rancho manzanillo - Gotham Corporate Group

rancho manzanillo - Gotham Corporate Group

RANCHO MANZANILLO
GUANACASTE | COSTA RICA
EXCLUSIVE FIVE-STAR HOTEL DEVELOPMENT OPPORTUNITY
620± ACRES OF OCEAN FRONT LAND
LIMITING CONDITIONS
The information contained in this Marketing Brochure is proprietary and strictly confidential. It is
intended to be reviewed only by the party receiving it from Gotham Corporate Group and
should not be made available to any other person or entity without the written consent of Gotham Corproate Group. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation.
Gotham Corporate Group has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements. The information contained in this Marketing Brochure has been obtained from sources
we believe to be reliable; however, Gotham Corporate Group has not verified, and will not verify,
any of the information contained herein, nor has Gotham Corproate Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must
take appropriate measures to verify all of the information set forth herein.
THE PROJECT
PROJECT HIGHLIGHT
•
Mandarin Oriental Resort & Hotel
•
Designed by HKS Architects
•
TCH Partners, Inc. led by Thomas C Hendrick
•
Neighbors to The Four Seasons, reportedly one
of their best performing properties
•
Upon completion, this will be the finest
5-star resort in Costa Rica
DEVELOPMENT DATA
•
620+/- Acres Land
•
130 room Mandarin Oriental Hotel
•
14 Luxury Mandarin Oriental branded 2 & 3 bedroom villas
•
38 Cliff Villa residential lots
•
37 uniquely designed treehouses
•
620 acres along Culebra Bay
•
IV Phases of development planned
THE LOCATION
•
The property is located in the Guanacaste Province, also known as
Costa Rica’s “Gold Coast”
•
Adjacent to the Hilton Papagayo and The Four Seasons
Easily accessible: only a 30 minute
drive from Liberia Intl Airport
MASTER PLAN
Phase I of Rancho Manzanillo will establish the Mandarin Oriental
Resort & Hotel as the finest fivestar experience in Costa Rica. Construction is projected to occur over the first two years of the project.
Beginning year three, an investor will realize returns provided by the
sale of both branded villas and residential lots as well as net
oper-ating income generated by hotel operations and,
ultimately, the year-five disposition of the Mandarin Hotel.
Phase I offers compelling cash flow provided by one of the world’s
most renowned hotel brands and will create the foundation necessary for the full development of 620 pristine acres along Culebra
Bay in Costa Rica.
PHASE I WILL INCLUDE:
•
•
•
•
•
130 room Mandarin Oriental Resort Luxury Hotel
13,500 sq. ft. Spa
14 Branded 2 & 3 bedroom Villas
39 Residential lots
Initial Infrastructure
FUTURE PHASES WILL INCLUDE
•
•
•
•
•
•
18-hole Fred Couples Championship Golf Course
Mandarin branded beach villas, executive homes
Beach club
Golf villas
Fractional homes
Commercial village
ARCHITECTUAL DETAILS
Mandarin Oriental Tropical Luxury Hotel
•
•
Number of Guestrooms and Suites: 130
Total Area in sf: 106,114 sf
Treehouse Villas
•
•
Custom built by HKS architects
HVS projects these units would bring a higher
daily rate versus traditional hotel rooms.
Mandarin Branded Beach Villas
•
•
•
Number of units: 14 (Phase I)
Average Size: 2,000 sq. ft.
Mix of one, two and three bedrooms located on
the edge of a cliff fronting Manzanillo Beach
Home Sites
•
•
•
•
Number of units: 61 (Phase III)
Size: one acre lots
270 degree views of the bay and ocean
Great amenities including tennis courts
THE MARKET
•
The year 2013 set a record for tourism in Costa Rica, with 2.4 million visitors arriving, an
increase of 3.6 percent over the previous year, according to the Costa Rican Tourism
Board
•
The neighboring Four Seasons Papagayo resort is reported to be one of the best performing hotels for Four Seasons Hotels and Resorts worldwide
•
North American travelers account for 58% of all arrivals
•
Since 2005, International air passenger traffic to and from Liberia’s International Airport
has grown at an annual rate of 18.5 percent. In 2012, international air traffic grew at
an even more impressive 25 percent, year over year.
