captain nikolas · investment opportunity in captain nikolas coral village, maceio, al, brasil....

Escritório/Office Ed. Sir Winston Churchill Av.Paulista, 807/ Cj. 1014/5 01311-915 São Paulo-SP/Brasil e-mail: [email protected]

Tel/Fax: 55 11 3284-2968

Captain Nikolas CORAL VILLAGE

ILHA DA CROA, ALAGOAS, BRAZIL

OPPORTUNITY FOR EQUITY INVESTMENT

FEBRUARY, 2011

INVESTMENT OPPORTUNITY IN

CAPTAIN NIKOLAS CORAL VILLAGE, MACEIO, AL, BRASIL.

Prepared by CEA – February 2011 - Confidential

TABLE OF CONTENTS. PAGE

1.0 INTRODUCTION 02

2.0 DESCRIPTION OF PROPERTY & PROJECT 03

3.0 MARKET FOR DAY VISITORS 06

4.0 INVESTMENT OPPORTUNITY. 07

5.0 FINANCIAL PROJECTIONS. 09

Annexes

A ARCHITECTURAL CONCEPT. 10

B. MAPS AND PHOTOGRAPHS. 11

C. CALCULATION OF TOURIST DAY VISITORS

1




1.0 INTRODUTION

This document has been prepared for potential investors in Captain Nikolas Coral Village.

The property, which was purchased in 1993 by Cap. Nikolas Zacharopoulos, owner of NZ Exotic Paradise Hotels Ltda. Alagoas, Brazil, today consists of 39 luxury chalets (developed as a pilot plan) with a further phases of development. At presented the hotel is leased and operated as a boutique resort. On a separate parcel of the property with beach frontage on to clear sea with coral reefs and natural swimming pools is planned the CN Coral Village.

The project is located on the Dourado Coast on Rodovia Al-101 Norte, km-40, Ilha da Croa, Barra de Santo Antônio, Alagoas, Brazil.

1.2 The team shown below prepared the data in this offering.

Cap Nikolas Zacharopoulos Owner and Developer.

J. Colin Evans Project Managers and Hotel Consultants. CEA. Associados SC Ltda.

Constantinos Tselios . Marketing Data.

Ronaldo S. de Souza Engineering Consultant.

1. 3 NZ Exotic Paradise Hotels Ltda (Captain Nikolas Island Ecological Resort Hotel) is owned 100% by Cap. Nikolas Zacharopoulos. The company has a paid up capital of Euros 23,000,000 and has no encumbrances or debt.

2




2.0 DESCRIPTION OF PROJECT.

2.1 Location

The property is located at Barra de Santo Antonio on the southern peninsular of “Ilha da Croa” in the municipality of Barra de Santo Antonio, fronting the beach “Praia Captain Nikolas” which is approximately 37 kms north of Maceio, in the NE of Brazil.

2.2 Land.

The land consists of approximately 224,739 m2 with 375 metres of frontage to the white sand beach of the Atlantic Ocean. There is an average depth of 290 metres between the beach and the highway AL 101, with a further average depth of 160 metres between the highway and the river “Rio Santo Antonio

Grande”

The land has frontage to a white sand beach called "Praia Captain Nikolas" of the Atlantic Ocean extending for 15 kms with coconut and tropical fruit trees (manga etc) trees growing next to the sea. Three miles off the coast there are spectacular coral reefs and natural swimming pools. The rear of the property ends at the Santo Antonio River, with mangroves where over 2,000 species of crabs can be found.

The river is ideal for boat trips and ecotourism.

The highway AL 101, on the riverside, divides the property.

2.3 Access

The access from Maceio to Barra de San Antonio is good, being along highway AL 101, and approximately 37 kms from Maceio. The driving time from the airport to Barra de Santo Antonio is approximately 50 minutes.

From the urban centre of Barra de San Antonio, to Ilha da Croa, the bridge is now open facilitating the transport of large groups to the resort which is a just a 2 km drive from the bridge arrival on Ilha da Croa.

