project vacation - · pdf filematlin associates, based in madrid, is a strategic and...
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Project Vacation
2009
Contents
About UsThe CompanyThe Partners
Current Hotel Portfolio
SpainHotel Iberostar Club Cala Barca
CroatiaHotel Iberostar AlbatrosHotel Iberostar EpidaurusHotel Iberostar Cavtat
MoroccoHotel Iberostar Founty BeachHotel Iberostar SaïdiaProyecto Ain Djedida
The ProjectThe MandateProduct CharacteristicsLocations
Contacts
About Us
The Company
The focus of the fund is to acquire and own resort assets in beachfront locations in the Mediterranean region and Canary Islands, potentially including a residential component. The Company is based in Palma de Mallorca, Spain.
Inversora de Hoteles Vacacionales, S.A., Inhova, was founded in May 2006 as a hotel investment fund.
Iberostar www.iberostar.com
One of Spain’s largest privately-owned hotel groups with revenues of 1 billion in 2007, Iberostar is the industrial partner which brings nearly 80 years of operating experience to the management of the hotels. Founded in 1930, Iberostar operates hotels in 29 countries and employees more than 21,000 people.
Inhova is owned by its four founding shareholders which each hold 25% stakes. The partners are Iberostar Hotels & Resorts and the Spanish saving banks; Caja Madrid, Caixa Galicia and Sa Nostra.
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The Partners
The investment division of Caixa Galicia, Corporación manages an equity portfolio of more than 100 companies distributed across twenty industries including manufacturing and services. Caixa Galicia is one of Spain’s ten largest financial entities and the leading bank in Galicia. Caixa Galicia held net assets of approximately 48 billion and net income of 401 million in 2007. The Group employees more than 5,300 people and operates more than 900 offices throughout Spain. It holds single A ratings with Moody’s and Fitch.
Corporación Caixa Galicia www.caixagalicia.es
Spain’s 4th largest financial institution, with net assets of approximately 159 billion and net income of 2.8 billion in 2007 and a leading position
as a corporate and retail lender. Caja Madrid employees more than 14,000 people and operates more than 2,000 offices throughout Spain. It holds an AA- or equivalent rating by Standard & Poors, Moody’s and Fitch.
Caja Madridwww.cajamadrid.com
The investment division of the Mallorcan Island’s principal savings bank, Sa Nostra. Sa Nostra operates more than 230 offices throughout Spain and employees more than 1,500 people. Sa Nostra held net assets of approximately 12 billion with net income of 78 million in 2007.
Invernostrawww.sanostra.es
The Partners
The current hotel portfolio is comprised of six assets located in three countries:
SpainHotel Iberostar Club Cala Barca
CroatiaHotel Iberostar AlbatrosHotel Iberostar EpidaurusHotel Iberostar Cavtat
MoroccoHotel Iberostar Founty BeachHotel Iberostar Saïdia
Current Hotel Portfolio
The current hotel portfolio is comprised of six assets located in three countries:
Spain1 Hotel
780 rooms
Croatia3 Hotels
711 rooms
Morocco2 Hotels
954 rooms
Spain
Hotel Iberostar Club Cala BarcaMallorca / SpainClub Cala Barca
The Hotel Club Cala Barca is a three star hotel comprised of 780 apartments.
Hotel Iberostar Club Cala BarcaMallorca / Spain
Located near the Sa Barca Trencada cove near the Cala Mondragó beach and close to Porto Petro (3 Km.) and the Cala D’Or (7 Km.).
The complex offers different apartment configurations ranging from studios to larger apartments designed to accommodate families.
The hotel is designed for families with young children and has extensive pools and entertainment designed for this customer segment.
The hotel has an on-site supermarket, laundry facilities for guests and disco.
Club Cala Barca
Croatia
Hotel Iberostar AlbatrosCavtat / Croatia Albatros
The Hotel Iberostar Albatros is a four star property with 305 rooms.
Hotel Iberostar AlbatrosCavtat / Croatia
Located just 800 m. from the center of the town of Cavtat and a beachfront location.
It is close to the historic city of Dubrovnik, and is accessable by either a pleasant boat trip or by road.
The hotel features well designed sports facilities including nine tennis courts,
indoor and outdoor pools and a scuba diving school on site.
The hotel focuses primarily on the family market and includes a kids’ club and entertainment for children.
The hotel also possesses meeting rooms with a capacity for up to 150 people.
Albatros
Hotel Iberostar EpidaurusCavtat / Croatia Epidaurus
The Hotel Iberostar Epidaurus is a three star property with 312 rooms.
Hotel Iberostar EpidaurusCavtat / Croatia
Located just one kilometer from downtown Cavtat with a beachfront location on the Tiha bay.
