Abba portfolio

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SALE OF THE 3 ABBA HOTELS PORTFOLIO Presented by Patrix Duffar Berlin, 6th of March 2012

Transcript of Abba portfolio

Page 1: Abba portfolio

SALE OF THE 3 ABBA HOTELS PORTFOLIO

Presented by Patrix Duffar

Berlin, 6th of March 2012

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Who are we ?

• Fan Worldwide Limited is a Jersey based hotel brokerage firm.

• We specialize in upmarket city and existing hotel’s transactions.

• We are purposely small to better attend to private buyers or sellers’ needs and concerns about confidentiality.

• We average two to three private hotels deals a year.

• I am the senior hotel consultant, financial adviser and partner in the firm.

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THREE 4 Stars freehold hotels portfolio for sale in:

BERLIN, SEVILLA, GRANADA

abba is a Spanish based Hotel brand whose assets are owned by its BV holding.

abba manages 20 hotels in: Berlin, London, Bratislava, Andorra, Santander, Gijon,Comillas villacarriedo, Bilbao, Formigal, Burgos, Pampola, Huesca, Barcelona, Madrid, Valencia, Alicante, Sevilla and Granada, Sanluca de

Barrameda.

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abba Grenada Hotel 4*

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abba Grenada Hotel 4*

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abba Triana hotel 4*S Sevilla

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abba Triana hotel 4*S Sevilla

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abba Berlin Hotel 4*

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abba Berlin Hotel 4*

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Exclusive sale options

• Option #1, with a lease

• Option #2, vacant possession

• PURCHASE PROCESS, as laid out

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Hotel Portfolio Option #1- Lease

• First option will go to a sale offer with a ten years lease with abba

• Based on a yearly flat rent of approx. 4% of the final sale price

• abba would retain the management

• After ten years abba will not extend the lease unless requested by the new owner

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Guide line Price Option#1

• The guide line price for option# 1 would be €80M (or nearest offer)

• Total of 484 rooms• Price per room € 165 289• Including Fittings, Furniture & Equipment• With a 10 year lease 4% (negotiable) of the final

sales price • A share sale of each separate BV Holdings owning

each hotel asset only

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Hotel Portfolio Option#2-

Unencombered

• The three hotel Portfolio without abba• Berlin, Seville and Grenada sold together as

freehold and trading rights (business) • total of 484 rooms • NO lease back by abba hotel Management• Share deal sale • Vacant possession

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Guide line Price Option#2

• The guide line price would be € 90 M inclusive of FF&E

• Nearest offer for the freehold and business (trading rights) of the three hotels

• Total of 484 rooms

• Price per room € 185 950 or nearest offer.

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YT Dec ’11 Portfolio Consolidated P&L

• € 10.7M Total revenue 2011 for the three hotels• Revpar €46 (room rev only)• Goppar € 30 (all revenues)• 53% cost of sale (of all revenue)• 25% F&B to total revenue contribution • 46 % GOP (of total revenue)• € 3.245M NOP

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A 5 Step Process

• Step #1, Letter of Intent (LOI)

• Step #2, Qualification

• Step #3, Exclusivity & HOT

• Step #4, Evaluation

• Step #5, Sales Purchase Agreement (SPA)

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Processstep#1: LOI

• A Letter Of Intent (LOI) is required on letter head from the ultimate and potential buyer

• Addressed by email attachment to the owners of the abba 3 hotels Portfolio c/o Fan-worldwide Limited [email protected]

Containing…

• The offered acquisition price• The due diligence time frame required • The non refundable deposit offered against an exclusivity

period required• The proof of funds or a bank comfort letter duly attached

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Processstep#2: Qualification

• By March 15th 2012 the seller will review the LOI’s received

• Qualification of the one nearest to the asking price

• Confirmation whether your LOI is retained or not • Signature between seller and buyer of a

confidentiality contract drafted by the seller’s representatives

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Process step#3: Exclusivity &

HOT• Limited access to the data rooms will be granted

to the selected buyer• The buyer’s lawyer will draft the HOT (Head of

Terms )(or MOU) in co-operation with the seller’s lawyer

• A deposit will be required in exchange for the exclusivity period to be granted

• Signature of the HOT between buyer and seller will take place and the non refundable deposit will be paid at same time

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Processstep#4: Evaluation

• A full due diligence is carried out for each holding company owning theses assets, within the Heads of Terms agreed and the exclusivity granted to the buyer by the seller

• In the mean time the seller’s lawyer in co-operation with the buyer’s lawyer drafts the SPA ( Sale and Purchase Agreement)

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Processstep#5: SPA

• The Sales and Purchase Agreement (SPA)draft is finalised

• It is to be accepted and signed by both parties (unless otherwise agreed) as per the Heads of Terms or the expiration date of the the exclusivity period

• The signature will take place at the seller’s lawyer’s office

• Full payment of the agreed purchase price of the transfer of shares of the holdings and all fees must be executed on the same day and time than the signature of the SPA

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Total Built Up Area (sqm) of the Portfolio

• abba Berlin 12 236 sqm• abba Seville 9 159 sqm • abba Granada 8 540 sqm

= Total for the three hotels 29 935 sqm

 Or €2 673 per sqm

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Total Built Up Area (sqm) of the Portfolio

• 214 rooms in Berlin • 136 rooms in Granada • 137 rooms in Seville

• Average Room area: 25 – 27 sqm

• In Berlin we have G+7 and G-1• In Seville we have G+4 and G-2• In Granada we have G+9 and G-1

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abba Berlin Vertical Plan

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floors use built surface

Planta 7ª 24 rooms 1 121,44

Planta 6ª 32 rooms 1 273,14

Planta 5ª 32 rooms 1 273,14

Planta 4ª 32 rooms 1 273,14

Planta 3ª 32 rooms 1 273,14

Planta 2ª 32 rooms 1 273,14

Planta 1ª 32 rooms 1 240,80

Planta baja restaurant - hall- meeting lounges- hotel systems 1 923,95

meeting lounges 480 m2 restaurant 256 m2 reception bar 376 m2

Planta semisótano parking- hotel systems 1 674,38 23 parking spaces.

TOTAL   12 326,27

abba Berlin Areas

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abba Sevilla Vertical Plan

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floors uses built surface

top floor 8 rooms, building systems 438,80 m2.

3ª 26 rooms 1.061,27 m2.

2ª 41 rooms 1.430,66 m2.

1ª 41 rooms 1.430,66 m2.

baja 21 rooms, hall-bar, reception, hotel systems 1.430,66 m2.

semisótano restaurant-lounges, building systems 1.651,27 m2.

meeting lounges: 363 m2 restaurant: 152

m2

sótano parking, building systems 1.716,32 m2. 44 parking spaces

TOTALES HOTEL 9.159,64 m2.

abba Sevilla Areas

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abba Granada Vertical Plan

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FLOOR USE BUILT SURFACE

roof building systems 57,78 m2

9ª 8 rooms 310,77 m2

8ª 8 rooms 310,77 m2

7ª 8 rooms 310,77 m2

6ª 8 rooms 310,77 m2

5ª 8 rooms 310,77 m2

4ª 8 rooms 310,77 m2

3ª 8 rooms 570,39 m2

2ª 37 rooms 1.475,38 m2

1ª 41 rooms 1.558,42 m2

baja bar-restaur.-lounges 1.420,53 m2

meeting lounges 418m2 restaurant 250m2 bar: 185m2hall reception

hall 567 m2semisótano garage-hotel systems 1.593,78 m2

garage 550 m2 41 parking spacesTOTALES HOTEL 8.540,90 m2

abba Granada Areas

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Thank you for your attention