Aerial resort concept with beachfront campus and two tennis courts

Investor calculation

From concept images to feasibility assumptions.

Images do not calculate revenue or cost. They define a possible program. The model below is only an early screening tool for asking better questions about land, buildability, key count, ADR, occupancy, operating margin, and capital need.

What can be calculated now?

Only a range. The current model uses editable assumptions so investors can see how sensitive the opportunity is to buildable GFA, construction cost, key count, ADR, occupancy, non-room revenue, margin, and cap rate.

Assumptions

Gross floor area m2 Apartment keys Average daily rate EUR Occupancy % Hard cost low EUR/m2 Hard cost high EUR/m2 Soft costs and contingency % Land allowance EUR Other revenue % of rooms EBITDA margin % Exit cap rate % Equity share %

Screening output

Development cost range - Hard cost plus soft costs, contingency, and land allowance.

Annual revenue - Rooms plus F&B, wellness, work, and events as a % of rooms.

EBITDA / NOI proxy - Early operating-profit proxy before financing and taxes.

Stabilized value proxy - NOI proxy divided by cap rate. Not a valuation.

Equity need range - Indicative sponsor and strategic equity if debt funds the remainder.

Yield on cost proxy - NOI proxy divided by midpoint development cost.

Cost side Start with buildable GFA multiplied by benchmark hard cost per m2. Add land, professional fees, taxes, permits, pre-opening, contingency, utilities, pools, spa equipment, beach works, FF&E gaps, and financing costs. The calculator groups most of that into the soft-cost and contingency field.

Revenue side Room revenue equals keys x ADR x 365 x occupancy. Other revenue is a screening allowance for F&B, beach club, wellness, coworking, tennis, private events, and memberships. Each line needs a separate model once operator and market inputs are available.

Operating side EBITDA margin is a high-level allowance for payroll, utilities, maintenance, insurance, OTA and sales costs, management fees, F&B cost of goods, spa staffing, beach operations, and reserves. A real model needs monthly seasonality.

Capital side Equity share estimates how much capital may be needed before and alongside construction debt. Senior debt normally depends on permits, budget certainty, sponsor equity, pre-opening plan, operator quality, and lender appetite.

Papafi pilot The EUR 120k Papafi plot is modeled separately as a pilot house, not blended into the resort model. Its job is to produce local evidence: permit timing, build cost, contractor reliability, rental demand, guest feedback, and content.

Whitebridge/RLB cost benchmark Bank of Greece tourism data Enterprise Greece tourism Fraport Greece traffic

Next step

Turn this into a real investor model.

Replace assumptions with evidence: land survey, zoning opinion, buildable GFA, unit schedule, capex estimate, operating model, comp-set ADR, monthly occupancy, financing terms, and operator fees.

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