Travelers to Costa Rica by Continent
“Costa Rica welcomed record number of tourists in 2013
Central America 24% In 2013, a little more
than 1.6 million tourists arrived in Costa Rica by air and some 800,000 entered
the country by land or sea. The National Tourism Chamber has said that
for 2014 to present an improvement in tourist activity government actions to
re-duce the cost of energy and fuel, to offer better public safety, as well
as to make procedures more flexible and improve infrastructure will be
required.”
North America 58% South America 8% Europe 8% Other 2% Source: Costa Rica Bureau
of Transportation (CRBT)
The present Government is committed to tourism and development
throughout the country but with particular emphasis on its
Northwest Pacific coastline of the Province of Guanacaste.
—Fox News Latino
“The Costa Rican housing market had seen steady improvements during the
period 2012-13, thanks to the strengthening economy and housing market in
the United States. Local property experts affirm that median condominium
and home prices rose during 2012 and the first half of 2013.”
—GlobalPropertyGuide.com
FIGURE 1-1 H
Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
ISTORICAL SUPPLY AND DEMAND TRENDS (STR)
Average Daily Available Room
Nights
Room Count
852
852
852
1,013
1,015
1,015
1,032
1,038
1,010
901
887
873
Change
Occupied Room
Nights
310,980
310,980
310,980
369,767
370,475
370,475
376,800
378,870
368,744
328,865
323,885
318,739
—
0.0
0.0
18.9
0.2
0.0
1.7
0.5
(2.7)
(10.8)
(1.5)
(1.6)
187,268
189,626
202,802
233,167
264,524
255,499
268,081
253,994
202,968
187,713
187,855
187,612
108,120
102,338
—
%(5.3)
73,575
73,068
Change
OccupancyR
Average
Rate
Change
—
1.3
6.9
15.0
13.4
(3.4)
4.9
(5.3)
(20.1)
(7.5)
0.1
(0.1)
% 60.2
61.0
65.2
63.1
71.4
69.0
71.1
67.0
55.0
57.1
58.0
58.9
$359.30
349.66
356.68
369.31
427.00
485.52
537.33
592.05
531.28
554.04
571.04
560.14
—
(2.7)
2.0
3.5
15.6
13.7
10.7
10.2
(10.3)
4.3
3.1
(1.9)
$216.37
213.21
232.60
232.88
304.88
334.84
382.29
396.91
292.43
316.24
331.21
329.70
—
(1.5)
9.1
0.1
30.9
9.8
14.2
3.8
(26.3)
8.1
4.7
(0.5)
%68.0
71.4
$665.64
728.02
—
9.4%
$452.96
519.80
—
%14.8
RevPAR
Change
Year-to-Date Through April
2012
2013
901
853
Number
of Rooms
Hotels Included in Sample
100
163
166
201
173
98
Four Seasons Costa Rica @ Peninsula Papagayo
Rosewood Caneel Bay Resort
Four Seasons Resort Punta Mita
Mandarin Oriental Elbow Beach
Total
FIGURE 1-7
Year
Opened
Luxury Class
Luxury Class
Luxury Class
pscale Class
Luxury ClassS
Luxury Class
Jan 1964
Jan 2004
Jan 1956
Jan 1900
ep 1999
Jun 1908
901
Source: STR Global
MARKETAND SUBJECT PROPERTY AVERAGE RATE FORECAST
Area-wide Market(Calendar Year)
Year
—
%(0.7)
Occupancy
Base Year—
2013
2014
2015
2016
2017
57.9%
60.2
62.8
65.8
67.5
68.9
Average Rate
Growth
—
10.0%
8.0
8.0
3.0
3.0
Average
Rate
$550.13
605.14
653.55
705.84
727.01
748.82
Subject Property (Calendar Year)
Average Rate
Occupancy Growth
—
—
—
54.0%
58.03
72.03
10.0%
11.0
8.0
.0
.0
Average
Rate
$680.00
748.00
830.28
896.70
923.60
951.31
Average Rate
Penetration
123.6%
123.6
127.0
127.0
127.0
127.0
DEVELOPMENT TEAM
Mandarin Oriental Hotel Group will provide branding and hotel management
of both the hotel operations and the branded residences. The Mandarin Oriental
Hotel Group is the award-winning owner and operator of some of the world’s most
prestigious hotels and resorts. They now operate or have under development 45
hotels with 19 in Asia, 12 in the Americas and 14 in the Middle East, Europe and North
Africa.