2.4 Scope of Project.

Within the property, on a rectangular parcel of land with 70 metres of beach frontage and 270 metres of depth it is proposed to build facilities for the day visitor principally from Maceio. This project will consist of three phases as

3




shown below and take advantage of the excellent beach, the spectacular coral reefs, natural swimming pools some 3 kms off-shore.

2.0 DESCRIPTION OF PROJECT.

PROPOSED PROJECT PHASING

Phase Description

Existing Resort

Guest cottages (39) reception/administration building, restaurant service areas, sauna, gym, conference/night club, boutique, tennis, volley and basket courts, pool, bar and beach kiosks.(This has been

leased to an independent operator who will operate as a boutique hotel)

1 Captain Nikolas Coral Village – Phase 1 Facilities for visiting tourist - day trippers consisting of beach and bar facilities with two boats for sea trips, restaurant for 300 covers complete with own kitchens, staff and administration facilities, shops plus sports courts, pool, visitor car parking etc.. In addition 12 Condo-hotel rooms will be built for long term rentals..

2 Captain Nikolas Coral Village – Phase 2 Expansion of restaurant up to 600 covers in total and Condo-hotel room expansion for sale and rental.

3 Captain Nikolas Coral Village – Phase 3 Further hotel room expansion for sale and rental.

This is shown in more detail in section 6.0 of this study

4




3.0 MARKET FOR DAY VISITORS

3.1 The Market The facilities are designed to capture the large tourist market that stay in hotels principally in Maceio and who make day trips to neighboring beaches and tourist attractions in guided tours arranged by the local tour operators who have connections and arrangements with all the local hotels.

3.2 Number of Tourist Visitor to Maceio In the past the visitors to the NE of Brazil were domestic and foreign, especially from Europe and other South American Countries. Today the visitor is mainly domestic as the Brazilian middle class prospers. Most of these visit key tourist locations like Maceio through group packages, especially with tour operators like Tam viagens and CVC ( Recently sold to USA investment group “Blackstone”).These tour operators who work with most of the hotels arrange day visits to desirable beach locations which cater for the visitor offering lunch, beverages and other excursions like boat trips.

There are in Maceio some 43 hotels representing 3,156 hotel rooms. Assuming an average occupancy of 70%, room use of 1.8 persons and a factor of 75% being tourist, this equals some 3.000 tourist visitors in Maceio at any one time. ( See annexo C).This number is also substantiated by CVC who brought in over 140,000 visitors in the year to January 2010 which considering an average length of stay of 5 days would equate nearly 2,000 tourist daily, plus all other air carriers and visitors by road from Recife , Sergipe and elsewhere. International tourists include Portuguese, Italian and Chilean all on direct flights to Maceio.

3.3 Day Trips The largest tour operator CVC, which has a relationship with over 10 local tourist companies who arrange the day trips. The principal trips organized by them and others are:

City Tour of Maceio and Praia(Beach) do Frances

South Coast - Praia do Gunga ,Foz de Sao Francisco,Coruripe

North Coast - Maragogi, Paripuera, Sao Miguel dos Milagres and. Ilhada Croa

3.4 Potential of Coral Village Of the average of 3,000 daily visitors to Maceio we feel it reasonable that the subject property captures 20% of this potential market which is equal to an average of 600 persons per day, if all tourists take day trips. If we assume that

5




50% do so, then this is a potential market of 300 persons per day being higher in peak season and less in medium and low season.

In our financial projections we have assumed for the first year of operations the following covers

