3 529 4 278 1 801 1 576 1 531 9 187 23 134 6 270 3 350 479 1 685 930 12 713 32 321 33 889 4 527 1 601 2 808 2 208 45 034 0,7 1,0 0,3 4,0 6,0 37,6 % 43,5 3,0 10,0 0,0 9,5 4,0 3,5 3,4 20,4 51,4 18,5 74,0 29,9 60,0 42,1 28,2 71,8 75,3 % 10,1 3,6 6,2 4,9 100,0 2024 94 29 850 87% 1 135,34 % of 987,74 Gross Option 4 d PROFIT & LOSS PROJECTION OF THE HOTEL OPERATION FOR 10 years k£ Year : 2015 Number of Rooms : 94 Occupied Rooms : 22 302 Occupancy (%) : 65% Average Net Rate : 950 % of RevPAR 617,50 Gross REVENUES Rooms 21 186 61,0 % F&B 8 500 24,5 Recreation & Spa 1 200 3,5 Meeting & Banquets 2 350 6,8 Other Revenue 1 500 4,3 Total 34 736 100,0 DEPARTEMENTAL EXPENSES Rooms 5 064 23,9 F&B 6 630 78,0 Recreation & Spa 230 40,0 Meeting & Banquets 1 410 60,0 Other Revenue 113 49,0 Total 13 446 38,7 DEPARTEMENTAL INCOME 21 290 61,3 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 3 474 10,0 Marketing 1 389 4,0 Maintenance 1 285 3,7 Utilities 1 424 4,1 Total 7 573 21,8 HOUSE PROFIT (GOP) 13 718 39,5 2011-06-30 ONE GROSVENOR PLACE - ***** HOTEL PROFORMA
  15. 15. ONE GROSVENOR PLACE - ***** HOTEL PROFORMA 2011-06-30 Option 4 d Analysis 'IRR' Total Development Cost 222 895 615 £ Construction Financing Hotel % of the Cost 0% 50% 50% 100% Mezzanine Financing Senior Debt Equity Total Construction Sources Permanent Financing & Sales Proceeds Hotel % of the Cost 50% 50% Senior Debt Equity Total Permanent Financing Sources £ 112 116 961 £ 110 000 000 £ 222 116 961 £ 112 116 961 £ 110 000 000 £ 222 116 961 £ Return Projections Hotel & Club Net Operating Income (Based on First Stabilized Year - Year 3) Hotel Unleveraged Return On Investment (ROI) Permanent Financing Debt Service on Hotel Loan (interest only) @ 5,25% Annual Cash Flow Leveraged Return On Investment (ROI) Total Project Seven Year IRR Calculation Period Year 1 Cash Entry 2 No Cash Flow during Construction 3 Cash Flow (Hotel in year 3) 4 Cash Flow (Stabilized Year 4) 5 Cash Flow Year 5 6 Cash Flow Year 6 7 Cash Flow and Net Sales Revenues Sales at the end of the 7th year , less the Debts 11 277 262 £ 5,08% (5 886 140) £ 5 391 122 £ 4,90% 13% Total Development (110 000 000) 4 606 001 6 072 734 6 992 255 7 249 822 192 519 074 185 269 251 £ Sale at 15 Cap on NOI at End of Year 7 less Debt Percentage of Reverse Capitalization Cash Flow of the Hotel Operation (exclusive sales of apartments) (in year 3) Notes £ £ £ £ £ £ £ 6,50%
  16. 16. One Grosvenor Place Feasibility Option 4 Park Hyatt Apartments
  17. 17. ONE GROSVENOR PLACE - APARTMENT PROFORMA 2011-06-30 Option 4 d £ Summary of Development Cost Land acquisition Land Acquisition costs Predevelopment Subtotal Construction costs Demolition works Siteworks , Infrastructure & excavation Building Structure , M&E & Finishings Fixed Furniture & Decorative elements Parking Structure & M&E Terraced buildings Pool Contingency Subtotal FF&E , OS&E and Special Equipments Rooms & Public spaces OS&E Low voltage systems IT systems & equipment Signage Kitchens, bars & laundry Contingency Subtotal Professional Soft Costs / Consultants Legal Project management Architects & Engineers Interior Decorator Interior Decorators Spa & other specials Bookkeeping & audit Technical Services Hotel Operator Builders Risk insurance Taxes during Construction Owners representative Contingency Subtotal Permits Building Permits & Municipal Taxes Subtotal Financing Finance & Inspection Fees Interest during Construction Subtotal Opening Costs Working Capital 131 212 910 6 560 645 1 249 647 139 023 202 Building surface 21 320 21 320 5 161 1 745 m² @ m² @ m² @ m² @ 3 200 2 000 300 2 000 000 3 000 000 68 223 315 0 10 321 173 523 500 £/m² £/m² £/m² £/m² - 5,00% 4 203 399 88 271 387 57 @ per unit 57 @ per unit 112 807 - @ 5,00% 6 430 000 0 40 000 50 000 20 000 2 935 500 473 775 9 949 275 appts @ @ 0,30% 5,00% 9,00% 8,00% 0,20% 