HKS Architects is known worldwide for creating luxury environments such as
The One And Only Ocean Club in the Bahamas, and the Four Seasons Resort in
Hualalai, Hawaii.
TCH Partners, Inc. is a global luxury hotel development company led by Thomas
Hendrick. Mr. Hendrick has over 30+ years of experience in the hospitality industry with
involvement in more than 100 notable projects. He was also the head of
development in the Americas and the Caribbean for Mandarin Oriental Hotels.
Fred Couples PGA tour star and Masters Champion, has joined with PGA Member
and gold course architect Lee Singletary to create the 18 hole golf course set it the
native rain forests with majestic views of Culebra Bay and the Pacific Ocean.
Rancho Manzanillo, LLC the current ownership group is controlled by the KC
Venture Group of Leawood, Kansas, a leading commercial real estate firm that
controls over $750 million in real estate assets.
Van derLaat Construction Company is the largest construction firm in
Costa Rica, with extensive experience in luxury hotels and condominiums. Recent
hotel completions include the JWMarriott (Pinilla) in Costa Rica. The foundation of
their construction work is a solid relationship with public and private clients who have
the confidence to rely on their experience, financial strength and in-house expertise to
make their vision a reality.
HOTEL PROFORMA
Year 1
Hotel Keys
Available Rooms
Occupied Hotel Rooms
Average Rate
REVPAR
Total (000's)
29,292
6,915
4,444
142
2,441
4,971
1,527
48,205
Departmental Expenses:
Rooms
Food & Beverage
Telephone
Rental Income
Spa
Other Income
Total Departmental Expenses
Departmental Income
Revenue:
Rooms
Food
Beverage
Telephone
Rental Income
Spa
Other Income
Total Revenue
Undistributed Expenses:
Admin & General
Sales & Marketing
Property Ops. & Maintenance
Utilities
Total Undistributed Expenses
Income Before Fixed Charges
Fixed Charges:
Management Fee
Incentive Management Fee
Property Tax/Land Lease
Insurance
FF&E Reserve
Total Fixed Charges
Net Income
Debt Service (Principle Only)
Interest Expense
Earnings for Distributions
1
2015
130
47,450
30,843
$949.74
$617.33
NOTES:
Debt Coverage Ratio
Year 2
65.0%
%
60.8%
14.3%
2016
130
47,580
34,733
$978.23
$714.11
Year 3
73.0%
%
61.2%
14.4%
100.0%
Total (000's)
33,977
8,008
5,133
164
2,514
5,749
1,766
55,547
5,800
9,019
113
547
3,047
939
19,465
19.8%
79.4%
79.9%
22.4%
61.3%
61.5%
40.4%
28,740
2017
130
47,580
34,733
$1,007.58
$735.53
Year 4
73.0%
%
61.2%
14.4%
100.0%
Total (000's)
34,997
8,248
5,287
169
2,590
5,922
1,819
57,213
6,558
10,303
129
548
3,438
1,067
22,043
19.3%
78.4%
78.7%
21.8%
59.8%
60.4%
39.7%
