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Captain’sCoveat White Bay, Jamaica15087699120Captain’sat White Bay, JamaicaCoveCaptain’sCoveat White Bay, JamaicaCaptain’sCoveat White Bay, Jamaica?The center parcel has a complete and operational beach amenity that includes 80 Beach Set-ups, Stand Up Paddle Boards, Kayaks, Snorkel Gear and Jet Skis.040970637490404097067203947409706?Licensed and insured.CoveCaptain’sat White Bay, JamaicaStand up Paddle board, kayak, jet ski, dive on the barrier reef that looks like an aquarium at the all inclusive resort Captain’s CoveCaptain’sCoveat White Bay, Jamaica4227576-3762192The existing structure on Parcel 1 has 7 rooms with baths, a fully appointed kitchen,atrium, Living Room and Lanai over looking the beautiful waters of White Bay.?White Bay is a sandy bottom flat that is fringed by a bountiful pristine reef. This will serve as a great marketing center for Captains Cove Resort.?The edifice incorporates classic materials and design reminiscent of Old Saint Augustine,Charleston, New Orleans, and Hemmingway’s West IndiesCaptain’sat White Bay, JamaicaCoveThe OpportunityJamaica has a short fall in available hotel rooms. All inclusive resorts routinely reach 100 % occupancy during the November to May peak season. During hurricane season occupancy falls off to the 60 – 50 percent range. By assimilating the three parcels in this proposal a premier resort site emerges. A 30% gain in value is achievable through the assimilation of the three subject parcels alone. The long term gain by developing and constructing the resort present a very desirable return on a modest capital expenditure. An amenity rich, all inclusive resort is the highest and best use for this site. In addition to the benefits presented by the site itself, development to the east of a casino has been approved. Further more resorts with no beach at all are currently enjoying very high occupancy rates.The Team….Florida based Captain Joe Spagnola and Florida Developer and Construction Expert Greg Hembree head up the development , design and construction aspect. Richard Veldman, a highly successful 40 year of resort property veteran will consult on design along with John Marks, General Manager of the Don Se Sar in St Petersburg for 25 years and currently performing start up for resorts world wide. John will perform his magic through start-up of this multi star resort.The Jamaica team is headed by attorney Earnest Smith, a two time Parliament member. The process of flagging the resort starts with instigation of the design phase. Once operational the resort can be sold or principles may continue with ownership.Captain’sCoveat White Bay, JamaicaThe OptionsAssimilation of parcels then sell to a resort developer at anapproximate 30% profit.Assimilate parcels, develop, construct and open resort under a flag.Option B with a hold and operate.Assimilation of parcels, develop and construct as a condotel, sell unitsand retain resort operationsJamaica Beach Front Parcel68 UNIT PROFORMAAssumptions:Purchase price of Parcel - $4,400,000.00Parcel is a 5 acre +/- Beach Front located a[pproximately 3 miles east of FalmouthApproval for 68 units (156 Jamaican units)Existing building will be utilized as a Common ElementProject to consist of two builidngs with 34 units per buildingLand