Panery_investment_opportunity_v5

Profile of investment opportunity
Resort development in western Provence
Wine tourism, golf  Pont-du-Gard, Avignon,
Nîmes (2m visitors/year)
Spring
2015

Carte professionnelle 1204T11  Mandat 2014-1201
In Provence: wine tourism & golf resort development opportunity 2
Location
Between Provence and Languedoc, a 1,300-acre estate with easy access to the rest of the world.
Unique estate
Domaine de Panery is a one-of-a-kind multi-purpose estate in Provence, South of France, set on the
ground of a Gallo-roman villa. Wholly owned 1,300 acres (incl. vineyards 140 acres) property: farming,
winemaking (Côtes-du-Rhône), forest used as a sporting ground. Buildings 37,000 sq.ft. Suitable for:
wine tourism, golf course, polo farm, hunting business and real estate development.
Ideal location
Truly ideal location on the “Mediterranean arc.” Preserved landscape and Provencal climate
atmosphere, proximity to historical sites (Avignon, Pont-du-Gard, Uzès, and Nîmes), and easy access
to the rest of France, Europe and the world:
 Within 30mn from Avignon, Nîmes and Uzès;
 30mn from the TGV station in Avignon – with high-speed trains to Paris (2hrs45mn), London
(St-Pancras in less than 6hrs) or Brussels (in less than 5hrs);
 Easy access to international airports: Arles-Nîmes (25mn), Montpellier (60mn) and Marseille
(80mn).
©UzègeTransactionsetDéveloppement2015

Significant investment opportunity
Wine tourism ang golf in western Provence
A mixed use, multi-anchor destination resort
Destination resort with a spa and wellbeing services (possibly
including wine cosmetics and treatments), also catering to
upmarket overnight visitors to the nearby cities of Avignon and
Uzès and UNESCO-listed Pont-du-Gard. Weddings and corporate
incentives packages potential.
The full range of wine tourism activities (wine tour, wine
experience and immersion, etc.) on an operational Côtes-du-
Rhone wine making estate. Enhanced by cooking classes, hot air
balloon discovery trips. Equestrian estate potential.
A 18-hole dry-climate golf course designed to optimize water
use in the Mediterranean landscape will cater the needs of
foreign and local players looking to add another quality stop to
their Languedoc and Provence golf circuits.
Residential development of 70 eco-conscious villas and
apartments (between 110m² and 180m²) spread in and around
the hotel and winery at the center of the estate.
Indicative development proposal
Illustrative consolidated resort development budget.
Model assumes: 150 key boutique hotel, 4* including penthouse, apartments and cottages (70 units),
with 18-hole Mediterranean golf course, and functional winery (150 acre).
Gross development value
Hotel Number of rooms 150
Rooms sold 35 588
Rooms available 54 750
Occupancy (%) 65%
ADR 290 €
Revenue
Rooms 10 320 375 €
Food & Beverage 4 644 169 €
Other departments 2 786 501 €
Other income 722 426 €
Total revenue 18 473 471 €

Departmental costs & undistributed operating expenses
Total costs assumed at 85% 15 702 451 €
Net operating income (EBITDA) 2 771 021 €
Capitalisation rate 10%
Gross development value 27 710 207 €
Residences 20 3-bed penthouse units 180 m² 6 650 € per m² 23 940 000 €
30 2-bed penthouse units 130 m² 6 650 € per m² 25 935 000 €
20 2-bed cottages 110 m² 7 120 € per m² 15 664 000 €
70 65 539 000 €
Acquisition costs
Land
Land value 10 600 000 €
Stamp duty & legal fees 7,0% 742 000 €
Subtotal: Acquisition costs 11 342 000 €
Development & construction costs
Hotel
Civils, roads and MEP infra and landscaping 1 200 000 €
Construction costs 166 144 € per room
150 Rooms 33 m² 2 560 € per m² 12 672 000 €
1 Restaurant 1 950 000 € 950 000 €
1 Spa 1 680 000 € 680 000 €
1 Clubhouse 1 930 000 € 930 000 €
1 Golf course 1 5 800 000 € 5 800 000 €
1 Amenities 1 1 560 000 € 1 560 000 €
Infrastructure allowance 1 5% 1 500 000 € 1 129 600 €
24 921 600 €
Residences
20 3-bed penthouse units 180 m² 2 250 € 8 100 000 €
30 2-bed penthouse units 130 m² 2 250 € 8 775 000 €
20 2-bed cottages 110 m² 2 250 € 4 950 000 €
Infrastructure allowance 1 5% 1 850 000 € 1 091 250 €
22 916 250 €
Subtotal: Development & construction costs 47 837 850 €