0,1% 2 000 1,00% 84 067 988 9 475 500 @ 253 386 988 98 220 662 98 220 662 9 949 275 98 220 662 253 133 855 57 88 271 387 254 147 149 16 903 285 @ of all of CC,FF&E of CC,FF&E of FF&E of CC,FF&E of all 760 161 4 911 033 8 839 860 795 942 196 441 253 134 114 000 882 714 150 000 0 of CC 0% of all 5,00% inclusive 16 903 285 500 000 500 000 109 000 000 @ 0,25% 272 500 3 254 823 3 527 323 by Hotel operator 0 Pre-opening costs by Hotel operator Subtotal Development Overhead Overhead costs (excl on land & financing) 254 647 149 Subtotal 0 0 @ 10,00% 25 464 715 25 464 715 TOTAL DEVELOPPEMENT excl opening & financing 57 @ 4 914 243 280 111 864 £ TOTAL DEVELOPPEMENT COST 57 @ 4 976 126 283 639 187 £
  18. 18. ONE GROSVENOR PLACE - Option 4 30-06-2011 SALES PRICES OF THE APARTMENTS & PARKINGS Option 4 d APARTMENTS Level Qty Avg m² Type Total m² Conservative Scenario Price Price £ £/m² Apartment Optimistic Scenario Price Price £ £/m² Apartment Level 1 0 1 1 3 0 0 0 5 1 1 2 4 1 0 0 9 36 Type A Type B Type C Type D Type E Type F Type G 1 2 3 2 1 0 0 9 Type A Type B Type C Type D Type E Type F Type G 0 1 2 0 0 0 0,5 3,5 7 S.TOT Type A Type B Type C Type D Type E Type F Type G Type A Type B Type C Type D Type E Type F Type G 125-160 160-210 220-270 300-330 350-370 390-440 206 263 305 277 0 206 263 916 0 0 0 1 385 32 000 36 000 37 000 38 000 39 000 40 000 40 000 0 7 416 000 9 731 000 34 808 000 0 0 0 51 955 000 35 000 40 000 45 000 47 000 48 000 50 000 50 000 158 206 541 1 209 374 0 0 2 488 9 952 32 000 36 000 37 000 38 000 39 000 40 000 40 000 5 056 000 7 416 000 20 017 000 45 942 000 14 586 000 0 0 93 017 000 372 068 000 35 000 40 000 45 000 47 000 48 000 50 000 50 000 5 530 000 8 240 000 24 345 000 56 823 000 17 952 000 0 0 112 890 000 451 560 000 158 397 777 589 374 0 0 2 295 32 000 36 000 37 000 38 000 39 000 40 000 40 000 5 056 000 14 292 000 28 749 000 22 382 000 14 586 000 0 0 85 065 000 35 000 40 000 45 000 47 000 48 000 50 000 50 000 5 530 000 15 880 000 34 965 000 27 683 000 17 952 000 0 0 102 010 000 0 188 537 0 0 0 652 1 377 2 754 32 000 36 000 37 000 38 000 39 000 40 000 40 000 0 6 768 000 19 869 000 0 0 0 26 080 000 52 717 000 105 434 000 35 000 40 000 45 000 47 000 48 000 50 000 50 000 Levels 2-5 S.TOT S.TOT 0 8 240 000 11 835 000 43 052 000 0 0 0 63 127 000 4 Levels 125-160 160-210 220-270 300-330 350-370 390-440 158 206 271 302 374 276 Level 6 S.TOT 125-160 160-210 220-270 300-330 350-370 390-440 158 199 259 295 374 255 Levels 7-8 S.TOT S.TOT 2 Levels 125-160 160-210 220-270 300-330 350-370 390-440 duplex 188 269 1 304 393 0 7 520 000 24 165 000 0 0 0 32 600 000 64 285 000 128 570 000 Level 9 Level 10 Total Avg 57 287 16 386 37 503 614 522 000 10 781 088 745 267 000 13 074 860 45 482 PARKINGS Total 87 Single parkings 0 Double parkings 0 Average Conservative Price per Apartment 57 Notes : Sales taxes and/or VAT included. Unit price Total Price 250 000 21 750 000 330 000 0 0 21 750 000 Average Total 11 162 667 21 750 000 Total 636 272 000 767 017 000
  19. 19. 2011-06-30 Option 4 d ONE GROSVENOR PLACE - APARTMENT PROFORMA Sales of the Apartments & Parkings Apartments Total Constructed Covered Surface ('NIA') Total Constructed Covered Surface (' GIA ') Total Constructed Covered Surface (incl terraces) Average Net Surface ('NIA') per Apartment Average Gross Surface ('GIA') per Apartment Number of Apartments 20 323 26 480 28 225 288 465 57 m² m² m² m² m² Average Sales price per Apartment (incl VAT) Average Sales price per Net m² Apartment Surface (incl VAT) Total Sales Revenue of the Apartments (incl VAT) 100% VAT on Sales 0% 10 781 088 37 485 614 522 000 - Total Sales Revenue of the Apartments (excl VAT) 614 522 000 £ Sales fees (inclusive commission) Royalty Marketing costs Sales taxes 3,0% 3,0% 1,5% 5,0% (18 435 660) (18 435 660) (9 217 830) (30 726 100) Gross Profit Apartments , before taxes 41,3% £ £ £ £ 254 067 563 £ 87 250 000 £ 21 750 000 £ £ 100% 0% Total Sales Revenue of the Parkings (excl VAT) Sales fees (inclusive commission) Royalty Marketing costs Sales taxes £ £ £ £ 537 706 750 (144 615 985) 393 090 765 (139 023 202) Total Net Sales Revenue of the Apartments (excl VAT) Total Development Costs , Land exclusive Gross Profit , Land exclusive Land & predevelopment costs Parkings Number of Parkings Average Sales price per Parking (incl VAT) Total Sales Revenue of the Parkings (incl VAT) VAT on Sales £ £ £ £ 21 750 000 £ 3,0% 0,0% 1,5% 5,0% (652 500) (326 250) (1 087 500) 19 683 750 19 683 750 - Total Net Sales Revenue of the Parkings (excl VAT) Total Development Costs , Land exclusive Gross Profit , Land exclusive Land & predevelopment costs Gross Profit Parkings , before taxes £ £ £ £ £ £ £ £ 90,5% 19 683 750 £ 43,0% 636 272 000 £ 273 751 313 £ 11 162 667 £ Apartments & Parkings Total Sales Revenue of the Apartments & Parkings (excl VAT) Gross Profit Apartments & Parkings , before taxes Average Sales Price per Apartment , Parking inclusive Notes: No land and/or building costs are being atributed to the Parkings No VAT on the sales
  20. 20. Finance Assumptions Apartments Senior Debt Mezzanine Debt Sales Revenu Avg Unit Sales Price , VAT incl. At option signature 10% At contract signature 10% At Foundations 20% At Closed construction 25% At Finishing 25% At Reception 10% Gross Sales Revenue, VAT incl 100% Sales costs (fees,taxes,royalty) -11% VAT 0% Net Sales Revenue , VAT excl. Equity Equity Contribution Mezzanine by shareholders Other Contribution Working Capital / Pre-opening Subtotal Financing Construction Loan Interest 5,25% Total Debt Subtotal Total of the Period IN Subtotal VAT on costs 0% VAT Cash Differential Total of the Period OUT Uses Cash Land Purchase Predevelopment Marketing costs Construction Demolition,Siteworks & infrastructure FF&E & Kitchens OS&E and special eqmts Soft costs Permits Development Overhead Opening costs Interest & Finance fees Construction Planning Sales Prognosis Apartments Provisional Cash Flow during Construction 822 266 115 756 8 935 274 4 683 779 7 624 678 372 574 7 997 252 142 278 118 3 527 323 51 159 584 730 435 398 5,25% Avg Debt Cost 5,25% 5,25% 51 159 584 Debt Total 51 159 584 3 745 757 0 0 134 280 865 - 3 745 757 0 0 130 000 000 4 280 865 - 130 000 000 53 510 818 183 510 818 10 781 088 61 452 200 61 452 200 122 904 400 153 630 500 153 630 500 61 452 200 614 522 000 (67 597 420) 546 924 580 (2 535 493) (250 000) (1 782 530) (115 756) (4 683 779) (4 683 779) Q4 Studies 2011 0 Q3 (137 773 555) (137 773 555) (1 249 647) (1 249 647) (9 217 830) (83 021 387) (5 250 000) (9 833 775) (115 500) (16 903 285) (845 164) (500 000) (25 464 715) (2 037 177) (3 527 323) (372 574) (292 857 017) (142 278 118) (292 857 017) (142 278 118) Totaux 57 ONE GROSVENOR PLACE - APARTMENT PROFORMA 822 266 128 068 9 885 607 4 696 090 3 745 757 Equity Debt 0 0 3 745 757 - (2 535 493) (250 000) (1 782 530) (128 068) (4 696 090) (4 696 090) Q1 2012 0 0 Cash Non-Cash Mezzanine Senior Total 1 570 667 150 364 11 606 638 5 466 788 3 745 757 3 745 757 - (1 843 566) (1 690 328) (1 782 530) (150 364) (5 466 788) (5 466 788) Q2 0 0 234 670 402 51 159 584 183 510 818 4 336 016 209 247 16 151 901 8 291 021 3 745 757 3 745 757 - (4 608 915) (1 690 328) (1 782 530) (209 247) (8 291 021) (8 291 021) Q3 0 0 25% 0% 7% 0% 32% 17 045 658 435 718 33 633 278 21 227 134 3 745 757 3 745 757 - (2 765 349) (12 453 208) (2 100 000) (1 690 328) (1 782 530) (435 718) (21 227 134) (21 227 134) Q4 Construction 10 614 259 580 749 44 828 286 17 819 316 3 745 757 3 745 757 3 234 326 (355 776) 2 878 550 3 234 326 (17 238 567) (17 238 567) (12 453 208) (1 312 500) (1 690 328) (1 782 530) - Q1 3 2013 5 668 528 662 771 51 159 584 16 793 673 3 745 757 3 745 757 7 546 761 (830 144) 6 716 618 4 312 435 3 234 326 (16 130 902) (16 130 902) (12 453 208) (1 050 000) (845 164) (1 782 530) - Q2 4 (6 633 174) 584 409 45 110 819 15 927 812 3 745 757 3 745 757 20 484 067 (2 253 247) 18 230 819 9 702 979 4 312 435 6 468 653 (15 343 402) (15 343 402) (12 453 208) (262 500) (845 164) (1 782 530) - Q3 9 (23 193 296) 287 667 22 205 190 12 983 942 3 745 757 3 745 757 36 116 644 (3 972 831) 32 143 813 9 702 979 9 702 979 8 624 870 8 085 816 (12 696 274) (12 696 274) (8 302 139) (262 500) (1 475 066) (28 875) (845 164) (1 782 530) - Q4 9 (35 163 395) (170 076) (13 128 282) 13 509 575 3 745 757 3 745 757 50 671 112 (5 573 822) 45 097 290 10 781 088 9 702 979 19 405 958 10 781 088 (13 679 652) (13 679 652) (8 302 139) (262 500) (2 458 444) (28 875) (845 164) (1 782 530) - Q1 10 2014 3 745 757 3 745 757 73 850 451 (8 123 550) 65 726 901 8 624 870 8 624 870 21 562 175 24 257 447 10 781 088 (8 912 607) (8 912 607) (4 151 069) (2 950 133) (28 875) (1 782 530) - Q3 8 4 280 865 4 280 865 6 468 653 8 624 870 17 249 740 26 952 719 24 257 447 3 234 326 86 787 756 (9 546 653) 77 241 103 (6 188 247) (6 188 247) (4 151 069) (2 037 177) - Q4 6 - - - - 6 468 653 30 187 046 59 295 982 110 506 149 58 217 874 264 675 704 (29 114 327) 235 561 376 Q1 (53 165 026) (60 560 052) (75 333 722) (235 561 376) (870 100) (1 676 370) (2 687 128) (5 814 139) (67 163 407) (129 399 829) (207 420 679) (448 796 194) 13 038 741 7 236 237 3 501 119 (5 814 139) 3 745 757 3 745 757 71 155 179 (7 827 070) 63 328 109 8 624 870 10 781 088 19 405 958 24 257 447 8 085 816 (13 908 841) (13 908 841) (8 302 139) (2 950 133) (28 875) (845 164) (1 782 530) - Q2 8 Q2 - - - - - - - 0 0 2015 Q3 - - - - - - - 0 0 Q4 - - - - - -
  21. 21. ONE GROSVENOR PLACE - APARTMENT PROFORMA 2011-06-30 Option 4 d PROJECT INTERIOR AREAS BUILT AREAS "NIA" APARTMENTS Type A - 1 bedroom Type B - 2 bedroom Type C - 3 bedroom Type D - 4 bedroom Type E - 4 bedroom Type F - 5 bedroom Type G - duplex Corridors Maids, Storage Guest Room Terraces Garages Individual pools SUB TOTAL PUBLIC AREA Luggage/Valet Reception & Concierge Lounge Bar Public Restrooms Store Restaurant SUBTOTAL BACK OF HOUSE Kitchen/F&B Administration House Keeping & Laundry Repairs & Maintenance Mechanical & Electrical Staff Facilities SUBTOTAL RECREATIONAL Outside Pool Other SUB TOTAL OTHER Garages, in the building Garages, in the building SUB TOTAL TOTAL AREA NIA Shared spaces TOTAL AREA GIA TOTAL AREA GEA BRIEF x units of NIA x m² x units of NIA x m² x units of NIA x m² x units of NIA x m² x units of NIA x m² x units of NIA x m² x units of NIA x m² included in GIA not foreseen PROJECT m² 5 9 16 21 5 0 1 units @ m² units @ m² units @ m² units @ m² units @ m² units @ m² units @ m² 6 125-160 160-210 220-270 300-330 350-370 390-440 1300 790 1 803 4 278 6 341 1 870 0 1 304 0 units @ m² 746 see Others not foreseen 57 16 386 20 200 0 0 0 0 220 incl Security not foreseen not foreseen not foreseen not foreseen for Room Service all included (back office, accounting, exec, etc.) Maids storage integrated in Hotel Mechanical rooms integrated in Hotel 50 150 148 0 759 0 1 107 not foreseen not foreseen Single Double NIA + Shared spaces GEA = GIA * % 0 0 0 87 0 units @ m² units @ m² m² m² m² m² 30 60 23,3% 5,2% 2 610 0 2 610 20 323 6 157 26 480 27 848 TERRACES Room Terraces Ground floor TERRACES Penthouse 500m² & others Outside 6 units @ m² 1 998 50% m² m² Notes : The areas above are indicative at the schematic stage , and are subject by verification by the architects , and subject to change and final confirmation. All NIA figures include all internal walls and circulation areas 746 999 1 745