It is close to the historic city of Dubrovnik, It features pools and a kids’ club and offers daily family oriented entertainment
activities.
There is also a wide array of water sports available.
Epidaurus
Hotel Iberostar CavtatCavtat / Croatia Catvat
The Hotel Iberostar Cavtat is a three star hotel with 94 spacious rooms.
Hotel Iberostar CavtatCavtat / Croatia
Located 5 kilometers from Dubrovnik international airport with a beach front location on the Tahia Bay on the Adriatic Coast.
The hotel does not accept children under the age of 14.
Catvat
Morocco
Founty Beach
Hotel Iberostar Founty BeachAgadir / Morocco
The Hotel Founty Beach is a four star hotel with 470 spacious and comfortable guest rooms.
Hotel Iberostar Founty BeachAgadir / Morocco
Located one kilometer from downtown Agadir with a beach front location.
It features well designed pools as well as a health and fitness center.
Daily entertainment and shows are provided for guests enjoyment.
There is also a kids’ club and play area.
Founty Beach
Hotel Iberostar SaïdiaSaïdia / MoroccoSaïdia
The Hotel Saïdia is a five star resort with 484 rooms, including 58 junior suites and one presidential suite.
Hotel Iberostar SaïdiaSaïdia / Morocco
Located just one kilometer from downtown Saïdia with a beachfront location with beaches extending 14 kilometers and with spectacular panoramic views of the Beni Snassen mountains.
The tourist station possesses a spa, five pools, one of which is covered, three golf course and tennis courts.
There is an extensive entertainment program offered for guests as well as a disco and piano bar.
Saïdia
Inhova is developing a project known as Ain Djedida on a site of 150 hectares located 18 kilometers south of Marrakech.
The project consists of:
Two five star hotels.
Two four star hotels.
350 villas.
225 apartments.
An 18 hole golf course.
A retail shopping area.
The total estimated investment is 318million.
Project Ain DjedidaMarrakech / Morocco
New Opportunities
Matlin Associates provides strategic and corporate finance advisory services and possesses extensive experience and expertise in the hospitality, leisure and tourism sectors. Matlin Associates has been mandated as Inhova’s exclusive advisor to lead and execute its acquisition strategy in order to meet the business objectives approved by its Board.
In this context, Matlin Associates represents Inhova and its fees are covered by its client.
The ProjectThe Mandate
The type of assets that Inhova is seeking to acquire must meet the following characteristics:
Product CharacteristicsThe Project
Resort complexes of either four or five stars.
At least 200 rooms or with the potential to meet or exceed this figure through building additional rooms.
Beachfront properties.
At least three years of operating performance.
Product CharacteristicsThe Project
Locations not more than 90 minutes away from major international airports and preferably located in destinations already well-
established by the leading European tour operators.
Hotels that require refurbishment and capital investment to reposition an existing or tired product which meet the
above characteristics will also be considered.
Hotels must be available for purchase, free of management and unencumbered by any brand. Iberostar will operate all hotels that
Inhova acquires.
Locations Target Markets
Spain:
•The Mediterranean coast from Sancti Petri (Cádiz) to Marbella (Málaga)
•Canary Islands - Fuerteventura: the Corralejo area only
•Canary Islands - Southern Tenerife
•Canary Islands - Lanzarote: excluding Costa Teguise
Locations Target Markets
Cape Verde: Isla de Sal
Croatia
Cyprus
Egypt: Sharm el Sheikh
Italy: Sardinia and Sicily
Malta
Morocco
Montenegro
Portugal: Algarve
Tunisia: Hammamet, Marsa-Grammarth, Sousse, Mahdia, Djerba Island
Turkey
Matlin Associates, based in Madrid, is a strategic and corporate finance advisory and investment firm possessing deep expertise in the leisure, hospitality and tourism sectors.
Founded in 2000, Matlin Associates has advised or worked with many of the world’s major hotel groups, institutional and private real estate investors and developers and financial institutions in developing new hotel projects and in asset and corporate finance transactions for over $3 billion as well as providing its clients hands-on advice on key operational and strategic issues. MA’s services range from straight-forward feasibility studies to full business plan preparation as well as conducting valuations and providing the ability to execute transactions whether single-asset sales to complex corporate merger and acquisitions and private equity deals.
Contact
Stephen J. MatlinOffice: +(34) 91 788 5329Mobile: +(34) 629 343 694E-mail: [email protected]
Óscar Pérez MartínOffice: +(34) 91 788 5346Mobile: +(34) 610 285 957E-mail: [email protected]
Agustín de Betancourt 21, 8º28003 MadridSpain
Contact information