3.0 MARKET FOR DAY VISITORS

3.4 Potential of Coral Village

Covers Days Visitors Total Peak Season 91 400 36.400

High 62 350 21.700

Medium 121 300 36.300

Low 91 250 22.750

117.150

3.5 Day Trips

The principal receptive centers with restaurant and other facilities are

Proposed Facility - Coral Village

Hibiscus Mar & Cia Receptivo

Estrela Azul

Mar Azul Sáo Bemto

Dunas de Mara Pé

Facilities Restaurant Excellent Beach Snorkeling & Sea Trips

Sea Food Restaurant Good Ambience

Sea Food Restaurant

Sea Food Car Trips to Carro Qubrado Beach

Sea Food Self Service

Price Lunch R$ 20 Beverages Extra Boat Trip R$ 50

Lunch R$ 47

Lunch R$40 plus

Lunch R$40 plus

Lunch R$40 plus

Lunch R$40 plus

Location Ilha do Croa Fronting one of Brazil´s Best Beaches

Praia de Ipioca 20 km from Maceio

Paripueira Barra de Santo Antonio

Maragogi 80 km South of Maceio

Capacity 300 Covers - Phase 1

200 Covers 300 Covers

Service Self Service Poor Service

Poor Service

Medium Service

Medium Service

Cannot meet market demand

6




Benefits Better facilities including beach and reefs than competitors

Difficult access through residential sub division

Natural Swimming Pools

Good Marketing

4.0 INVESTMENT OPPORTUNITY.

Captain Nikolas Zacharopoulos, is offering participation in the Coral Village

to investors on the following basis:

EQUITY INVESTMENT

1. The value of the freehold land is appraised as 18,900 m2 @ R$ 170 m2 = R$ 3.213.000 .This will be contributed by CN as his equity investment for 50% of the Coral Village project.

2. The capital expenditure with construction ,furnishings and equipment is estimated as R$ 3,213,000 and an investor is invited to make this contribution for the remaining 50% of the project.

3. The IRR to the investor is 44% including the residual value. Based on thetotal capital expenditure of R$ 6,426,,000.

4. In addition there is the land value available for the development of a further 80-100 Condo-hotel units.

7

NOTE TO READER- YEAR 2016Please note that sums and projections are based on statistical and other information valid for the Years 2008 and 2011 only: -EXCHANGE RATE OF 2011--EVALUATION and APPRAISAL OF 2008-We have now a new exchange rate as well as a new evaluation:*2016 August Rate of Brazilian Reais to Euro is 3.6564*In the current land evaluation the rate per m2 is R$300According to the above results, figures and statements should be updated with the new figures.




5.0 FINANCIAL PROJECTIONS (the projections are in Brazilian Reais - R$ there

being R$ 2.31 per Euro (2011).