  22. 22. ONE GROSVENOR PLACE - APARTMENT PROFORMA 2011-06-30 Option 4 d FF&E , OS&E and Special equipments FF&E Type A - 1 bedroom incl lights Type B - 2 bedroom incl lights Type C - 3 bedroom incl lights Type D - 4 bedroom incl lights Type E - 4 bedroom incl lights Type F - 5 bedroom incl lights Type G - duplex incl lights Public Area Restaurant Decorative Lighting (excluding guest rooms) Garden & Pool FF&E BOH areas incl engineering & maintenance Model mock-up room Contingencies Subtotal FF&E OS&E Rooms, Lobby, Corridors,… Restaurant/Kitchen BOH areas Contingencies Subtotal OS&E Owner's Direct / Special equipments Security Camera CCTV System Sound System Equipment Signage (interior & exterior) IT Kitchen & Bar equipment Laundry equipment Miscellaneous & contingencies Subtotal Owner's Direct / Special equipments Total FF&E , OS&E , special equipments 5 9 16 21 5 0 1 Units @ Units @ Units @ Units @ Units @ Units @ Units @ £85 000 £95 000 £105 000 £115 000 £125 000 £135 000 £200 000 57 Units @ 5% £118 447 57 57 Units @ Units @ 0 0 £ €0 €0 €0 €0 €0 included 57 Units @ £425 000 £855 000 £1 680 000 £2 415 000 £625 000 £0 £200 000 £25 000 £0 £5 000 £0 £100 000 £100 000 £321 500 6 751 500 5% £0 £ 57 57 57 Units @ Units @ £40 000 £0 £20 000 £50 000 £2 850 000 £85 500 £152 275 3 197 775 £ 9 949 275 £50 000 £1 500 5% £174 549 Notes : The FF&E for the Apartments does include only the fixed furniture in the rooms e.g. the buit-in cupboards) & bathrooms
  23. 23. * * * Revenue Incremental Inflation Rate Income witholding tax * Revenue to Apartment Owners Revenue to Hotel Owner INCOME BEFORE FIXED CHARGES FIXED CHARGES Property taxes Property Insurance Audit & legal fees Replacement Reserve Total EBITDA MANAGEMENT FEES Base fee Incentive fee Marketing fee License fee Total 2,0% 0,0% N/A 0,0% 0,0 0,0 0,0 0,0 0,0 35,6 % 0 0 0 0 0 1 493 497 1 0 1 493 497 0,00 % 100,0% 35,6 7,0 3,0 10,0 0,0 1 493 497 126 027 165 944 0 0 291 971 Notes : 0 0 0 0 0 1 606 806 1 0 1 606 806 1 606 806 128 548 178 534 0 0 307 082 87 412 87 412 152 972 152 972 480 768 2 121 854 2,0 2,0 3,8 3,9 11,7 44,7 7,2 0,0 0,0 0,0 0,0 0,0 37,5 % 37,5 0 0 0 0 0 1 791 662 1 0 1 791 662 1 791 662 131 118 199 074 0 0 330 192 448 329 1 294 402 25 263 0 0 1 767 994 2 602 622 22,7 64,5 37,0 60,0 45,0 43,6 56,4 3,0 10,0 0,0 2 134 901 2 164 552 71 163 0 0 4 370 616 48,8 % 49,5 1,6 0,0 0,0 100,0 2017 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 0,0 0,0 41,0 % 41,0 7,6 3,0 10,0 0,0 2,0 2,0 3,5 3,5 11,0 48,5 21,0 59,8 35,5 60,0 43,8 40,5 59,5 48,8 % 49,5 1,6 0,0 0,0 100,0 0 0 0 0 0 1 926 669 1 0 1 926 669 1 926 669 133 741 214 074 0 0 347 815 89 161 89 161 142 657 142 657 463 635 2 274 484 426 809 1 269 510 23 591 0 0 1 719 910 2 738 119 2 177 599 2 207 843 72 587 0 0 4 458 029 2018 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 0,0 0,0 43,2 % 43,2 7,8 3,0 10,0 0,0 2,0 2,0 3,2 3,2 10,4 51,0 19,6 57,5 32,5 60,0 42,8 38,6 61,4 48,8 % 49,5 1,6 0,0 0,0 100,0 0 0 0 0 0 2 049 961 1 0 2 049 961 2 049 961 136 416 227 773 0 0 364 189 90 944 90 944 131 868 131 868 445 625 2 414 150 410 913 1 254 364 22 137 0 0 1 687 414 2 859 775 2 221 151 2 252 000 74 038 0 0 4 547 189 2019 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 0,0 0,0 45,1 % 45,1 8,0 3,0 10,0 0,0 2,0 2,0 2,9 2,9 9,8 53,1 18,5 55,7 29,9 60,0 42,1 37,1 62,9 48,8 % 49,5 1,6 0,0 0,0 100,0 The Base fee is calculated as a % of Total Revenu ; The Incentive fee is calculated as a % on the AGOP The AGOP is calculated as the GOP less the management fees ( Base fee , Marketing fee , License fee ) There is no pay-out of the Revenu to the Apartment Owners ! Property taxes , Propert Insurance, Legal fees & Replacement reserve are to Owners account The replacement Reserve is not foreseen ( to be checked) PROFIT & LOSS PROJECTION OF THE APARTMENT OPERATION FOR 10 years K£ Year : 2015 2016 Number of Rooms : 57 57 Owner Usage Days per yr : 0 Effective Available Days per yr : 365 365 Occupied Rooms : 20 805 20 805 Occupancy (%) : 100% 100% Average Apartment Rate/month (£) : 3 