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Thesis
An eighteen-key aparthotel behind a protected facade, one street back from the Guadalquivir in Triana. Why it is available: an inheritance sale — three siblings, none of them in Sevilla, and half the apartments have been let to the same tenants for years (The seller needs out). What we do: take vacant possession as the tenancies end, refurbish behind the protected facade, run ten by the night and eight by the month under one reception. What has to be true: · The facade protection allows interior work without a full expediente. · Vacant possession on at least ten apartments inside eighteen months. · Nightly rates one street from the river hold at 122 EUR through the shoulder months.
The ask
LP equity sought
1.629.593 €
at 50 % LTV
Target LP IRR
17,7 %
projected, not promised
LP equity multiple
1,83×
over 4 years
First capital call
Not modelled
the plan carries no dates
At a glance
Asking price
3.400.000 €
Total project cost
3.981.658 €
Cost per unit
221.203 €
Units
18
Stabilised NOI
343.182 €
NOI margin
45 %
Yield on cost
8,62 %
Leveraged yield (at 50 % debt)
17,24 %
LP IRR
17,7 %
Hold period
4 years
Key dates
Reserva
—
DD deadline
—
Arras
—
Escritura
—
Works complete
—
Opening
—
Assumptions template MASTER v2. Figures are projections rather than forecasts or guarantees, and follow from the assumptions set out in this document. Prepared for discussion among Marisol and its investors; not an offer or a solicitation.
Property
FormatAparthotel
Deal type—
Units18
Gross m²1.480
Net m²1.255
AreaTriana · Sevilla
Regulatory
Licence type—
Licence status—
Expediente—
Unit mix and pricing
Nightly rates and cleaning fees include IVA; the model deducts it.
| Line | Type | Net m² | ADR | Cleaning | Monthly rent |
|---|---|---|---|---|---|
| 1-bed · short-let | STR | 52 | 122 € | 30 € | — |
| 2-bed · short-let | STR | 64 | 160 € | 35 € | — |
Counterparties
Listing brokerJordi Escrivà — Escrivà & Puig Inmobiliaria
From price to total project cost
What it costs to own the building, ready to trade.
Purchase price3.250.000 €
ITP (transfer tax)195.000 €
AJD (stamp duty)24.375 €
Broker commission97.500 €
Due diligence16.250 €
Notary, registry, SPV, tax advisory8.700 €
Total acquisition costs341.825 €
Renovation and fit-out86.000 €
FF&E, IT and locks163.200 €
Permits, licensing, architect61.000 €
Cost base3.902.025 €
GP setup fee79.633 €
Total project cost3.981.658 €
Per unit221.203 €
The GP's structuring fee (1 %) sits in every cost base; its financing fee (1 %) only where the deal is financed, so an all-equity structure carries the first and not the second.
Exit
Capitalised at the exit-year NOI.
Exit-year NOI (year 4)349.225 €
Exit cap rate7,00 %
Gross exit price4.988.933 €
Selling costs-99.779 €
Net exit proceeds4.889.155 €
The ramp
Total operating revenue, GOP and NOI. The dashed line is occupancy, on its own scale.
Profit and loss, 4 years
Figures in € thousands; margins on total operating revenue. Stabilised from operating year 3. USALI order: revenue, departmental and undistributed expenses, GOP before any management fee, the fees, the owner's charges, EBITDA, the reserve, NOI.