8




CN Coral Village

Proposed Scope of Project M2

PHASES

1 2 3 Total

AREAS - ASSUMPTIONS

LAND

Total 70 270 18.900

CONSTRUCTION

INFRASTRUCTURE

Clear Site m2 18.900

Earthworks m3 18.900

Water

- Tank Nbr 1

- Distrubution m 550

- Wells Nbr 2

Paved Roads

- Hardcore 5 180 m2 900

- Stone Paving m2 900

- Kerbing m 400

Car Parking & Paths etc 72 30 2.160

35 30 1.050

- Hardcore m2 3.210

- Chippings m2 3.210

- Kerbing m 150

Service Conduit - Security,Hi Fi etc m2 600

Landscape m2 5.000

BUILDINGS m2

Guard House m2 10

Electrical Substation 20

Restaurante - Phase 1 300 Covers 1,7 510

- Bar,

- Self Service Areas

Restaurante - Phase 2 300 Covers 1,2 360

Toilet Block 10 8 m2 80

Kitchen & Storage - Phase 1 18 12 m2 216

Reduced from Drawing Size

Kitchen & Storage - Phase 2 15 8 m2 120

Staff Block 10 30 m2 300 Reduced from Drawing Size

Bar & Kiosk m2 100

Shops & Offices m2 188

5 22,5 m2 113

5 15 m2 75

Rooms - including veranda 3,5 9,5 Module 33,25

- Phase 1 12

- Phase 2 40

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- Phase 3 40

EXTERNAL WORKS

Adult Pool m2 80

Childrens Pool m2 25

Deck m2 150

Beach Volley & Football Courts Nbr 2

Multi Purpose Court Nbr 1

FURNISHINGS &

EQUIPMENT

Boat Nbr 1

Car - Goods Purchase Nbr 1

Kitchen Equipment Nbr 1

Storage Nbr 1

Restaurant - Tables Nbr 75

Restaurant - Chairs Nbr 300

Bar - Internal Nbr 1

Bar - External Nbr 1

Computer Equipement Nbr 4

Office Furniture m2 188

Audio Equipment Nbr 1

Beach Kiosks with Seating

- Kiosks with seating Nbr 22

- Chairs Nrr 80

- Tables Nbr 20




ESTIMATES OF CAPITAL EXPENDITURE

US$/000 EXPENDITURE - YEAR 1

Coral Village Months

TOTAL 3 6 9 12

A. Land

18.900 m2 R$ 170 Raw Land R$ 3.213.000 R$

3.213.000

50,00%

B CONSTRUCTION

INFRASTRUCTURE Rs276.036

18.900 m2 R$ 1 Clear Site R$ 18.900 R$ 18.900

1 Nbr R$ 30.000 Earthworks- Allowance R$ 30.000 R$ 30.000

Water

1 Nbr R$ 8.400 - Tank R$ 8.400 R$ 8.400

550 m R$ 21 - Distrubution R$ 11.550 R$ 11.550

2 Nbr R$ 7.000 - Wells R$ 14.000 R$ 14.000

Drainage

1 nbr R$ 10.500 - Tratment/Septic Tank R$ 10.500 R$ 5.250 R$ 5.250

200 m R$ 98 - Collection R$ 19.600 R$ 9.800 R$ 9.800

Paved Roads

900 m2 R$ 13 - Hardcore R$ 11.340 R$ 5.670 R$ 5.670

900 m2 R$ 28 - Stone Paving R$ 25.200 R$ 12.600 R$ 12.600

400 m R$ 27 - Kerbing R$ 10.640 R$ 5.320 R$ 5.320

Car Parking & Paths etc

3.210 m2 R$ 13 - Hardcore R$ 40.446 R$ 20.223 R$ 20.223

3.210 m2 R$ 7 - Chippings R$ 22.470 R$ 11.235 R$ 11.235

150 m R$ 27 - Kerbing R$ 3.990 R$ 1.995 R$ 1.995

600 m R$ 35 Service Conduit - Security,Hi Fi etc R$ 21.000 R$ 10.500 R$ 10.500

5.000 m2 R$ 6 Landscape R$ 28.000 R$ 28.000

BUILDINGS Rs1.625.500

10 m2 R$ 1.000 Guard House R$ 10.000 R$ 3.333 R$ 3.333 R$ 3.333

20 m2 R$ 500 Electrical Sub Station R$ 10.000 R$ 3.333 R$ 3.333 R$ 3.333

510 m2 R$ 1.000 Restaurante - Phase 1 inc bar,self service,etc R$ 510.000 R$ 170.000 R$ 170.000 R$ 170.000

