- April 22, 2020
- Posted by: Waldon
- Categories:
| Company Name | Latitude 26 Resorts |
|---|---|
| Contact Name | Camiren Dalrymple |
| Contact Email | Email hidden; Javascript is required. |
| Contact Phone | (574) 485-3371 |
| Opportunity Name | Latitude 26 Waterfront Resorts |
| Location of Business | Bonita Springs, FL |
| When was the business started? | Remodel in 2018 |
| What is the business most known for? | 69 suites/rooms/apartments with resort activities |
| Who is/are owner/owners? | Privately owned |
| Why sell the business? | This off-market portfolio is brilliantly branded, equitable, and dynamic. This is a rare opportunity to invest in 69 suites/rooms/apartments. This is an early bird special offer: for the cap rate investors that can follow number trends/patterns and want put their money into a property where the hard work is done and the cash is flowing in. |
| Are you looking to recapitalize the business by selling a majority stake to aggressively take the business to next level? | No |
| Who will remain on the ownership level? | N/A |
| Is the owner(s) planning to stay around? If so, what is their thinking? | No |
| What is the maturity level of the business? | Post Revenue and Profitable |
| EBITDA or Profit for same period | See Attached |
| Trailing 12 Month Revenue | See Attached |
| Trailing 12 Month EBITA | See Attached |
| Any significant debt on the business? | No |
| Why did the business start? | This waterfront property is brilliantly branded, equitable, and dynamic and this is a rare opportunity to invest in 9 Gulf access waterfront boutique suites/rooms/apartments in South West Florida’s Beach area. |
| Why did the business start? | This waterfront property is brilliantly branded, equitable, and dynamic and this is a rare opportunity to invest in 9 Gulf access waterfront boutique suites/rooms/apartments in South West Florida’s Beach area. |
| How did business get to where it is at? | Extra revenue Charge a daily resort fee: 25$ a night equals $75,000 @ 95% occupancy |
| Aggregations or Organic growth? | Mixed |
| Any tailwinds or headwinds facing business/sector? | Hurricane recovery |
| Sector insights from owner and what the opportunity going forward with new owner might look like? | 2021 G.O.I. = $710,295.50 2021 O.E. = $325,623 2021 N.O.I. = $384,672 ÷ $5,300,000 = .072 or 7.2% Cap Rate 2022 PROJECTED G.O.I. = 928,571.10 2022 PROJECTED O.E. = $423,309 (30%INCREASE) 2022 PROJECTED N.O.I. = $505,262 ÷ $5,300,000 = .095 or 9.5% Cap Rate |
| What is the unique story of business -- how is it different then their competition –what makes them better/worse? | zoned for a motel and has been since the 1970's. THERE IS NO COMPETITION FOR BOUTIQUE HOTELS IN THE AREA!!!! The building was gutted and remodeled in 2018. |
| Provide any additional notes, information or data that supports this opportunity | 2021 G.O.I. = $710,295.50 2021 O.E. = $325,623 2021 N.O.I. = $384,672 ÷ $5,300,000 = .072 or 7.2% Cap Rate 2022 PROJECTED G.O.I. = 928,571.10 2022 PROJECTED O.E. = $423,309 (30%INCREASE) 2022 PROJECTED N.O.I. = $505,262 ÷ $5,300,000 = .095 or 9.5% Cap Rate G.O.I. YEAR TO DATE - With occupancy from 2020 2021 G.O.I. Actual 2020 Occupancy Actual 2022 G.O.I. Actual 2021 O.E. 2021 O.E. Actual January $57,184 98.56% $82,054 property tax $5,384 February $70,129 98.47% $98,765 insurance $21,000 MARCH $97,277 92.83% $125,208 sales tax $60,653 APRIL $73,890 78.14% $84,177 maintenance/repairs $36,000 MAY $53,720 95.34% credit card/merchant fees $21,700 JUNE $50,477 89.26% utilities $24,844 JULY $56,499 93.54% office $4,163 AUG $41,706 92.83% professional fees $12,178 SEPT $39,866 85.18% Expedia/booking.com $34,578 OCT $45,400 87.45% website $1,000 NOV $55,410 82.64% housekeeping & breakfast supplies $26,000 DEC $68,729 85.30% staff/labor $78,123 $710,295 (Actual) AVERAGE OCCUPANCY 83% $928,571 (Projected income) total expenses $325,623 N.O.I. = $384,672 Cap 7.2% N.O.I. = $602,948 Cap 11% G.O.I. for the past 3 years 2019 $561,756 (on tax return) Sept 2018 $24,362 October 2018 $34,770 November 2018 $39,921 December 2018 $48,005 Sept 2019 $31,840 84.81% Oct 2019 $37,004 94.81% Nov 2019 $40,395 95.92% Dec 2019 $46,558 87.45% Sept 2020 $31,952 85.18% Oct 2020 $36,428 87.45% Nov 2020 $36,450 82.64% Dec 2020 $44,363 85.30% O.E. for 2021 Bonita Springs expenses 2021 property tax $5,384 insurance $21,000 sales tax $60,653 maintenance/repairs $36,000 credit card/merchant fees $21,700 *Guests pay merchant fees in 2022 utilities $24,844 office $4,163 professional fees $12,178 Expedia/booking.com booking.jpeg cud $34,578 website $1,000 housekeeping & breakfast supplies $26,000 staff/labor $78,123 total expenses $325,623 Occupancy 3 years January 2019 88.53% February 2019 95.23% March 2019 91.39% April 2019 82.22% May 2019 82.79% June 2019 89.25% July 2019 88.17% August 2019 83.51% Sept 2019 84.81% Oct 2019 94.81% Nov 2019 95.92% Dec 2019 87.45% January 2020 98.56% February 2020 98.47% March 2020 92.83% April 2020 78.14% May 2020 95.34% June 2020 89.26% July 2020 93.54% August 2020 92.83% Sept 2020 85.18% Oct 2020 87.45% Nov 2020 82.64% Dec 2020 85.30% January 2021 96.41% February 2021 95.63% March 2021 97.49% April 2021 93.33% May 2021 95.70% June 2021 95.93% July 2021 92.11% Rooms mix 5 - Deluxe King Studios with king bed/kitchenette, TV, electric fireplace, 300 sf 1- Waterfront Studio with King bed/kitchenette,TV, electric fireplace, 285 sf 1- Suite with Water view, 2 king beds, living room, full kitchen, private deck, TV,650 sf 1- Water view Studio with Private Deck, 1 king bed, TV, mini fridge, coffee maker,285 sf 1 Deluxe Studio with Private Deck, 1 king bed, TV, mini fridge, coffee maker, 200 sf EVERY DOOR HAS A KEY CODE THE GUEST ARE GIVEN THE CODE FOR LATE CHECK-INS I SOLD 3 hotels in the Fort Myers Beach/ Bonita Beach location in 2021 and I have the income and the expenses for these properties listed below. I would like share my experience with you to help you make a great investment decision to purchase this Waterfront Portfolio. Dolphin Inn - SOLD 4/2021 for $5,340,000 at a 7% cap rate This is an early bird special offer - for the cap rate investors that can follow number trends/patterns and want put their money into a property where the hard work is done and the cash is flowing in. |
| Date Created | January 3, 2023 |
| Date Updated | January 3, 2023 |