59.6%
33,504
3,808
2,217
1,832
1,253
9,111
7.9%
4.6%
3.8%
2.6%
18.9%
19,629
2018
130
47,450
34,639
$1,037.81
$757.60
Year 5
73.0%
%
61.2%
14.4%
100.0%
Total (000's)
35,948
8,473
5,431
174
2,667
6,083
1,868
58,776
6,754
10,612
133
565
3,541
1,099
22,704
19.3%
78.4%
78.7%
21.8%
59.8%
60.4%
39.7%
60.3%
34,509
4,333
2,500
2,055
1,389
10,276
7.8%
4.5%
3.7%
2.5%
18.5%
40.7%
23,228
2,169
1,351
193
482
964
5,159
4.5%
2.8%
0.4%
1.0%
2.0%
10.7%
14,470
14,470
2019
130
47,450
34,639
$1,068.94
$780.33
73.0%
%
61.2%
14.4%
100.0%
Total (000's)
37,027
8,727
5,594
179
2,748
6,265
1,924
60,540
6,938
10,900
137
582
3,638
1,129
23,323
19.3%
78.4%
78.7%
21.8%
59.8%
60.4%
39.7%
7,146
11,228
141
599
3,747
1,162
24,023
19.3%
78.4%
78.7%
21.8%
59.8%
60.4%
39.7%
60.3%
35,453
60.3%
36,517
60.3%
4,463
2,575
2,117
1,430
10,584
7.8%
4.5%
3.7%
2.5%
18.5%
4,585
2,645
2,175
1,469
10,874
7.8%
4.5%
3.7%
2.5%
18.5%
4,722
2,724
2,240
1,513
11,200
7.8%
4.5%
3.7%
2.5%
18.5%
41.8%
23,925
41.8%
24,580
41.8%
25,317
41.8%
2,500
1,782
222
555
1,666
6,726
4.5%
3.2%
0.4%
1.0%
3.0%
12.1%
2,575
1,778
229
572
2,289
7,442
4.5%
3.1%
0.4%
1.0%
4.0%
13.0%
2,645
1,866
235
588
2,351
7,685
4.5%
3.2%
0.4%
1.0%
4.0%
13.1%
2,724
1,964
242
605
2,422
7,957
4.5%
3.2%
0.4%
1.0%
4.0%
13.1%
30.0%
16,502
29.7%
16,483
28.8%
16,895
28.7%
17,360
28.7%
30.0%
16,502
29.7%
16,483
28.8%
16,895
28.7%
17,360
28.7%
0.3%
5.1%
10.3%
0.3%
4.5%
10.4%
0.3%
4.5%
10.4%
0.3%
4.5%
10.3%
(1,889)
(6,392)
6,189
(2,045)
(6,236)
8,222
(2,215)
(6,066)
8,202
(2,399)
(5,882)
8,614
(2,598)
(5,683)
9,079
1.75
1.99
1.99
2.04
2.10
0.3%
4.5%
10.3%
100.0%
DEVELOPMENT SCHEDULE
The proposed Rancho Manzanillo project is a four
Upon final build out, the Project will feature a
phase development that is to take place over the
Mandarin Oriental 5-star hotel, spa, beach club,
course of 12 years, with the disposition of all Phase I
18-hole Fred Couples Championship Golf Course,
components by Year 5 providing an investor with a
Mandarin branded beach villas, executive homes,
return of all initial capital plus a compelling return on
golf villas, fractional homes and a commercial
that capital.
Future phases will provide additional
village. Each of the four project phases assumes a
investment yield as Costa Rica’s most luxurious five-star
two year construction schedule followed by
resort continues to be built out.
revenue from lot sales or, in the case of Phase I,
operating revenue provided by the Mandarin
Oriental Hotel.
The
infrastructure
and
operational
support
provided by Mandarin Oriental allows for the
seamless development of the adjacent Branded
Beach Villas and Residential Lots.