000 0 RevPAR (£) : 3 000 0 REVENUES Rooms 2 052 000 48,8 % 2 093 040 F&B 2 080 500 49,5 2 122 110 Recreation & Spa 68 400 1,6 69 768 Club 0 0,0 0 Other Revenu 0 0,0 0 Total 4 200 900 100,0 4 284 918 DEPARTEMENTAL EXPENSES Rooms 490 428 23,9 475 120 F&B 1 435 545 69,0 1 368 761 Recreation & Spa 27 360 40,0 25 814 Club 0 60,0 0 Other Revenu 0 49,0 0 Total 1 953 333 46,5 1 869 695 DEPARTEMENTAL INCOME 2 247 567 53,5 2 415 223 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 84 018 2,0 85 698 Marketing 84 018 2,0 85 698 Maintenance 168 036 4,0 162 827 Utilities 126 027 3,0 167 112 Total 462 099 11,0 501 335 HOUSE PROFIT (GOP) 1 785 468 42,5 1 913 887 ONE GROSVENOR PLACE - APARTMENT PROFORMA 0 0 0 0 0 2 090 960 1 0 2 090 960 2 090 960 139 144 232 329 0 0 371 473 92 763 92 763 134 506 134 506 454 537 2 462 433 419 131 1 279 451 22 580 0 0 1 721 163 2 916 970 2 265 574 2 297 040 75 519 0 0 4 638 133 2020 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 0,0 0,0 45,1 % 45,1 8,0 3,0 10,0 0,0 2,0 2,0 2,9 2,9 9,8 53,1 18,5 55,7 29,9 60,0 42,1 37,1 62,9 48,8 % 49,5 1,6 0,0 0,0 100,0 0 0 0 0 0 2 132 780 1 0 2 132 780 2 132 780 141 927 236 976 0 0 378 902 94 618 94 618 137 196 137 196 463 628 2 511 682 427 514 1 305 040 23 032 0 0 1 755 586 2 975 310 2 310 885 2 342 981 77 030 0 0 4 730 896 2021 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 0,0 0,0 45,1 % 45,1 8,0 3,0 10,0 0,0 2,0 2,0 2,9 2,9 9,8 53,1 18,5 55,7 29,9 60,0 42,1 37,1 62,9 48,8 % 49,5 1,6 0,0 0,0 100,0 0 0 0 193 021 193 021 1 982 415 1 0 1 982 415 2 175 435 144 765 241 715 0 0 386 480 96 510 96 510 139 940 139 940 472 900 2 561 916 436 064 1 331 141 23 492 0 0 1 790 698 3 034 816 2 357 103 2 389 841 78 570 0 0 4 825 514 2022 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 4,0 4,0 41,1 % 45,1 8,0 3,0 10,0 0,0 2,0 2,0 2,9 2,9 9,8 53,1 18,5 55,7 29,9 60,0 42,1 37,1 62,9 48,8 % 49,5 1,6 0,0 0,0 100,0 0 0 0 196 881 196 881 2 022 063 1 0 2 022 063 2 218 944 147 661 246 549 0 0 394 210 98 440 98 440 142 739 142 739 482 358 2 613 154 444 785 1 357 764 23 962 0 0 1 826 512 3 095 512 2 404 245 2 437 637 80 142 0 0 4 922 024 2023 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 4,0 4,0 41,1 % 45,1 8,0 3,0 10,0 0,0 2,0 2,0 2,9 2,9 9,8 53,1 18,5 55,7 29,9 60,0 42,1 37,1 62,9 48,8 % 49,5 1,6 0,0 0,0 100,0 0 0 0 200 819 200 819 2 062 504 1 0 2 062 504 2 263 323 150 614 251 480 0 0 402 094 100 409 100 409 145 593 145 593 492 006 2 665 417 453 681 1 384 919 24 442 0 0 1 863 042 3 157 422 2 452 330 2 486 390 81 744 0 0 5 020 464 2024 57 0 365 20 805 100% 0 0 0,0 0,0 0,0 4,0 4,0 41,1 % 45,1 8,0 3,0 10,0 0,0 2,0 2,0 2,9 2,9 9,8 53,1 18,5 55,7 29,9 60,0 42,1 37,1 62,9 48,8 % 49,5 1,6 0,0 0,0 100,0 K£ 2011-06-30 Option 4 d
  24. 24. DEVELOPMENT STUDIES ONE GROSVENOR PLACE hamiltons architects
  25. 25. The Site Architects. Masterplanners.
  26. 26. Context N Architects. Masterplanners.
  27. 27. Access from Outside hamiltons architects
  28. 28. Organisational Strategy A Services Grid to suit B Clear Servicing Patterns Organisational Strategy Efficient Services Access off central courtyard Structural Flexibilty Prominent Views Maximise Potential with dual facing units Flexibilty Daylight / Sunlight Architects. Masterplanners.
  29. 29. Organisational Strategy A Services B Organisational Patterns Efficient Services Clear Servicing Strategy Structural Flexibilty Maximise Potential with dual facing units Flexibilty Heirarchy of use Hyde Park Access off central courtyard Prominent Views over Hyde Park Architects. Masterplanners.
  30. 30. Massing - Existing Building View from Front - Showing Existing Building View from Rear - Showing Existing Building View from Front - Showing Existing Buildings and Rights to Light Constraint View from Rear - Showing Existing Buildings and Rights to Light Constraint Architects. Masterplanners.
