" HOTEL + CASINO (APPROVED) PROJECT ON THE SEASİDE İN GİRNE(NORTH CYPRUS) - SALE / PARTNERSHIP
Ref: G0019
Location: CYPRUS
Sector: Tourism
Opportunity Type: Real Estate Development & Sales
PROJECT SUBJECT:
LOCATION OF THE HOTEL / CASINO PROJECT IMPORTANT:
North Cyprus has become the most important location for "Casinos Turism" of EASTERN MEDITERRANEAN at the crossroads of Europe-Middle East-North Africa-Russia and Central Asia.
Girne region is the way to become the MONACO of the Eastern Mediterranean and is about to rapidly transform into a high added value tourism destination.
Therefore, it is not easy to find in Girne region "land for the sea or to reach the sea in proximity and size for a hotel or tourism project". 20 km from the center of Kyrenia, east and west line for the hotel project is very precious to the sea.
Girne has become the most beautiful geography of the MEDITERRANEAN region and increasingly popular tourism destination everyday. The occupancy rate of the Girne region is much higher than the country average (about 85%) and it is a region where 4 seasons of tourism are built.
In the Girne region there are 5 luxury and upscale hotels and casinos like Merit Hotels, Rocks, Colony, Savoy, Cratos, Pasha, Elexus, Lord Palace, Acapulco, Oscar etc.
GIRNE is within the borders of the municipality - new 5-star hotel investments in the center are prohibited. Therefore, our project is very valuable because of the previous permission to build and CASINO permission.
Casino Permission and Company / About the Project
All the necessary official urban-urban planning approvals have been obtained for our project. All official documents are ready. The casino is granted with the Decree of H (K-I) 1316-2016 dated 11.01.2016 by the Council of Ministers of TRNC. "Project construction approval and casino permit" has been formally taken and ready.
In Northern Cyprus, no more "New Casino Permission" is given to invest in over 500 beds, so our 133-room projemiz is very valuable in CASINO PERMISSION.
PROJECT DATA:
Project Development Data
Our project;
• 12 acres of land on the sea (Turkish goods) are designed on. Since it is a tourism-hotel project, the usage permit is higher.
• Total construction area is 16.000 m2.
• 133 rooms (4 * 67 m2 luxury, 5 * 40 m2, 124 * 30-32 m2)
• 2850 m2 Casino division and integrated 712 m2 ballroom = total 3,562 m2
• 85 m long project beach ZERO-BEACH PLAY (beach club) + Integrated public land 300 m in length = 385 m in total
Note 1: In case of a public property integrated with a private property in tourism-hotel projects in Northern Cyprus, it is possible to make a RENTING automatically with the decision of the Council of Ministers.
Note 2: There is another 12 acres of land integrated into the project. The preliminary negotiations with the buyer will require an estimated 13 million STG for sale. If desired, it can be taken in the field and the HOTEL / CASINO project can be enlarged at least 2 times.
Project Pre-feasibility (projected by the GNB)
a- INVESTMENT COST:
• 12 acres of land + Projection + Casinos permit (not normally available for 133 rooms) + Project owner premium = 18,000,000 STG.
• The total construction cost of the project (hotel + luxury casino + beach club) is estimated at approximately 30 million STG.
• Total project investment cost in case of transfer: 48,000,000 STG
b- Annual Revenue - expense and profit expectancy
We expect annual income-expenditure and profits according to the standards and performance of Girne center and similar hotel-casino as follows;
5 YEARS 75% REVENUE-EXPENDITURE (STG)
1st year 2nd year 3rd year 4th year 5th year
Annual hotel revenue 10,000,000 10,500,000 11,000,000 11,500,000 12,000,000
Annual Hotel Expense 6,000,000 6,500,000 7,000,000 7,500,000 8,000,000
Net Hotel Profit 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
Annual Net Casino Profit 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000
Total Profit 11,000,000 12,000,000 13,000,000 14,000,000 15,000,000
i- TOTAL INVESTMENT (in case of transfer): 48,000,000 STG
5 YEARS TOTAL PROFIT: 65 MILLION STERLIN
ROI = maximum 5 years after the event
ii- TOTAL INVESTMENT (in partnership): 30,000,000 STG + 9,000,000 STG (project owner)
5 YEARS TOTAL CARD 65% Provision for shares = 40-45 million STG
ROI = 5 years after the event
ASSET VALUE (in operation): Approximately 150,000 STG
NEED & PROPOSAL:
Partnership or Project Sales Alternatives
With the Company / Project / Land owner we have agreed in principle the following 2 alternatives. The final agreement will be made by working together on mutual negotiations and alternatives according to the preference of the investor.
1- Direct Company / Project / Land SALE
The investor can take over 18,000,000 STGs (£ 18 million) for company-project-land.
For this alternative, the company / land / project owner can make a CASHENDED payment with a guaranteed payment (note: only when the payment is over, the final transfer can be made)
2- Partnership
i-% 35 share + 9 million STG payment
The project owner is asking for a cash payment of 35% stake and 9 million STG for the entire investment made by the investor. Cash payment can be honored on a guaranteed model.
BENEFIT & SHARING:
Commission and Distribution
Our commission fee will be as follows for the contract we made with the company / project / landowner. According to this;
1- 5% + VAT over the total transfer fee
For example, in the case of a transfer over 18 million STGs, 900,000 STG (5%) or 5% will be charged over the transfer contract value accepted by him.
2) Commission in partnership
The total value of the company will be obtained and 5% of the cash will be received.
The estimate will be a commission equivalent to roughly another 18 million STG (asset created by the owner).
5% of the total commission will be given as a share of the project introduction (bearing a portfolio), while the remaining 95% will be allocated 50% between the GNB and the investor who finds the buyer.