| Line | Y1 | Y2 | Y3 | Y4 | Total |
|---|---|---|---|---|---|
| Occupancy | 76 % | 79 % | 82 % | 82 % | 82 % |
| Blended ADR incl. IVA | 132 | 139 | 142 | 144 | — |
| Blended ADR ex-IVA | 120 | 126 | 129 | 131 | — |
| Accommodation | 599k | 655k | 694k | 708k | 2656k |
| Cleaning fees | 59k | 61k | 63k | 63k | 246k |
| Total operating revenue | 657k | 716k | 757k | 771k | 2901k |
| Platform commission | -112k | -122k | -129k | -131k | -493k |
| Cleaning | -54k | -57k | -61k | -62k | -233k |
| Linen | -10k | -11k | -11k | -11k | -43k |
| Amenities | -6k | -6k | -7k | -7k | -26k |
| Building manager | -15k | -15k | -16k | -16k | -62k |
| Extended appliance warranty | -1k | -1k | -1k | -1k | -4k |
| Departmental expenses | -198k | -212k | -224k | -228k | -861k |
| Departmental profit | 460k | 504k | 533k | 543k | 2040k |
| Departmental profit margin | 70 % | 70 % | 70 % | 70 % | 70 % |
| Admin / accounting | -2k | -2k | -2k | -3k | -10k |
| Administrative & general | -2k | -2k | -2k | -3k | -10k |
| IT / tech | -9k | -9k | -9k | -9k | -36k |
| Information & telecom | -9k | -9k | -9k | -9k | -36k |
| Protected facade maintenance rider | -2k | -2k | -2k | -2k | -7k |
| Property operation & maintenance | -2k | -2k | -2k | -2k | -7k |
| Utilities + community | -30k | -30k | -31k | -31k | -122k |
| Utilities | -30k | -30k | -31k | -31k | -122k |
| Undistributed expenses | -42k | -43k | -44k | -45k | -175k |
| GOP | 417k | 461k | 489k | 498k | 1865k |
| GOP margin | 63 % | 64 % | 65 % | 65 % | 65 % |
| Management fee — 15,5 % of total operating revenue | -102k | -111k | -117k | -119k | -450k |
| Management fees | -102k | -111k | -117k | -119k | -450k |
| GOP the fees are measured on | 0 | 0 | 0 | 0 | — |
| Income before non-operating | 316k | 350k | 372k | 378k | 1416k |
| Property tax (IBI) | -6k | -6k | -6k | -6k | -25k |
| Insurance | -3k | -3k | -3k | -3k | -13k |
| Non-operating | -9k | -10k | -10k | -10k | -38k |
| EBITDA | 306k | 340k | 362k | 368k | 1377k |
| FF&E reserve | -16k | -18k | -19k | -19k | -73k |
| NOI | 290k | 322k | 343k | 349k | 1305k |
| NOI margin | 44 % | 45 % | 45 % | 45 % | 45 % |
Financing scenarios
The highlighted row is the basis Marisol quotes.
| Scenario | LTV | Senior debt | All-in rate | Debt service | DSCR | Total equity | LP equity | LP IRR | LP × |
|---|---|---|---|---|---|---|---|---|---|
| No debt | 0 % | 0 € | — | — | — | 3.941.439 € | 3.153.152 € | 12,46 % | 1,54× |
| 50% LTV | 50 % | 1.990.829 € | 2,75 % | 162.122 € | 2,12 | 2.036.991 € | 1.629.593 € | 17,71 % | 1,83× |
| 60% LTV | 60 % | 2.388.995 € | 2,75 % | 194.547 € | 1,76 | 1.646.988 € | 1.317.590 € | 20,09 % | 1,99× |
From NOI to cash
On the 50% LTV basis. What the lender is owed before anything reaches equity. Coverage is year by year, so it opens below the stabilised figure above and climbs as the building fills. Figures in € thousands.
| Line | Y1 | Y2 | Y3 | Y4 | Total |
|---|---|---|---|---|---|
| NOI | 290k | 322k | 343k | 349k | 1305k |
| Loan interest | -53k | -50k | -47k | -44k | -195k |
| Principal repaid | -109k | -112k | -115k | -118k | -453k |
| Cash after debt service | 128k | 160k | 181k | 187k | 656k |
| DSCR | 1,79 | 1,99 | 2,12 | 2,15 | — |
| Cumulative cash | 128k | 288k | 469k | 656k | — |
Waterfall, 50% LTV
At 50 % LTV. The distributable column is the cash line from the page before. Figures in € thousands, except yield.
| Year | Distributable | Tier A | Tier B | Tier C | LP | GP | LP yield |
|---|---|---|---|---|---|---|---|
| Y1 | 128k | 128k | 0k | 0k | 102k | 26k | 6,3 % |
| Y2 | 160k | 160k | 0k | 0k | 128k | 32k | 7,9 % |
| Y3 | 181k | 181k | 0k | 0k | 145k | 36k | 8,9 % |
| Y4 | 187k | 187k | 0k | 0k | 150k | 37k | 9,2 % |
When the money comes back
Capital out, cash back, and the running position. The dashed line is where the LP is whole.