Cost$4,400,000.0069.40/ sq ftUnit Potential68.00Per Unit Land Cost1 & 2 Bed Units $61,100.00, Pent $122,780.0032 each - 980 sq ft two bedroom / 2 bath units31360 sq ft32 each - 780 sq ft one bedroom /1 bath units24960 sq ft4 each - Penthouses - 1768 - 3 bed / 3 bath7076 sq ftTotal Sq Ft63396.00Cost To Complete$8,219,000.00130.00/sq.ft.Total Cost Sticks and Bricks + Property$12,619,000.00Sticks and Bricks + Property per sq ft$199.05CTC of 1 Bedroom / 1 Bath UnitCTC of 2 Bedroom / 2 Bath UnitCTC of 3 Bedroom / 3 Bath UnitTotal Sell Out/ Cash Source$22,976,000.00Less Sticks and Bricks and Property$12,619,000.00FF & ELess Commission 4.5 %$1,034,000.00Total Hard Cost$13,653,000.00Soft CostWarranty$135,000.00Arch + Engineering (9% of S+B+P)(13.00 per sq ft)$825,000.00Closing Costs$258,000.00Master Developer Fee$301,000.00G & A$174,000.00Marketing$170,000.00Legal & Due Diligence$100,000.00Property Taxes$4,500.00HOA Deficit/Utilities$-Contingency$374,000.00Interest (2/3 on phase one)$740,000.00Soft Cost Total$3,081,500.00Total Soft Cost and Hard Cost$16,734,500.00Total Profit$6,241,500.0028% ProfitLoan Amount BreakdownProperty$4,400,000.00Sticks and Bricks + Amenities$4,000,000.00Soft Cost$1,800,000.00Maximum Loan Amount$10,200,000.00Jamaica Beach Front Parcel92 UNIT PROFORMAAssumptions:Purchase price of Parcel - $4,400,000.00Parcel is a 5 acre +/- Beach Front located approximately 3 miles east of FalmouthApproval for 92 units (252 Jamaican units)Existing building will be utilized as a Common ElementProject to consist of two builidngs with 46 units per buildingLand Cost$4,400,000.00Unit Potential92.00Per Unit Land Cost1 & 2 Bed Units 47,825.00, Pent $95,650.0044 each - 988 sq ft two bedroom / 2 bath units43472 sq ft44 each - 780 sq ft one bedroom /1 bath units34320 sq ft4 each - Penthouses - 1768 - 3 bed / 3 bath7076 sq ftTotal Sq Ft84868.00Build out at 100.00 per sq + 400k (elevators) ($112.00/sq ft)$9,487,000.00Total Cost Sticks and Bricks + Property$13,887,000.00Sticks and Bricks + Property per sq ft$163.63CTC of 1 Bedroom / 1 Bath Unit$117,218.00CTC of 2 Bedroom / 2 Bath Unit$147,275.00CTC of 3 Bedroom / 3 Bath Unit$264,493.00Total Sell Out/ Cash Source$28,048,000.00Less Sticks and Bricks and property$13,887,000.00Amenities$400,000.00FF & E$3,000,000.00Less Commission 4.5 %$1,262,000.00Total Hard Cost$18,549,000.00Soft CostWarranty$180,000.00Arch + Engineering (9% of S+B+P)(13.00 per sq ft)$1,100,000.00Closing Costs$325,000.00Master Developer Fee$400,000.00G & A$174,000.00Marketing$212,000.00Legal & Due Diligence$100,000.00Property Taxes$4,500.00HOA Deficit/Utilities$-Contingency$450,000.00Interest (2/3 on phase one)$1,000,000.00Soft Cost Total$3,945,500.00Total Soft Cost and Hard Cost$22,494,500.00Total Profit$5,553,500.0025% ProfitLoan Amount BreakdownProperty$4,400,000.00Sticks and Bricks + Amenities$5,686,000.00Soft Cost$2,221,000.00Maximum Loan Amount$12,307,000.00Jamaica Beach Front Parcels200 UNIT RESORT PROFORMAAssumptions:Purchase price of Parcel A - $4,400,000.00Parcel is a 5 acre +/- Beach Front located a[pproximately 3 miles east of FalmouthPurchase price of Parcel B - $1,800,000.00Parcel is a 2.5 acre +/- Beach Front adjoining parcel A to the westPurchase price of Parcel C - $1,300,000.00Parcel is a 2.5 acre +/- Beach Front adjoining parcel A to the east.Density approval