PROJECTIONS
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
DEVELOPMENT COSTS PER PHASE
Phase One
Phase Two
Phase Three
Phase Four
Total Development Costs
$ 39,
407,133
$
-­‐
$
-­‐
$
-­‐
$ 39,407,133
$ 48,986,777
$
-­‐
$
-­‐
$
-­‐
$ 48,986,777
$
$
$
$
$
-­‐
-­‐
-­‐
-­‐
-­‐
$
-­‐
$ 35,970,318
$
-­‐
$
-­‐
$ 35,970,318
$
-­‐
$ 39,571,813
$
-­‐
$
-­‐
$ 39,571,813
$
$
$
$
$
-­‐
-­‐
-­‐
-­‐
-­‐
$
-­‐
$
$ -­‐
$ 21,054,109
$
-­‐
$ 21,054,109
$
-­‐
$ -­‐
$ 26,864,463
$
-­‐
$ 26,864,463
$ -­‐
$
-­‐
$
-­‐
$ 4,690,872
$ 4,690,872
$
-­‐
$
-­‐
$
-­‐
$ 5,400,657
$ 5,400,657
$
$
$
$
$
INCOME
Residential Lot & Villa Sales
Hotel NOI
Golf NOI
Golf Initiation Fee Revenue
Total Operating Income
$ -­‐
$
-­‐
$ -­‐
$ -­‐
$
-­‐
$
$
$
$
$
$ 33,212,000
$ 12,131,834
$
-­‐
$
-­‐
$ 45,343,834
$ 17,392,637
$ 14,470,039
$
-­‐
$
-­‐
$ 31,862,676
$ 9,537,898
$ 16,502,300
$ -­‐
$ -­‐
$ 26,040,198
$ 30,750,816
$
-­‐
$ (378,604)
$ 1,110,000
$ 31,482,212
$ 28,
787,794
$
-­‐
$ (59,999)
$ 810,000
$ 29,537,794
$ 28,351
,824
$
-­‐
$ 221,496
$ 825,000
$ 29,398,320
$ 51,662,563
$
-­‐
$ 507,685
$ 1,
1,480
48
$ 53,650,248
$ 52,887,451
$
-­‐
$ 840,060
$ 1,520,000
$ 55,247,512
$ 18,4
34,592
$
-­‐
$ 917,868
$ 560,000
$ 19,912,460
Hotel Sale (1)
Golf Course Sale (2)
$
$
Net Cash Flow
$ (39,407,133) $ (48,986,777) $ 45,343,834 $ (4,107,642) $ 190,716,862 $ 31,482,212 $ 8,483,685
$ 2,533,857
$ 48,959,375 $ 49,846,855 $ 19,912,460 $ 20,761,858
-­‐ $
-­‐ $
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐ $
-­‐ $
-­‐ $
-­‐ $
-­‐ $ 204,248,478 $
-­‐ $
-­‐ $
-­‐ $
-­‐ $
-­‐ $
-­‐ $
(1) H
value is dierived by capitalizing Year 6 HYotel $16,673,
345) at an 8% 345) rate aand s n8et a 2% Sales note, Year 6 NOI xcludes FF&E expense of e$xclud
190,750. (1) Hotel otel Sale Sale value s derived by capitalizing ear N6OI H(otel NOI ($16,673,
t ain % orf ate and is Enxpense. et of a P2lease % Sales Expense. Pelease noa te, Year 6 NOI es a FF&E expense of $190,750. (2) Golf Course Sale value is derived by capitalizing Year 13 Golf NOI ($1,114,224) at a 12% rate and is net of a 2% Sales Expense.
-­‐ $ -­‐ $
-­‐ $
-­‐ $
-­‐
-­‐ $
-­‐
-­‐
-­‐
-­‐
-­‐
$ $ $
$
$
-­‐
-­‐
-­‐
-­‐
$ 19,115,
$
-­‐
$
$ 1,085,988
$ 560,000
$ 20,761,858
-­‐ $
-­‐
-­‐ $ 9,099,499
PROJECT COSTS
SUMMARY OF PROJECT COSTS
Phase 1
Fees, Permits & Studies (Preliminary)
Sitework/Infrastructure
General Construction Other (Vertical) Golf Course Construction
Arch/Eng/Consultants/Mgrs.