On exit
Loan balance repaid-1.537.366 €
Net proceeds after debt3.351.788 €
Tier A, pro rata to capital2.040.884 €
Tier B, to the hurdle450.348 €
Tier C, above the hurdle860.556 €
LP receives on exit2.464.285 €
GP receives on exit887.504 €
Over the hold
LP equity in1.629.593 €
LP from operations524.886 €
LP on exit2.464.285 €
LP total received2.989.171 €
LP multiple1,83×
LP IRR17,71 %
LP average yield on equity8,05 %
GP equity in407.398 €
GP total received1.018.725 €
GP multiple2,50×
Stabilised occupancy against ADR
LP IRR at the reporting basis, on the two levers that stay open after the price is agreed. The outlined cell is the base case.
| ADR | 76% | 79% | 82% | 85% | 88% |
|---|---|---|---|---|---|
| 125 € | 17,7 % | 17,7 % | 17,7 % | 17,7 % | 17,7 % |
| 132 € | 17,7 % | 17,7 % | 17,7 % | 17,7 % | 17,7 % |
| 139 € | 17,7 % | 17,7 % | 17,7 % | 17,7 % | 17,7 % |
| 146 € | 17,7 % | 17,7 % | 17,7 % | 17,7 % | 17,7 % |
| 153 € | 17,7 % | 17,7 % | 17,7 % | 17,7 % | 17,7 % |
Exit year against exit cap rate
LP IRR again. A shorter hold raises the rate and lowers the money: the equity multiple beside it falls as this table rises.
| Exit cap rate | Year 1-3 | Year 2-2 | Year 4 |
|---|---|---|---|
| 6.00% | 37,3 % | 31,0 % | 22,4 % |
| 6.50% | 23,8 % | 25,0 % | 20,0 % |
| 7.00% | 12,4 % | 19,6 % | 17,7 % |
| 7.50% | -0,2 % | 14,8 % | 15,7 % |
| 8.00% | -11,9 % | 10,1 % | 13,8 % |
Prepared 10 November 2026 from the current business plan against assumptions template MASTER v2. Every figure in this document is computed from the assumptions printed in the appendix; none is entered by hand.
Projections are not forecasts or guarantees. Returns depend on assumptions that will not all prove correct, and property investment carries the risk of loss including of capital. Prepared for discussion among Marisol and its investors; not an offer, a solicitation, or investment advice.
© 2026 Marisol. All rights reserved.
marks a value set for this deal. Everything else is inherited from the house template, so a change to firm policy carries through.
Revenue
Stabilised occupancy82 %
Year 1 occupancy ramp92,7 %
Year 2 occupancy ramp96,3 %
Year 1 ADR ramp95 %
ADR inflation2 %
Average length of stay2.5 nights
IVA rate10 %
Operating costs
Platform commission17 %
Management fee15,5 %
Community, per unit / month12 €
Maintenance1,2 %
IT, per unit / month40 €
Insurance, per unit / month15 €
Admin, monthly200 €
Utilities, per unit / month125 €
IBI, annual6.100 €
FF&E reserve2,5 %
Cost inflation2 %
Acquisition
Tax regimeITP / AJD
Broker commission3 %
Notary fee1.800 €
Registry fee900 €
Due diligence0,5 %
SPV setup3.500 €
Tax advisory2.500 €
GP setup fee2 %
Works and capex
Renovation levelUplift
Renovation, per unit0 €
Appliances, per unit2.000 €
Common areas36.000 €
Permits and licensing24.000 €
Architect and technical28.000 €
Interior design and procurement—
Contingency0 %
Exit
Exit cap rate7 %
Selling costs2 %
Waterfall terms
GP equity share20 %
Preferred return (LP IRR)8 %
Hurdle (LP IRR)12 %
LP split, pref to hurdle70 %
LP split, above the hurdle60 %