is contingent on Waste Water Management.Project to consist of four builidngs, 50 doors per building200 unitsLand Cost$7,500,000.0046.50 per sq. ft.Unit Potential500.00Per Unit Land Cost38,000.0064 each - 800 sq ft one bedroom / 2 bath units/ Demi800 sq ft51,200 sq ft128 each - 640 sq ft Studio /1(2) bath units640 sq ft81920 sq ft8 each - Penthouses - 1440 - 2 bed / 2 bath1440 sq ft11,520 sq ftCommercial Space16,640 sq ftTotal Sq Ft161280.00Cost to Complete$20,966,400.00130.00/sq. ft.Cost to Complete plus Property$28,466,400.00Sticks and Bricks + Property per sq ft$176.50FF & E(x 3)$7,540,200.00Total Hard Cost + Land$36,006,600.00Soft CostsWarranty$135,000.00Arch + Engineering$825,000.00Closing Costs$158,000.00Master Developer Fee$301,000.00G & A$174,000.00Marketing$170,000.00Legal & Due Diligence$100,000.00Property Taxes - 1500.00 per year$4,500.00HOA Deficit/Utilities$0.00Contingency$374,000.00Interest$3,200,000.00Soft Cost Total$5,441,500.00Total Soft Cost and Hard Cost$41,448,100.005 years Funds available for debt Service$53,968,528.00Funds Available less Debt$12,520,428.00Annual P & L ProjectionsSUMMARYYearYearYearYearYear$ FORMAT12345REVENUERooms16,667,26820,429,51324,070,29025,078,43026,519,075Food & Beverage7,300,0008,760,0009,490,00010,220,00010,950,000TelephoneOther Operated Departments00000TOTAL REVENUE by Department23,967,26829,189,51333,560,29035,298,43037,469,075OPERATING EXPENSERooms3,666,7994,494,4925,295,4645,517,2555,834,197Food & Beverage4,015,0004,818,0005,219,5005,621,0006,022,500TelephoneOther Operated Departments00000TOTAL OPERATING EXPENSE by Department7,681,7999,312,49210,514,96411,138,25511,856,697DEPARTMENTAL PROFITRooms13,000,47015,935,02118,774,82619,561,17520,684,878Food & Beverage3,285,0003,942,0004,270,5004,599,0004,927,500Telephone(10,000)(12,000)(14,000)(16,000)(18,000)Other Operated Departments00000TOTAL DEPARTMENTAL PROFIT16,275,47019,865,02123,031,32624,144,17525,594,378DEDUCTIONS FROM INCOMEAdministrative & General1,953,0562,383,802,2,763,7592,897,3013,071,325Sales & Marketing1,676,3732,046,0972,372,2262,486,8502,636,220Utilities Costs1,181,5991,442,2001,672,0741,752,8671,858,151Maintenance960,2521,172,0361,358,8481,424,5061,510,068TOTAL DEDUCTIONS from Profit5,771,2807,043,1358,166,9038,561,5249,075,764GROSS PROFIT10,504,19012,820,88614,864,42315,582,65116,518,614OTHER EXPENSESInsurance900,000975,0001,050,0001,125,0001,200,000Property Tax3,0003,0003,0003,0003,000Management Fee955,8811,166,7001,352,6621,402,4381,486,675NET OPERATING PROFIT8,645,30910,676,18612,458,76113,052,21313,828,939CapEx Reserve8% of NOP691,625854,094996,7001,044,1771,106,315NET CASH AVAILABLE for DEBT SERVICE7,953,6849,822,09211,462,06112,008,03612,722,624Annual Statistics ProjectionsRooms Revenue & StatisticsYearYearYearYearYear12345Total Rooms200200200200200Rooms Available73,00073,00073,00073,00073,000Rooms Occupied36,50043,80047,45051,10054,750Transient Rooms Sold29,20035,04037,96040,88043,800Group Rooms Sold7,3008,7609,49010,22010,950Occupancy Percent50.00%60.00%65.00%70.00%75.00%Total Rooms Revenue$16,667,268.75$20,429,513.00$24,070,290.00$25,178,430.00$26,519,075.00ADR$471.00$480.00$489.00$499.00$508.00RevPAR$235.00$288.00$318.00$349.00$381.00Guest Count109,500131,400142,350153,300164,250 ................
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