- 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 6. 6 7. 7 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 Htel 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 m with
respectively 1 to 3 bedrooms, each with their private garden and
swimming pool, on land plots of approximately 500 to 1.000 m. 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 m 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 m, each with 4 bedrooms , their
private garden and swimming pool, on a land plot of 5.000 m. Each
Villa will be equipped with a hammam , 2 staff rooms and 2 garages.
All Villas to have the optional -la-carte hotel services and upon
owners request to be included in the hotel rental pool. The
developers 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 m 4
Board Rooms of 40 m & Business center Hotel Villas 54 24 Hotel
Villa - Type D of 100 m with 1 bedroom 18 Hotel Villa - Type C of
200 m with 2 bedrooms 12 Hotel Villa - Type B of 300 m with 3
bedrooms PRIVATE VILLAS 12 Private Villa - Type A of 420 m 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 m 5 000 1 000 750 500 Useful
Surface 'SU' m 300 214 143 71 Built surface 'SHON' m 420 300 200
100 Constructed surface 'SHOB' m 611 405 270 135 Terraces m 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 m 60 000 12 000 13 500 12 000 Total SU m 3 600 2 571 2 571
1 714 Total SHON m 5 040 3 600 3 600 2 400 Total SHOB m 7 332 4 860
4 860 3 240 Total Terraces m 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 m 60 000 37 500 97 500 Total SU m 3 600 6 857 10
457 Total SHON m 5 040 9 600 14 640 Total SHOB m 7 332 12 960 20
292 Total Terraces m 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 m of SU = 1,4 m of SHON The
SHOB inclusive of garages, balconies, 15. 15 Ramatuelle - 5* Hotel
& Resort - Proforma Land surface Usage v3c Coeff. Allocation m
Land Surface m m 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 m 3 565 HOTEL VILLAS SHON m 9 600 PRIVATE
VILLAS SHON m 5 040 TOTAL SHON m 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 m m HOTEL PUBLIC AREA
Luggage/Valet 20 Reception & Concierge 150 Lobby / Lobby Bar
150 Public Restrooms 30 Public Stores 50 Restaurants (2) 60 + 150
seats @ 2m 210 units @ m 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 40m
4 units @ m 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 100m +
30m of terrace 24 units @ m 100 2 400 Villas - Type C - 2 room
units of 200m + 60m of terrace 18 units @ m 200 3 600 Villas - Type
B - 3 room units of 300m + 90m of terrace 12 units @ m 300 3 600
Villas - Type A - 4 room units of 420m + 120m of terrace 12
Corridors, Services, Storage inclusive security, cafeteria,
lockers, etc. 0% 0 Terraces open spaces 66 units @ m - 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 Brut : inclus 0% 0 SUBTOTAL VILLAS Logements SHON m 9 600
HOTEL Espaces publics & zones de travail SHON m 3 565 TOTAL
AREA SHON SHON m 13 165 TOTAL AREA PARKING couvert m 1 000 TOTAL
AREA TERRACES couvert m 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 m
VILLAS Villas - Type D - 1 room units of 100m + 30m of terrace 24 0
Villas - Type C - 2 room units of 200m + 60m of terrace 18 0 Villas
- Type B - 3 room units of 300m + 90m of terrace 12 0 Villas - Type
A - 4 room units of 420m + 120m of terrace 12 units @ m 420 5 040
Corridors, Services, Storage inclusive security, cafeteria,
lockers, etc. 0% 0 Terraces open non airconditioned spaces 12 units
@ m 120 1 440 Garages open non airconditioned spaces 12 units @ m
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 m 5 040
TOTAL PARKING underground m 0 TOTAL TERRASSES covered, inclusive
parkings m 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 m 9 600 5 040 14 640 Total surface SHON Villas m 3 565
- 3 565 Total surface SHON m 13 165 5 040 18 205 Average SHON
surface per key m 244 420 276 Terraces & garages m 3 480 2 040
5 520 Parkings m 1 000 0 1 000 Total constructed surface 'SHOB' m
17 645 7 080 24 725 Land surface Villas m 37 500 60 000 97 500 Land
surface Hotel, excl villas m 59 053 59 053 Total Land surface m 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 m 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 m Average Surface SHON per room 100
m Total built covered surface (incl terraces) 16 645 m Average
Surface Gross per room 173 m 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 m SHON
surface 7 292 /m 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 m /m 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
m @ 2 000 /m 26 330 000 Fixed Furniture & Decorative elements
13 165 m @ 200 /m 2 633 000 Terraced buildings 3 480 m @ 300 /m 1
044 000 Parking Structure & M&E 1 000 m @ 1 000 /m 1 000
000 Siteworks , Infrastructure & excavation 2 000 000 Pools and
ponds 54 @ per unit 50 000 /m 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% Priode 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 m Average Surface SHON per Villa 420 m Total
built covered surface (incl terraces) 7 080 m Average Surface Gross
per Villa 590 m 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 m SHON surface 35 714 /m 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 m
- 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 m 2 000 /m 10 080 000
Fixed Furniture & Decorative elements 5 040 m 200 /m 1 008 000
Terraced buildings 2 040 m 300 /m 612 000 Parking Structure &
M&E 1 200 m 1 000 /m 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 33. Development team 33 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 : [email protected] Stephan Rahier
Tel +32 9 224 0330 Mob +32 475 432 922 Email :
[email protected] 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 investors 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.