  31. 31. Development Studies Options explored relating to client preference hotel residential hotel hotel residential Option 2 Option 1 residential Option 3 hotel residential Option 4: Ground Floor Option 4 : Typical Upper Floor Option 4 hamiltons architects
  32. 32. Massing Studies hamiltons architects
  33. 33. ONE GROSVENOR PL ACE - Option 4 Ground Floor Plan Lifts Lifts Lifts Lifts N Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  34. 34. ONE GROSVENOR CRESCENT - Option 4 Level One Floor Plan Approx. Rooms Sizes (Room number) 8 x Hotel Room B Lifts 70-100 sqm Lifts Lifts 60 sqm 1 x Hotel Suite Lifts GIA apt 5 apt 1 apt 2 apt 3 apt 4 303m2 263m2 317m2 296m2 N 206m2 Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  35. 35. ONE GROSVENOR PL ACE - Option 4 Level Two - Five - Floor Plan Approx. Rooms Sizes (Room number) 6 x Hotel Room A apt 7 apt 8 278m2 100 sqm apt 9 293m2 60 sqm 1 x Hotel Suites apt 6 50 sqm 8 x Hotel Room B 374m2 GIA 158m2 Lifts Lifts Lifts Lifts apt 5 apt 1 apt 2 apt 3 apt 4 303m2 263m2 317m2 296m2 N 206m2 Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  36. 36. ONE GROSVENOR PL ACE - Option 4 Level Six Floor Plan Approx. Rooms Sizes (Room number) 6 x Hotel Room A apt 7 apt 8 278m2 100 sqm apt 9 293m2 60 sqm 1 x Hotel Suites 374m2 50 sqm 8 x Hotel Room B apt 6 GIA 158m2 Lifts Lifts Lifts Lifts apt 5 apt 1 apt 2 apt 3 apt 4 244m2 191m2 255m2 296m2 N 206m2 Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  37. 37. ONE GROSVENOR PL ACE - Option 4 Level Seven Floor Plan Approx. Rooms Sizes (Room number) 1 x Presidential Suite apt 2 apt 3 258m2 625 sqm apt 4 279m2 GIA 188m2 Presidential Suite apt 1 652m2 N Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  38. 38. ONE GROSVENOR PL ACE - Option 4 Level Eight Floor Plan Approx. Rooms Sizes (Room number) 7 x Hotel Room A apt 2 apt 3 100 sqm apt 4 258m2 55 sqm 1 x Hotel Suites 279m2 GIA 188m2 apt 1 652m2 N Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  39. 39. ONE GROSVENOR PL ACE - Option 4 Level Basement 1 - Floor Plan Lifts Lifts Lifts N Lifts Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  40. 40. ONE GROSVENOR PL ACE - Option 4 Level Basement 2 - Floor Plan Lifts Lifts Lifts N Lifts Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  41. 41. ONE GROSVENOR PL ACE - Option 4 Level Basement 3 - Floor Plan Lifts Lifts Lifts Lifts N Key Hotel Residential Hotel Back of House Shared Hotel / Residential Core Retail Plant hamiltons architects
  42. 42. ONE GROSVENOR PL ACE - Option 4 Area Schedule 1-3 Grosvenor Place Proposed Area Schedule LEVEL HOTEL NIA RESIDENTIAL NIA (MEP) NIA BOH (hotel) NIA BOH (residential) NIA RETAIL NIA HOTEL GIA RESIDENTIAL GIA HOTEL & RESIDENTIAL GEA sqm sqft sqm sqft sqm sqft sqm sqft sqm sqft sqm sqft sqm sqft sqm sqft sqm sqft Level 3 - Carpark Level Level 2 - Carpark Level Level 1 - Basement Level Ground Floor First Floor Second Floor Third Floor Fourth Floor Fifth Floor Sixth Floor Seventh Floor Eighth Floor 0 0 1,178 2,435 608 940 940 940 940 940 625 524 0 0 12,680 26,210 6,545 10,118 10,118 10,118 10,118 10,118 6,728 5,640 0 0 0 560 1385 2488 2488 2488 2488 2295 1377 1377 0 0 0 6,028 14,908 26,781 26,781 26,781 26,781 24,703 14,822 14,822 0 697 1,518 0 0 7,503 16,340 0 0 0 679 0 267 0 0 7,309 0 2,874 0 0 0 0 490 0 0 0 0 5,274 0 0 0 0 0 0 0 0 3813 5166 5166 2515 1281 1298 1298 1298 1298 1298 784 784 41,043 55,607 55,607 27,071 13,789 13,972 13,972 13,972 13,972 13,972 8,439 8,439 0 0 0 715 2310 3011 3011 3011 3011 2815 1695 1695 0 0 0 7,696 24,865 32,410 32,410 32,410 32,410 30,301 18,245 18,245 4077 5458 5458 3460 3776 4492 4492 4492 4492 4301 2598 2598 43,885 58,750 58,750 37,243 40,645 48,352 48,352 48,352 48,352 46,296 27,965 27,965 Total 10,070 108,393 16,946 182,407 2,215 23,842 946 10,183 490 5,274 0 0 25,999 279,853 21,274 228,993 49,694 534,906 TOTAL CAR PARKING NO: 139 NOTE: The areas above are indicative at the feasibilty stage only and are subject to change and confirmation. All NIA figures include all internal walls and circulation areas. These areas have been calculated in accordance with the RICS/ISVA Code of Measuring Practice, 6th Edition, RICS 2001 using the stated options NIA, GIA and GEA. Conversion factor between square metres and square feet: 1sq.m = 10.764sq.ft A cladding zone of 450mm has been adopted for the purposes of these area calculations Areas are approximate and relate to the likely areas of the building at the current stage of the design. Any decision to be made on the basis of these predictions, whether as to project viability, pre-letting, lease agreements and the like, should make allowance for the following: (i) Design development. (ii) Accurate site survey, site levels and dimensions. (iii) Construction methods and building tolerances. (iv) Local Authority consents. hamiltons architects
