A 60-month plan from land close to a stabilized resort sold at an $85M exit
R 01 / 18
RoadmapThree phases from a secured coastal site to an institutional exit
Months 0 to 12Secure and launchSite, operator and villa launch
Land close on the coastal site, $22MEntitlement and permits securedOperator agreement signed with the hotel brand40 branded villas launched at $2.375M eachFirst reservations and deposits taken
Months 12 to 42Build and settleConstruction and villa settlements
Resort and villa construction under way$44M resort build, $39M villa buildVilla reservations convert to depositsVilla completions from month 30Forward-sale balances settle, $95M
Months 42 to 60Open, stabilize and disposeRamp and resort disposition
Resort opens under the operatorOccupancy ramps to 60 percent, ADR $620Stabilized NOI reaches $6.37MResort marketed to institutional buyersDisposition at a 7.5 percent cap, $85M
Sponsor equity of $57.5M and forward-sale deposits
Senior development loan of $70M at 55 percent of cost
Loan repaid, resort sold at exit
R 02 / 18
Phase one, secure and launchSite secured, operator signed, villas launchedLand close in the first quarter, villa launch by month twelve
Months 0 to 3
Land close on the coastal site, $22M
Sponsor and operator teams mobilised
Equity committed, senior loan term sheet agreed
Months 3 to 6
Entitlement and permits secured
Operator agreement signed with the hotel brand
Design and construction documents completed
Months 6 to 9
Sales gallery opens on site
40 branded villas launched at $2.375M each
First reservations taken from private buyers
Months 9 to 12
Reservations convert to deposits, about 20 percent
Deposit escrow funds early enabling works
Ground broken, construction starts
R 03 / 18
Phase two, build and settleDelivery Milestones
Months 12 to 18Resort and villa construction under way
Months 18 to 24Villa reservations convert to signed contracts
Months 24 to 30Structures topped out, villa deposits accumulate
Months 30 to 36First villa completions, settlements begin
Months 36 to 42Villa sell-out settles, $95M forward-sale balances paid
R 04 / 18
Phase three, open, stabilize and disposeKey Milestones
Months 42 to 48Resort opens under the operator brand
Months 48 to 54Occupancy ramps toward stabilized 60 percent
Months 54 to 57Stabilized NOI reaches $6.37M at $620 ADR
Months 57 to 60Resort sold to an institutional buyer at a 7.5 percent cap, $85M
R 05 / 18
Roadmap SummarySite secured, operator signed, villas forward-sold, one 60-month programme to a clean institutional exit
Milestones AchievedSite secured and operator signed
Next MilestoneVilla launch and first deposits
Funding NeededSenior loan of $70M and equity of $57.5M
What's NextLand close and operator signing in phase one, construction and villa settlements through phase two, resort opening and an $85M disposition by month sixty
