Details - Information last confirmed on July 7, 2021

$55,000,000 Projected cost

$4,50,000 Projected net revenues per year starting 2024

Miami Beach, Florida

90 Key 5 Floors Hospitality Re-Development Project

$17,500,000 Acquisition price
Currently 40 key condo-hotel suites 36,000 SF / 15,000 sf lot
+
Approved plans for 90 keys 5 floors 75,000sf
15,000sf per floor x 5 floor x $500 per sf
=
$37,500,00 Projected ground up re-development cost
==
$55,000,000 Projected cost

Projected net revenues per year starting 2024
90 Keys x $150 average room charge x 70% occupancy x 365 = $3,500,000
Projected per year gross room revenues
+
$1,825,000 = 200 Meals per day x $25 average x 365
+
$1,175,000 = 200 Drinks per day x $15 x per year
===
$6,500,000 Projected gross revenues per year starting 2024

$2,000,000 Estimated expenses per year (30%)
====
$4,500,000

—- All subject to change —

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