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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.
Carrer de Rodríguez de Cepeda 7 · Benimaclet · Valencia
A fourteen-room hostal in Benimaclet, four minutes from the tram and inside the student ring. Why it is available: the owner is a builder who took the building in part-payment for work and does not want to run it (The seller needs out). What we do: refurbish the fourteen rooms and the ground-floor breakfast room, run them by the night for the university's visitors and the tram's commuters, and hold. What has to be true: · 100-128 EUR a night at the house 82 % — the rate the two hostales on the tram line already take. · The technical survey comes back without structural work. · The hostal licence transfers with the building.
| Unit | Type | Net m² | ADR incl. IVA | Monthly rent |
|---|---|---|---|---|
| Room · hostal × 10 | STR | 22 | 100 € | — |
| Room · terrace × 4 | STR | 30 | 128 € | — |
| Scenario | LTV | Senior debt | LP equity | LP IRR | LP multiple |
|---|---|---|---|---|---|
| No debt | 0 % | 0 € | 1.424.485 € | 10,97 % | 2,26× |
| 50% LTVheadline | 50 % | 899.388 € | 737.660 € | 14,50 % | 3,05× |
| 60% LTV | 60 % | 1.079.265 € | 596.708 € | 15,87 % | 3,42× |
The headline row is the basis Marisol quotes. Returns at other leverage levels are shown so the effect of gearing is visible rather than assumed.
| LP IRR by case | No debt | 50% LTV |
|---|---|---|
| Base | 11,0 % · 2,26× | 14,5 % · 3,05× |
| Downside | 10,1 % · 2,10× | 13,4 % · 2,78× |
| Upside | 11,5 % · 2,36× | 15,1 % · 3,20× |
Cases: downside = occupancy −5% of the plan's (82% → 78%), rate −5% (€108 → €103), cap rate +100 bp, works +15%; upside = occupancy +5% of the plan's (82% → 86%), rate +5% (€108 → €113), cap rate −50 bp. Moves are relative to the plan's own figure; the rate step depends on its level (5% up to €120, 7.5% to €200, 10% above).
| Year | Revenue | GOP | NOI | Margin |
|---|---|---|---|---|
| 1 | 362k | 198k | 126k | 35 % |
| 2 | 396k | 225k | 147k | 37 % |
| 3 | 420k | 239k | 157k | 37 % |
| 4 | 428k | 244k | 160k | 37 % |
| 5 | 437k | 249k | 164k | 37 % |
| 6 | 445k | 254k | 167k | 37 % |
| 7 | 454k | 259k | 170k | 37 % |
| 8 | 463k | 264k | 174k | 37 % |
| 9 | 473k | 270k | 177k | 37 % |
| 10 | 482k | 275k | 181k | 37 % |
| Operating year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % | 82 % |
| Total operating revenue | 362k | 396k | 420k | 428k | 437k | 445k | 454k | 463k | 473k | 482k |
| GOP | 198k | 225k | 239k | 244k | 249k | 254k | 259k | 264k | 270k | 275k |
| NOI | 126k | 147k | 157k | 160k | 164k | 167k | 170k | 174k | 177k | 181k |
| NOI margin | 35 % | 37 % | 37 % | 37 % | 37 % | 37 % | 37 % | 37 % | 37 % | 37 % |
Figures in € thousands.