HOTEL 3 *** IN TORREMOLINOS
SALE PRODUCTIVE UNIT
A productive unit composed of real estate linked to an economic exploitation that forms a hotel complex.
Situation: Torremolinos (Málaga)
The productive unit consists of real estate that forms a hotel complex, the lease / exploitation contract of said complex, licenses, permits and authorizations for operation, know-how, goodwill, clientele, and ultimately what happens in the hotel sector.
Builded surface:!
In Registered Public Document: 12,291.48 m2
In Cadastral Document: 11,560.00 m2!
Actual checked area: 12,291.48 m2
The land's surface:!
In Registered Public Document: 3,997.24 m2
In Cadastral Document: 4,465.00 m2!
Actual checked area: 4,465.00 m2!
Use of the unbuilt surface: Garden - Sports
HORIZONTAL DIVISION: The parent registry farm was divided horizontally on April 11, 2012 by public deed of extension of work and horizontal division. The different elements of the Set were divided horizontally into two hundred nine independent farms numbered consecutively. The divided farms are in the same building that has 9 floors above ground. The building consists of 189 rooms-apartments with bathroom and outdoor terrace plus 81 garage (each of them is an independent registry unit). The building is located on urban land and is fully adapted to the urban planning of Torremolinos (Málaga).
CHARACTERISTICS OF THE BUILDING
Typology of the building: Hotel 3 ***
Occupancy Situation: The property is leased.
Property Status: Completed, completely renovated in 2009. DISTRIBUTION, SURFACES AND USES BY PLANTS: Plant Main Use Secondary Use Built Sup.
Low to 8th Rooms Common Services 9,280.52 m2
basement floor Parking Access 3,010.96 m2
Total, built surface: 12,291.48 m2.!
Land area assigned to the building: 4,465.00 m2 Total Constructed Area: 12,291.48 m.
Its privileged area allows the customer to directly access the promenade and beach, as well as the nerve center of the city just three minutes walk. The entire hotel complex is composed of 189 apartments and 81 garages after a major renovation that was completed in 2009. And recently an important investment has been made to improve interior finishes, install SPA-gym, pool on the deck, change of furniture, Adaptation of covered terrace to expand the dining area, facilities, etc ... The hotel has a large swimming pool and a children's one, as well as a large solarium area where guests can enjoy clear views of the beach and the sea . It also has an infinity pool, Spa and gym. All rooms are exterior with direct views of the beach, sea or city. In addition, it has surface parking for 60 vehicles.
Summary of the current lease agreement:
I. Start of contract 27 February 2017
II. The duration of the contract is 25 years.
III. The income fixed in the Rental Contract is the equivalent of 50% of the Annual Benefit existing before subtracting the Corporation Tax (BAI), after the settlements that are made between the parties (after the accountability, audits, etc ... that warn the result obtained). The income comes mainly from the rooms and also from the parking lots, breakfasts. The room prices range from € 65-70 in low season and € 120-130 on average in high season (even more, and especially in the suites). It is estimated an average price of € 85 / room and an average occupancy of 70-75% (reaching an average of 90-95% in high season), with breakfast included. As income in cafeteria, the cost per guest is estimated at an average of € 10-15 (logically some will not incur expenses and others will exceed the average), including the rental of hammocks. The influx of the spa will be about 15 people on average per day with an average cost of € 40 per person. For parking about € 10 per day for the 81 parking spaces, with an occupation in this case (due to the shortage of parking in the environment of 90% on average). Regarding expenses, some 50 employees are estimated.
For the operation of the hotel there are the relevant administrative licenses that empower you to carry out your activity, that is,
•Work license.
• First occupation license.
• Municipal license for opening or activity.
• Registration of the establishment in the Tourism Registry of the Junta de Andalucía.
PROPERTY RATE VALUE (07-24-2017): € 18,317,735.11 PRODUCTIVE UNIT VALUE: € 35,218,294.52
The productive unit, the lease and the goodwill are sold. They would accept an offer on € 27MM. The rental conditions of the current tenants are 50% of the BAI, and they would be willing to modify the conditions with the new owner to ensure a 7% return. It could also be acquired without a tenant where the bankruptcy administration would terminate the current contract. The tenant is a recognized company, professional and with a loyal clientele.
ID:146500