Property for sale
Price is negotiable
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Hotel Residence Armada | Property for sale
Region: Costa del Sol
Nueva Andaluciais a newly built area, consisting of luxurious villas and apartments set amidst splendid gardens and trees, that has become a highly sought after spot for house buyers. The architecture is typically Andalucian and because of the elevation the houses are blessed with spectacular views of the Mediterranean and beyond.
The area is perfect for golfers with four world class courses that are right on your doorstep, including Las Brisas, Los Naranjos, Aloha Golf and La Dama de Noche, which is floodlit for a spot of midnight golf. You are also spoilt for choice when it comes to restaurantsand bars in the area, there's somewhere different to eat and drink every night of the holiday.
Nueva Andalucia has the perfect balance, set far enough back from the bustle of Puerto Banus to feel peaceful amidst the Sierra de Ronda mountain range and close enough to walk into the port as and when necessary. It is an area that has been newly renovated with typical Andalucian architecture, made up of villas and luxurious apartments situated amongst splendid gardens and trees, an area that is highly requested from international investors.
Adequate for investors and constructors, the project concerns a historic building in a quiet area only 50mt from the beaches of Neava Andalucia – Porto Banus, its intentions are to be transformed into a boutique hotel made up of 78 rooms of which 8 are suites, on a plot of land measuring 2900m² and with approximately 2500m² of constructed area, including terraces and internal areas of approximately 300sqm.
The property also includes a lot of 1600m² opposite the road, used previously as parking and services for the hotel. The building on two floors is characteristically Andalusian with 4 sides and internally a large garden and swimming pool. Each room has views of either the internal garden or the external area.
The building work initiated this year and the property can also be sold during the works. The project includes new electrical works, plumbing, thermal ect. The realization of new communal areas made up of a restaurant with internal kitchen, bar, reception hall, conference hall, Spa and fitness room, internal and external garden, swimming pool with fountains and the complete renovation of the 78 existing rooms.
The roof has completely been renovated and the building does not need any particular works. With the possibility to extend the meterage, there is permission to use the area facing the construction site of an outbuilding measuring approximately 1000m² comprising of 20suites with a dedicated pool and underground parking available for the hotel guests.
Ø Request in the current state of recovery: € 4,5 Ml
Includes the hotel, bar and restaurant licenses. Such licenses will be updated at the end of the work for the assignment of the correct category for the hotel.
An alternative possibility for the property is to realize an Apartment Hotel, doubling the rooms and transforming them into two bedroom self-catering apartments. In this case with use of the common areas on the ground floor used as the restaurant, bar, reception, entrance hall ect… you could reach a total of 60 managed units.
Estimate and Budget
The estimate for the completion of the work is about € 1Ml, while for the realization of the 20 suites and the work of the underground parking are approximately € 800/900 K.
To these, must be added the disbursement for furnishings and equipment, to be defined depending on the level of luxury expected, as a basis for estimating a 100-room boutique hotel approximately € 1Ml.
The total investment would be about €7.5Ml with a profit margin of at least €3/4 Ml sales, considering the average price of this kind of hotel is € 100K per room.
A hypothesis of revenue could be between 50 and 120 € per day for 220 days a year with an occupancy rate of 60% giving a result of a net profit of 10% on the investment.