Restaurante - Phase 2

80 m2 R$ 1.200 Toilet Block R$ 96.000 R$ 32.000 R$ 32.000 R$ 32.000

100 R$ 1.000 Kitchen & Storage - Phase 1 R$ 100.000 R$ 33.333 R$ 33.333 R$ 33.333

Kitchen & Storage - Phase 2

150 m2 R$ 1.000 Staff Block R$ 150.000 R$ 50.000 R$ 50.000 R$ 50.000

100 m2 R$ 1.000 Bar & Kiosk R$ 100.000 R$ 33.333 R$ 33.333 R$ 33.333




188 m2 R$ 1.000 Shops & Offices R$ 187.500 R$ 62.500 R$ 62.500 R$ 62.500

Rooms - including veranda

462 m2 R$ 1.000 - Phase 1 R$ 462.000 R$ 154.000 R$ 154.000 R$ 154.000

- Phase 2

- Phase 3

EXTERNAL WORKS Rs199.400

80 m2 R$ 1.055 Adult Pool R$ 84.400 R$ 42.200 R$ 42.200

25 m2 R$ 1.200 Childrens Pool R$ 30.000 R$ 15.000 R$ 15.000

150 m2 R$ 200 Deck R$ 30.000 R$ 15.000 R$ 15.000

2 Nbr R$ 20.000 Beach Volley & Football Courts R$ 40.000 R$ 20.000 R$ 20.000

1 Nbr R$ 15.000 Multi Purpose Court R$ 15.000 R$ 7.500 R$ 7.500

C $60 FURNISHINGS & EQUIPMENT Rs732.625

2 Nbr R$ 90.000 Boat R$ 180.000 R$ 90.000 R$ 90.000

1 Nbr R$ 45.000 Car - Goods Purchase R$ 45.000 R$ 22.500 R$ 22.500

1 Nbr R$ 150.000 Kitchen Equipment R$ 150.000 R$ 75.000 R$ 75.000

1 Sq Ft R$ 20.000 Storage R$ 20.000 R$ 10.000 R$ 10.000

75 Nbr R$ 200 Restaurant - Tables R$ 15.000 R$ 7.500 R$ 7.500

300 Nbr R$ 50 Restaurant - Chairs R$ 15.000 R$ 7.500 R$ 7.500

1 Nbr Rs15.000 Bar - Internal R$ 15.000 R$ 7.500 R$ 7.500

B2 1 Nbr R$ 15.000 Bar - External R$ 15.000 R$ 7.500 R$ 7.500

4 Nbr R$ 2.000 Computer Equipement R$ 8.000 R$ 4.000 R$ 4.000

188 m2 R$ 110 Office Furniture R$ 20.625 R$ 10.313 R$ 10.313

C. 1 Nbr R$ 5.000 Audio Equipment R$ 5.000 R$ 2.500 R$ 2.500

40 Nbr R$ 3.000 Beach Kiosks with Seating R$ 120.000 R$ 60.000 R$ 60.000

D 80 Nbr R$ 25 - Chairs R$ 2.000 R$ 1.000 R$ 1.000

20 Nbr R$ 100 - Tables R$ 2.000 R$ 1.000 R$ 1.000

12 Nbr R$ 10.000 Rooms - Phase 1 R$ 120.000 R$ 60.000 R$ 60.000

C Professonal Fees - Design & Project Management R$ 100.000 R$ 25.000 R$ 25.000 R$ 25.000 R$ 25.000

E Pre Opening Expenses. R$ 75.000 R$ 37.500 R$ 37.500

F Working Capital R$ 51.500 R$ 25.750 R$ 25.750

H Contingencies 5% R$ 3.060.061 R$ 153.003 R$ 3.695 R$ 34.169 R$ 58.934 R$ 56.205

TOTAL - Quarterly R$ 6.426.064 R$

3.290.595 R$ 717.545 R$ 1.237.623 R$ 1.180.301

TOTAL - Accumulated R$ 3.290.595 R$ 4.008.140 R$ 5.245.763 R$ 6.426.064




CN Coral Village 1 2 3 4 5 6 7 8 9 10

PROJECTED INCOME & EXPENSE R$

RESTAURANT OPERATIONS

Covers Days Visitors Total

Peak Season 91 400 36.400

High 62 350 21.700

Medium 121 300 36.300

Low 91 250 22.750

117.150

Total Number of Covers 117.150 117.150 117.150 117.150 117.150 117.150 117.150 117.150 117.150 117.150

Market Capture

50% 75% 85% 85% 85% 85% 85% 85% 85% 85%

Food Comumption

R$ 20,00 R$ 21,00 R$ 22,05 R$ 23,15 R$ 24,31 R$ 25,53 R$ 26,80 R$ 28,14 R$ 29,55 R$ 31,03

Beverage Consumption R$ 6,00 R$ 6,30 R$ 6,62 R$ 6,95 R$ 7,29 R$ 7,66 R$ 8,04 R$ 8,44 R$ 8,86 R$ 9,31

Boat Trips Cover

R$ 50,00 R$ 52,50 R$ 55,13 R$ 57,88 R$ 60,78 R$ 63,81 R$ 67,00 R$ 70,36 R$ 73,87 R$ 77,57

Boat Trip Participation 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%

Annual Inflation

5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

Operating Costs

Cost of Food

30% 30% 30% 30% 30% 30% 30% 30% 30% 30%

Cost of Beverage

25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Cost of Boat Trip - Fuel etc 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

Payroll Nbr Persons 30 30 30 30 30 30 30 30 30 30

Cost Payroll R$ 1.500 R$ 1.575 R$ 1.654 R$ 1.736 R$ 1.823 R$ 1.914 R$ 2.010 R$ 2.111 R$ 2.216 R$ 2.327