FF&E, OSE
Pre Opening Exp
Working Capital
Development Fees
Contingency
Legal & Accounting
General & Administrative
Real Estate Sales & Marketing
Phase 3
$524,536
$137,745
$7,239
$7,239
$676,759
$28,669,928
$8,370,588
$7,171,498
$53,957,020
$16,249,860
$20,182,400
$0
$10,931,296
$0
$0
$71,243,960
$0
$10,931,296
$5,306,123
$3,151,740
$3,281,267
$6,558,356
$4,550,000
$519,933
$520,000
$124,792
$4,165,800
$2,545,122
$1,953,105
$434,730
$9,098,757
$7,027,536
$4,469,560
$3,549,501
$790,419
$15,837,016
$375,000
$475,000
$125,000
$50,000
$1,025,000
$2,291,789
$920,975
$1,025,909
$95,897
$4,334,570
$722,000
$2,632,662
$2,994,839
$816,314
$7,165,815
$88,393,911
$76,264,263
$47,918,677
$10,091,550
$222,668,401
Site Development
Mandarin Hotel, Spa
Azul Concession Villas
Lot Types 1,2,3 & 4
and Beach Club
Branded Product 5 & 6
39
130 Keys
$0
$28,537,941
$0
$0
$5,069,933
$0
$0
14
$26,125
$498,411
$3,628,097
$5,199,373
$917,536
$27,900,000
$6,911,700
$0
$0
$554,028
$0
$0
$0
$3,582,250
$825,948
$0
$15,866,300
$2,832,018
$0
$4,550,000
$0
$520,000
$0
$0
$292,884
$3,284,433
$588,483
$532,516
$5,425,670
$1,069,350
$50,000
$250,000
$75,000
$31,003
$1,890,042
$370,744
$0
$0
$725,453
$14,145,542
$4,962,226
$18,698,318
Phase 1
Fees, Permits & Studies (Preliminary)
Sitework/Infrastructure
General Construction Other (Vertical) Golf Course Construction
Arch/Eng/Consultants/Mgrs.
FF&E, OSE
Pre Opening Exp
Working Capital
Development Fees
Contingency
Legal & Accounting
General & Administrative
Real Estate Sales & Marketing
Total Project Costs
Phase 4
$9,745,006
$34,811,700
Subtotal Project Costs
PHASE I
Phase 2
$722,000
$644,792
PROJECT COSTS
PHASE II
Golf Project & Club
Facility
18 holes plus
Site Development
Lagoon Villa
Lagoon Bungalow
Mangrove Villa
Mangrove PRC
Lot Types 1,2,3 & 4
Branded Product 7
Branded Product 8
Branded Product 9
Branded Product 10
55
3
7
12
90
Phase 2
Fees, Permits & Studies (Preliminary)
Sitework/Infrastructure
General Construction Other (Vertical) Golf Course Construction
Arch/Eng/Consultants/Mgrs.
