Touristic Development Project. Hotel Zlatni Jelen, Rakovica, Republic of Croatia
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1 Touristic Development Project Hotel Zlatni Jelen, Rakovica, Republic of Croatia
2 Introducing Croatia Croatia (EU member) is well known as a touristic country and last couple of years is a hit destinantion, not only in the Mediteranian but in the world, with the constant growth in tourist arrivals and overnights 215 was a record year in Tourism Sector In the first 9 months of 215 over 13 million arrivals (8,4% growth) and more than 75 million overnights (7% growth) - both figures are higher than in 12 months of 214 1% of GDP is generated through tourism Projected total income from tourist services in 215 is around EUR 9 billion All of the afore mentioned numbers are achieved in the traditionally touristic regions on the Adriatic coast After 6 years of recession, Croatia in 214 has recorded GDP rise (Q ,8%+), with further positive projections Results could be much higher if the continental area of Croatia would fulfill its enormous potential 2
3 Plitvice Lakes National Park The greatest pearl of continental tourism in Croatia are Plitvice Lakes National Park One of the oldest national parks in SE Europe In 1979 it was added to the UNESCO World Heritage Register 16 lakes are spreaded on the area of 296,85 km² with numerous waterfalls It is situated in Lika-Senj County (9%) and Karlovac County (1%) 12 km from Zagreb and it connects the Croatian inland with the Adriatic coastal region 1,2 million visitors per year (9+% foreign visitors) 5% of all visitors in 8 Croatian national parks 3
4 Capacities and Touristic results in Plitvice Lakes region Completely underdeveloped area with the severe lack of accomodation facilities Only 5 existing 2* and 3*hotels (3 in state ownership as a part of national park) with the total of 12 beds Highest occupancy rate in Croatia around 7% Around 15 beds in private accomodation (apartments, camps...) In the first 9 months of 215 whole Lika-Senj County (with coastal places) had only 2,84% of all overnights and 4% of all arrivals (536. arrivals) in Croatia, while National Park Plitvice Lakes itself had 1,2 million visitors 4
5 Reasons for the Investment in the Region It is obvious that new touristic offer and new developments are needed in the region Underdeveloped area with basic touristic offer Highest occupancy rate both in hotels and private accomodation Income tax free period for 1y Lowest surtaxes in Croatia with tax benefits Only area in Croatia that has a season throughout the year Summer, winter and congress tourism 1,2 million visitors in the the National Park Plitvice Lakes (9% of all tourist arrivals in Croatia) Visitors with higher purchasing power and expectations have no destination /service to spend money on Untouched nature and surroundings 5
6 Project Hotel Zlatni Jelen Hotel Zlatni Jelen (Golden Deer) is an SPV company which has in its ownership 156. m² of the land in Rakovica Zoning is in the place - 2/3 of the land is T2 zone (touristic development) - 1/3 of the land is R zone (recreational facilities) Landplot is located on county road that connects state road with the settlement of Rakovica and Barać Caves 16,5 km from the enter into National Park Plitvice Lakes Due to the same climate and nature surroundings as in Austria, idea is to develop similar concept but with the touch of Croatian tradition 6
7 Project Hotel Zlatni Jelen Development includes: 4* Hotel with 12 rooms 5* Hotel with 3 rooms 5 parcelled tradional Croatian houses/bungalows Multi usable sports hall congress centre Artificial lakes (water sources are under landplot) Baby ski slope Casino Museum of Caves Total of 65 beds with 25 auxiliary beds Hotel Bungalows Recreational zone 7
8 Project Hotel Zlatni Jelen Total Project Costs Costs in EUR Construction costs (m² NUA) Unit cost Size in m² 1, 22.8, Cost 22.8., Designing, supervision and management costs 5,% 1.25., Sales & Marketing costs 1,5% 375., Utilities connection costs 3,% 66.24, Communal fee 3, 8.58, Net communal fee Water fee , 2, Net water fee Contigency Total Costs , 8.58, , , 5% , , Land plot is appraised by independent registered appraiser on EUR
9 Project Hotel Zlatni Jelen Business Plan Assumptions Average overnight price EUR 61,57 Occupancy rate Y1 43,54% Occupancy rate in the stabilization year (Y5) Investment Loan Amount EUR 26.5., Interest rate 4,5% p.a. Maturity 15 years Grace period 2 years 9
10 Project Hotel Zlatni Jelen 1y Business Plan Summary Year Occupancy FTEs Income Operating costs ,54% 47,9% 52,46% 57,7% , , , , , , , , , , , , , , , , , , , ,45 EBITDA EBITDA % , , , , , , , , , ,5 45,8% 48,31% 56,39% 52,58% 49,68% 49,68% 49,68% 49,68% 49,68% 49,68% Depreciation 1.1.4, 1.1.4, 1.1.4, 1.1.4, 1.1.4, 1.1.4, 1.1.4, 1.1.4, 1.1.4, 1.1.4, EBIT EBIT % , , , , , , , , , ,5 23,79% 28,96% 41,91% 39,42% 37,71% 37,71% 37,71% 37,71% 37,71% 37,71% Financial costs (annuity) , , , , , , , , , , , , , , , , , , , ,65 Profit tax* Net Profit Free Cash Flow DSCR 2,9 4,22 2,59 2,64 2,75 2,81 2,81 2, , ,14 2,81 2,81 * according to the Investment Act - we are not obliged to pay 2% Profit Tax in a 1y period 1
11 Project Hotel Zlatni Jelen Our goal is to conclude financing for the project through: - strong equity partner (investment), - financial institution (LT loan ) or - combination of both Upon closed funding, 6 months needed for the detailed design of a project layout together with permitting Anticipated period of construction is 24 months Even with the consertvative approach in the projected incomes, loan can be repaid in less than 1 years 11
12 Project Hotel Zlatni Jelen Additional information on the project are available on demand. ThankYou for Your respective time! Hotel Zlatni Jelen 12
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