Revenue

Food sales

R$

1.171.500 R$

1.845.113 R$

2.195.684 R$

2.305.468 R$

2.420.741 R$

2.541.779 R$

2.668.867 R$

2.802.311 R$

2.942.426 R$

3.089.548

Beverage Sales

R$ 351.450 R$ 553.534 R$ 658.705 R$ 691.640 R$ 726.222 R$ 762.534 R$ 800.660 R$ 840.693 R$ 882.728 R$ 926.864

Boat Sales

R$ 878.625

R$ 1.383.834

R$ 1.646.763

R$ 1.729.101

R$ 1.815.556

R$ 1.906.334

R$ 2.001.651

R$ 2.101.733

R$ 2.206.820

R$ 2.317.161

Total Revenues

R$

2.401.575

R$

3.782.481

R$

4.501.152

R$

4.726.210

R$

4.962.520

R$

5.210.646

R$

5.471.178

R$

5.744.737

R$

6.031.974

R$

6.333.573

Cost of Sales

Food sales

R$ 351.450 R$ 553.534 R$ 658.705 R$ 691.640 R$ 726.222 R$ 762.534 R$ 800.660 R$ 840.693 R$ 882.728 R$ 926.864

Beverage Sales

R$ 87.863 R$ 138.383 R$ 164.676 R$ 172.910 R$ 181.556 R$ 190.633 R$ 200.165 R$ 210.173 R$ 220.682 R$ 231.716

Boat Sales

R$ 87.863 R$ 138.383 R$ 164.676 R$ 172.910 R$ 181.556 R$ 190.633 R$ 200.165 R$ 210.173 R$ 220.682 R$ 231.716

Total Costs R$ 527.175 R$ 830.301 R$ 988.058

R$

1.037.461

R$

1.089.334

R$

1.143.800

R$

1.200.990

R$

1.261.040

R$

1.324.092

R$

1.390.296




Gross Operating Cash Flow

R$

1.874.400

R$

2.952.180

R$

3.513.094

R$

3.688.749

R$

3.873.186

R$

4.066.846

R$

4.270.188

R$

4.483.697

R$

4.707.882

R$

4.943.276

Less

Departmental Costs(On sales) 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

(Elec,Insurances,Marketing,Replacements Reserve etc)

R$ 240.158 R$ 378.248 R$ 450.115 R$ 472.621 R$ 496.252 R$ 521.065 R$ 547.118 R$ 574.474 R$ 603.197 R$ 633.357

Sales Agents Commission 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%

(Calculated on Food & Boat Trips) R$ 307.519 R$ 484.342 R$ 576.367 R$ 605.185 R$ 635.445 R$ 667.217 R$ 700.578 R$ 735.607 R$ 772.387 R$ 811.006

Net Operating Cash Flow

R$

1.326.724

R$

2.089.590

R$

2.486.612

R$

2.610.943

R$

2.741.490

R$

2.878.564

R$

3.022.492

R$

3.173.617

R$

3.332.298

R$

3.498.913

ROOM OPERATIONS

Rooms Available 12 12 12 12 12 12 12 12 12 12

Annual Nights 365 365 365 365 365 365 365 365 365 365

Available room nights 4.380 4.380 4.380 4.380 4.380 4.380 4.380 4.380 4.380 4.380

Occupancy 55% 60% 65% 65% 65% 65% 65% 65% 65% 65%

Occupied Room Nights 2.409 2.628 2.847 2.847 2.847 2.847 2.847 2.847 2.847 2.847

ADR R$ 130 R$ 137 R$ 143 R$ 150 R$ 158 R$ 166 R$ 174 R$ 183 R$ 192 $202

Inflation Rate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

Total Room sales R$ 313.170 R$ 358.722 R$ 408.046 R$ 428.449 R$ 449.871 R$ 472.365 R$ 495.983 R$ 520.782 R$ 546.821 $574.162