FF&E, OSE
Pre Opening Exp
Working Capital
Development Fees
Contingency
Legal & Accounting
General & Administrative
Real Estate Sales & Marketing
$111,451
$26,294
$257,105
$23,612,823
$3,648,910
$0
$10,931,296
$0
$2,245,913
$1,347,750
$2,116,100
$4,107,600
$5,029,500
$0
$0
$0
$0
$161,056
$252,874
$490,858
$601,025
$223,580
$521,687
$894,321
$1,117,902
$0
$0
$0
$0
$0
$124,792
$0
$0
$0
$0
$146,619
$1,683,783
$2,519,351
$266,426
$125,000
$50,000
$75,000
$75,000
$75,000
$75,000
$128,856
$210,823
$250,375
$20,296,275
$190,503
$92,370
$722,000
$31,249,673
$4,234,801
Site Development
Condominiums
Site Development
Lot Types 1,2,3 & 4
Branded Product 11
Lot Types 1,2,3 & 4
88
56
$7,239
$7,170,588
$0
$0
$739,943
$0
Phase 4
$0
$1,200,000
$20,182,400
$0
$2,411,797
$6,558,356
$0
$0
$0
$0
$7,239
$7,171,498
$0
$0
$725,453
$0
$0
$0
$435,477
$1,517,628
$434,730
$791,777
$2,757,724
$790,419
$50,000
$75,000
$50,000
$69,804
$956,105
$95,897
$2,272,839
$722,000
$816,314
$11,537,667
$36,381,010
$10,091,550
$0
$0
$4,499,050
$334,639
$0
$1,385,643
$1,910,662
$204,533
$0
$76,267
Phase 3
Total Project Costs
$0
$1,200,000
$519,933
61
Fees, Permits & Studies (Preliminary)
Sitework/Infrastructure
General Construction Other (Vertical) Golf Course Construction
Arch/Eng/Consultants/Mgrs.
FF&E, OSE
Pre Opening Exp
Working Capital
Development Fees
Contingency
Legal & Accounting
General & Administrative
Real Estate Sales & Marketing
$0
$1,200,000
$523,777
$0
PHASE III & IV
$0
$1,200,000
$1,554,397
$48,048
Total Project Costs
$0
$1,200,000
$0
$0
$7,313,241
$397,421
$0
$0
$8,671,223
FINANCIAL INFORMATION
LOT SALE SCHEDULE OVERVIEW
Phase 2
Phase 1
Lot/Product
Units
Custom On Grade Lot A
Custom On Grade Lot B
Custom On Grade Lot C
Custom On Grade Lot D
Branded 3 BR Villas Branded 2 BR Villas Branded 2 BR Lagoon Villas Branded Lagoon Bungalow Villa
Branded Mangrove PRC
Condominiums (Large)
Condominiums (Small)
Commercial Center
Totals/Averages
SF
Price/SF
Price/Unit
39
43,560
$32.00
$1,393,920
46
43,560
$18.00
$784,080
Year 3
Year 4
Year 5
4
2 6
Year 6
Phase 3
Phase 4
Year 7
Year 8
3
5
5
4
4
4
6 3
4
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
87
43,560
$15.00
$653,400
-­‐
-­‐
-­‐
6
3
4 39
43,560
$12.00
$522,720
-­‐
9
5 6
6
10
3,000
$950.00
$2,850,000
10
-­‐
-­‐
-­‐
4
2,000
$950.00
$1,900,000
4
-­‐
-­‐
-­‐
5
Year 9
7 Year 10
Year 11
8
2
7
8
1 3 12
3
3 Year 12
3
5
5
1 7 18
3
3
3
2,000
$825.00
$1,650,000
-­‐
-­‐
-­‐
2
1
-­‐
-­‐
-­‐
1,500
$700.00
$1,050,000
-­‐
-­‐
-­‐
3
2
-­‐
2
-­‐
7
-­‐
-­‐
-­‐
-­‐
12
2,000
$825.00
$1,650,000
-­‐
-­‐
-­‐
4
4
4
-­‐
-­‐
-­‐
-­‐
90
2,000
$100.00
$200,000
-­‐
-­‐
-­‐
3 0
30
30
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
36
36
-­‐
-­‐
-­‐
-­‐
-­‐
8
8
-­‐
-­‐
-­‐
-­‐
-­‐