  43. 43. ONE GROSVENOR PL ACE - Option 4 Accommodation Schedule Level 2-5 Level 1 Room # Type NIA Resi NIA Hotel NIA Hotel NIA Resi (sqm) (sqft) (sqm) (sqft) 64 60 60 60 60 60 60 60 144 267 689 646 646 646 646 646 646 646 1,550 2,874 Apartment 1 2 3 4 5 BOH Total Type Hotel (sqm) NIA Hotel NIA Resi NIA Resi NIA (sqft) (sqm) (sqft) Hotel Hotel 1 2 3 4 5 6 7 8 9 BOH Room # 303 263 317 296 206 490 895 9,634 3,261 2,831 3,412 3,186 2,217 5,274 1,875 20,183 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 64 60 60 60 60 60 60 60 144 52 52 52 52 52 52 689 646 646 646 646 646 646 646 1,550 560 560 560 560 560 560 Apartment 1 2 3 4 5 6 7 8 9 Total 303 263 317 296 206 374 293 278 158 940 10,118 3,261 2,831 3,412 3,186 2,217 4,026 3,154 2,992 1,701 2,488 26,781 NOTES: These areas have been calculated in accordance with the RICS/ISVA Code of Measuring Practice, 5th Edition, RICS 2001 using the stated options NSA, GEA and GIA. Conversion factor between square metres and square feet: 1sq.m = 10.764sq.ft Areas are based on an exterior wall thickness of aproximately 400mm, party wall thickness 300mm and corridor width of 1500mm. They are approximate and relate to the likely areas of the building at the current stage of the design. Any decision to be made on the basis of these predicitons, whether as to project viability, pre-letting, lease agreements and the like, should make due allowance for the following (i) Design development. (ii) Accurate site survey, site levels and dimensions. (iii) Construction methods and building tolerances. (iv) Local Authority consents. hamiltons architects
  44. 44. ONE GROSVENOR PL ACE - Option 4 Accommodation Schedule Level 7 Level 6 Room # Type NIA Resi NIA Hotel NIA Hotel NIA Resi (sqm) (sqft) (sqm) (sqft) Hotel 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Room # Type Hotel NIA Hotel NIA Resi NIA Resi NIA (sqm) (sqft) (sqm) (sqft) Hotel 64 60 60 60 60 60 60 60 144 52 52 52 52 52 52 689 646 646 646 646 646 646 646 1,550 560 560 560 560 560 560 1 Presidential Suite 625 6,728 Apartment 1 2 3 4 Total 652 279 258 188 625 6,728 1,377 7,018 3,003 2,777 2,024 14,822 Apartment 1 2 3 4 5 6 7 8 9 Total 244 191 255 296 206 374 293 278 158 940 10,118 2,626 2,056 2,745 3,186 2,217 4,026 3,154 2,992 1,701 2,295 24,703 NOTES: These areas have been calculated in accordance with the RICS/ISVA Code of Measuring Practice, 5th Edition, RICS 2001 using the stated options NSA, GEA and GIA. Conversion factor between square metres and square feet: 1sq.m = 10.764sq.ft Areas are based on an exterior wall thickness of aproximately 400mm, party wall thickness 300mm and corridor width of 1500mm. They are approximate and relate to the likely areas of the building at the current stage of the design. Any decision to be made on the basis of these predicitons, whether as to project viability, pre-letting, lease agreements and the like, should make due allowance for the following (i) Design development. (ii) Accurate site survey, site levels and dimensions. (iii) Construction methods and building tolerances. (iv) Local Authority consents. hamiltons architects
  45. 45. ONE GROSVENOR PL ACE - Option 4 Accommodation Schedule Level 8 Room # Type Hotel NIA Hotel NIA Resi NIA Resi NIA (sqm) (sqft) (sqm) (sqft) Hotel 1 2 3 4 5 6 7 8 56 56 56 56 144 52 52 52 603 603 603 603 1,550 560 560 560 Apartment 1 2 3 4 Total 652 279 258 188 524 5,640 1,377 7,018 3,003 2,777 2,024 14,822 NOTES: These areas have been calculated in accordance with the RICS/ISVA Code of Measuring Practice, 5th Edition, RICS 2001 using the stated options NSA, GEA and GIA. Conversion factor between square metres and square feet: 1sq.m = 10.764sq.ft Areas are based on an exterior wall thickness of aproximately 400mm, party wall thickness 300mm and corridor width of 1500mm. They are approximate and relate to the likely areas of the building at the current stage of the design. Any decision to be made on the basis of these predicitons, whether as to project viability, pre-letting, lease agreements and the like, should make due allowance for the following (i) Design development. (ii) Accurate site survey, site levels and dimensions. (iii) Construction methods and building tolerances. (iv) Local Authority consents. hamiltons architects

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