GOP 75% 75% 75% 75% 75% 75% 75% 75% 75% 75%

Gross Operating Profit R$ 234.878 R$ 269.042 R$ 306.035 R$ 321.336 R$ 337.403 R$ 354.273 R$ 371.987 R$ 390.586 R$ 410.116 $430.622

Reserve/Capex %age sales 1% 2% 3% 4% 4% 4% 4% 4% 4% 4%

US$ R$ 3.132 R$ 7.174 R$ 12.241 R$ 17.138 R$ 17.995 R$ 18.895 R$ 19.839 R$ 20.831 R$ 21.873 $22.966

Net Operating Cash Flow R$ 231.746 R$ 261.867 R$ 293.793 R$ 304.198 R$ 319.408 R$ 335.379 R$ 352.148 R$ 369.755 R$ 388.243 R$ 407.655

Total Net Operating Cash Flow R$

1.558.470 R$

2.351.457 R$

2.780.405 R$

2.915.141 R$

3.060.898 R$

3.213.943 R$

3.374.640 R$

3.543.372 R$

3.720.541 R$

3.906.568

Net Operating Profit//Cash to Owner

R$

1.558.470

R$

3.909.927

R$

6.690.332 R$ 9.605.473 R$ 12.666.371 R$ 15.880.314 R$ 19.254.954 R$ 22.798.327 R$ 26.518.867 R$ 30.425.435




CN Coral Village

APPRAISAL OF VALUE R$ Dis Cash Flow

Resid Value TOTAL

Net Present Value 10% $17.623.704 $6.008.575 $23.632.279



CN Coral Village

NO MORTGAGE

CALCULATION OF INTERNAL RATE OF RETURN

1 2 3 4 5 6 7 8 9 10

CRITERIA

1 Capital Expenditure -R$

6.426.064

2 Income R$ 1.558.470 R$

2.351.457 R$

2.780.405 R$ 2.915.141 R$

3.060.898 R$

3.213.943 R$

3.374.640 R$

3.543.372 R$

3.720.541 R$ 3.906.568

3 Residual Value = Income Yr 10 cap 10% R$ 39.065.679

TOTALS -R$

6.426.064 R$ 1.558.470 R$

2.351.457 R$

2.780.405 R$ 2.915.141 R$

3.060.898 R$

3.213.943 R$

3.374.640 R$

3.543.372 R$

3.720.541 R$ 42.972.246

INTERNAL RATE OF RETURN 43,8%




ANNEXE A ARCHITECTURAL CONCEPT.

10




ANNEXE B MAPS AND PHOTOGRAPHS

11




ANNEXE C CALCULATION OF TOURIST DAY VISITORS

Maceio Hotels

Category Name Nbr - Rooms

1 4 Ritz - Lagoa de Anta 196

2 4 Radisson 195

3 3 Maceio Atlantico Suites 184

4 3 Jatiuca Resort 96

5 3 Salinas Beach Resort 130

6 3 Brisa Towers 108

7 3 Prategy 96

8 3 Ritz - Coralli 62

9 2 Pousada Casa Calada 12

10 2 San Marino Suites 126

11 2 Ponta Verde 203

12 2 Maceio Mar 143

13 2 Reymar Express 120

14 2 Pajacara 117

15 2 Ibis 99

16 2 Porto Maceio 27

17 2 Matsubara 110

18 2 Sete Coqueiros 107

19 2 Ritz Plazamar 40

20 2 Poro da Praia 140

21 2 Enseada 101

22 1 Marinas Maceio 108

23 1 Praia Bonita 39

24 1 Saint Patrick Praia 36

25 1 Coqeueiros Express 44

26 1 Ritz Praia 53

27 1 Costamar 66

28 1 Pousada Cais da Praia 39

29 1 Pousada Perolas do Mar 18

30 1 Ciribal 19

31 1 Pousada Morada do Sul 10

32 1 Verde Mar 62

33 1 Paraiso das Aguas 50 Non Class 10 Pousados 200 approx

43 3.156

Visitors

Hotel Rooms 3156

Av Occupancy 70%

Persons per room 1,8

Tourist 75%

2.982

Say 3.000

captain nikolas · investment opportunity in captain nikolas coral village, maceio, al, brasil....

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