72
1,400
$500.00
$700,000
-­‐
-­‐
16
1,200
$500.00
$600,000
-­‐
-­‐
1
217,800
$1,500,000
-­‐
-­‐
426
9,787,460
$6.89
$315,362,440
less: Commissions
36,100,000
(2,888,000)
Net Sales Proceeds
18,905,040
(1,512,403)
33,212,000 17,392,637
-­‐
-­‐
-­‐
-­‐
10,367,280
33,424,800 (829,382)
9,537,898
(2,673,984)
30,750,816
-­‐
31,291,080
30,817,200
(2,503,286)
(2,465,376)
28,787,794
28,351,824
1 56,154,960
57,486,360
20,037,600
(4,598,909)
(1,603,008)
(1,662,250)
52,887,451
18,434,592
19,115,870
(4,492,397)
51,662,563
20,778,120
LOT SALE SCHEDULE PER PHASE
Phase 1
Units
SF
Price/Unit
Phase 3
Custom On Grade Lot A
Custom On Grade Lot B
Custom On Grade Lot C
Custom On Grade Lot D
Branded 3 BR Villas
Branded 2 BR Villas
6
43,560
$32.00
$1,393,920
9
43,560
$18.00
$784,080
10
43,560
$15.00
$653,400
14
10
43,560
3,000
$12.00
$950.00
4
2,000
$950.00
Custom On Grade Lot A
Custom On Grade Lot B
Custom On Grade Lot C
Custom On Grade Lot D
Condominiums (Large)
Condominiums (Small)
Commercial Center
Totals/Averages
Price/SF
53
$522,720
$2,850,000
$1,900,000
$65,372,320
Totals/Averages
Phase 2
Units
Custom On Grade Lot A
Custom On Grade Lot B
Custom On Grade Lot C
Custom On Grade Lot D
13
43,560
$32.00
$1,393,920
12
43,560
$18.00
$784,080
17
43,560
$15.00
$653,400
13
$12.00
$825.00
$522,720
3
43,560
2,000
$1,650,000
7
1,500
$700.00
$1,050,000
$1,650,000
Branded 2 BR Lagoon Villas
Branded Lagoon Bungalow
Villa
Branded Mangrove PRC
Totals/Averages
SF
Price/SF
12
2,000
$825.00
90
2,000
$100.00
167
Units
SF
Price/SF
Price/Unit
15
43,560
$32.00
15
43,560
$18.00
$784,080
25
43,560
$15.00
$653,400
6
43,560
$12.00
$522,720
72
1,400
$500.00
$700,000
16
1,200
$500.00
$600,000
1
217,800
$6.89
$1,500,000
150
$1,393,920
$113,641,320
Price/Unit
$200,000
$95,533,080
Phase 4
Units
SF
Custom On Grade Lot A
Custom On Grade Lot B
Custom On Grade Lot C
Custom On Grade Lot D
5
43,560
Totals/Averages
Price/SF
$32.00
Price/Unit
$1,393,920
10
43,560
$18.00
$784,080
35
43,560
$15.00
$653,400
6
43,560
$12.00
56
$522,720
$40,815,720
RANCHO MANZANILLO
GUANACASTE | COSTA RICA
ERIK COFFIN
BRADLEY DJUKICH
SHERYL UTAL
Direct: 323.377.4878
Office: 310.247.1212
erik@gothamcorporate.com
Direct: 310.974.2150
Office: 310.247.1212
bradley@gothamcorporate.com
Direct: 949.468.6828
Office: 310.247.1212
sheryl@gothamcorporate.com
WEST HOLLYWOOD
NEW YORK
9255 W. Sunset Blvd. Suite 1000 590 Madison Ave. 18th Floor
SAN FRANCISCO
PALM DESERT
BEIJING
1 Market St. Spear Tower 36th Floor
73470 El Paseo Dr. Ste F6
12 Grand Chaowai Ave
West Hollywood, CA 90069
New York, NY 10022
San Francisco, CA 94105
Palm Desert, CA 92260
Chaoyang District, Beijing
Tel: (310) 247-1212
Tel: (212) 671-1741
Tel: (415) 689-5757
Tel: (760) 340-3659
Tel: +86 10 5879 0637