Assumptions
 Hotel & residences construction period assumed 3 years;
 Model assumes hotel fully operational 5 years after project sign off;
 Hotel ADR rate based on comparable properties within 50 km radius;
 Hotel revenue distribution levels taken from similar hotel models ;
 Residential sales prices adapted from prices of comparable projects.
Additional costs
Hotel
Professional fees 11,0% of construction costs 2 741 376 €
Contingency 4,0% of construction costs 996 864 €
Realtors fees 0,0% of sales costs
Marketing fees 0,0% of sales costs
Legal fees 0,0% of gross revenue
Pre-opening and marketing costs 650 000 €
Fixtures, furniture and equipment 2 450 000 €
6 838 240 €
Residences
Professional fees 11,0% of construction costs 2 520 788 €
Contingency 4,0% of construction costs 916 650 €
Realtors fees 5,0% of GDV 3 276 950 €
Marketing fees 1,0% of GDV 655 390 €
Legal fees 2,0% of GDV 1 310 780 €
8 680 558 €
Subtotal: Additional costs 15 518 798 €
Total development costs 74 698 648 €
Finance
Loan-to-cost ratio 60%
Loan value 44 819 189 €
Construction period 3 years
Interest rate 220 points over LIBOR
EUR 1Y LIBOR 0,75%
Total financing costs 3 966 498 €
Proforma P&L
Total development costs 74 698 648 €
Total financing costs 3 966 498 €
Developers profit 14 584 061 €
Funds invested 29 879 459 €
IRR 16%
ROI 49%

Important notice
Uzège Transactions et Développement gives notice that the sole purpose of these particulars is to provide outline information for this
development to prospective investors who are solely responsible for making their own investigations and seeking independent advice,
including the costs of doing so, and forming their own view as to the condition of the property, its fitness for their requirements and the
accuracy and completeness of the statements herein. These particulars do not constitute any recommendation or offer to enter into any
contract regarding this property. Uzège Transactions et Développement does not guarantee the accuracy or completeness of any description,
dimensions and other details contained herein, and prospective purchasers must not rely on them as statements of fact or representations.
Rates quoted in these particulars may be subject to additional levies and as such Uzège Transactions et Développement accepts no liability
or responsibility (whether in negligence or otherwise) for any loss arising from using or relying on these particulars.
Market opportunity
Underserved hospitality market with 2m visitors per year within 30 km
Ideal location
The estate:
 Is located right at the center of the French Mediterranean region, where Provence meets
Languedoc;
 Enjoys extremely convenient access from anywhere in France, Europe or the world thanks to
a network of motorways, train lines et airports second to none;
 Is less than 30 minutes away from the ancient Roman aqueduc the Pont-du-Gard (1.3 million
visitors a year), Avignon the other Papal city (700,000 visitors a year) and also Uzès, smaller
medieval art and center of growing reputation (300,000 visitors);
 Is self-contained, very private and very easy to develop.
Underserved hospitality market
The upmarket hotel rooms offer in the vicinity of the Pont-du-Gard, the second most visited site in
France (after the Eiifeel tower) is extremely limited: less than 100 rooms in a 15-km radius around the
Roman aqueduc.
For over 10 years, elected officials and local authorities have been clamoring for the development of
large capacity (up to 300 rooms) hotel or resort in the vicinity of the Pont-du-Gard. The main cause of
the lack of such a development is the availability of appropriate land – which creates a unique
opportunity at Panery.
Note: the projected 36,000 rooms sold presented in the indicative development proposal above
represent 65,000 customers (1.8 guests per room) each year – i.e. only 3.2% of the 2 million local
visitors.

Growth tourism markets
The proposed development will benefit on three growing tourism markets, all catering to the over 50
crowd blessed with a strong purchasing power:
 Wine tourism : Designated one of the 5 central development axis for the French tourism
industry, in between the Vallée du Rhone and Languedoc vineyards, the largest in France;
 Golf : A renewed interest from both French and foreign players, within the context of the
upcoming Ryder Cup in France in 2018 ;
 Wellness : Boomers want meaningful experiences, whether that means adventure, exercise,
self-improvement or service.
Comparable projects
Three projects illustrate the attractiveness of the area
Domaine du Château de Lavagnac
A 17th century castle extensively renovated by Groupe France Pierre, with its 184 hectare estate
where 600 residential villas and apartments (from studios to 260m² villas) offered for sale from June
2014 as a “country club residence”. With its own winery, equestrian center and 18-hole golf course.
Includes a 1,000m² spa and wellness center. [1] on the map
www.lavagnac-countryclub.com
www.francepierre2.fr
Château Les Carrasses
A 19th Century wine domaine in Quarante near Béziers, extensively restored by Domaine & Demeure
(in association with Bonfils Vignobles) as a luxury self-catering estate and boutique winery. Facilities
include pool, floodlit clay tennis, boulodrome and barbecue area, conservatory, orchard and olive
grove. A bistro and bar serve Mediterranean cuisine alongside the best regional wines and classic
cocktails. Luxury self-catering accommodation consists of 28 stylish suites, apartments and villas, many
with panoramic views, private gardens and pool, and all fashioned from the original buildings. [3] on
the map
www.lescarrasses.com
www.domainedemeure.com
Château-Abbaye de Cassan
French developer SERCIB is currently conducting the renovation of the Cassan abbey (owned since
2002) to be turned into a major wine tourism center with new wine making facilities, 120 key hotel,
250 seat restaurant. [2] on the map
www.chateau-cassan.com

Panery_investment_opportunity_v5

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (19)

En vedette

En vedette (6)

Similaire à Panery_investment_opportunity_v5

Similaire à Panery_investment_opportunity_v5 (20)

Plus de Pierre E Guillery

Plus de Pierre E Guillery (7)

Panery_investment_opportunity_v5