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Accommodation

Resort developer financial model, built free.

A three-statement Excel model for a resort, hotel and branded-residence developer, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Develops hotels, integrated resorts and mixed-use projects that combine hotel keys with branded residences or villas sold off the plan, funding construction from pre-sales and debt, then operates or sells the hotel once it stabilises.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and net asset value, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Resort developer sample model.xlsx
The Summary sheet of the sample resort developer model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a resort developer.

  1. How it earns revenue3 formulas
    Rooms revenue · All hotels
    Rooms revenueOccupied room nightsAverage daily rate (ADR)
    Rooms revenue · All hotels
    Occupied room nightsAvailable room nightsOccupancy
    Food, beverage and other revenue · All hotels
    Food and beverage revenueF&B revenue from in-house guestsNon-resident F&B and events revenue
  2. What drives its costs3 formulas
    Management and franchise fees · All hotels
    Branded-residence feesBrand licence fee on settlementsResidence management feesRental-programme fees
    Management and franchise fees · All hotels
    Management and branded-residence feesHotel base management feeBranded-residence fees
    Departmental and undistributed costs · All hotels
    Departmental expensesRooms department expensesFood and beverage department expensesOther departments expenses
  3. What it invests in3 formulas
    FF&E, refurbishment and depreciation · All hotels
    FF&E and refurbishment capexFF&E reserveScheduled refurbishment and major capex
    FF&E, refurbishment and depreciation · All hotels
    DepreciationDepreciation of building and existing fit-outDepreciation of additions
    FF&E, refurbishment and depreciation · All hotels
    Closing net book valueOpening net book valueFF&E and refurbishment capexDepreciation
  4. How it is funded3 formulas
    Project finance · All property developments
    Project debt drawn (share of costs)Land and development costs incurredShare of land and development costs funded by the loan
    Project finance · All property developments
    Interest on the average balance (rolled up and capitalised)Opening project debtProject debt drawn (share of costs)from share of costsRepayment of the balance before interestAll-in interest rate (base rate plus margin and line fees)from base rate plus margin and line feesshare of the year
    Project finance · All property developments
    Closing project debtDebt owing before repaymentProject debt repaid from settlements
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

38 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Net asset valueBook net asset value
  • Purchase price and acquisition costsAgreed price plus costs
  • Hold-period cash flowsAsset-level NOI less capex
  • Exit value and exit costsTerminal capitalisation rate
  • Investment returnsIRR, equity multiple and cash-on-cash
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Development cost plan and contingencyCost plan by category on S-curves
  • Feasibility metricsCash-flow returns
  • Debt sizing and sculptingLower of DSCR capacity and maximum gearing
  • Interest-rate forecastMarket forward curve
  • Completed valueCapitalised income
  • Cash flow available for debt service (CFADS)From free cash flow to the firm
  • Project timeline and phasesKey dates and durations
  • Senior project debtSculpted repayment
  • Tax depreciationTax life equal to book life
  • Construction funding and drawdownPro rata at the target gearing
  • Hotel registerRoom inventory changes by yearRooms (keys), opening book value and remaining life for each hotel.
  • SeasonalityNo seasonalityIndices that shape occupancy and ADR through the year in monthly or quarterly models.
  • Rooms revenueRamp-up to stabilised tradingRoom nights available and sold, and rooms revenue at the average daily rate.
  • Food, beverage and other revenueSpend per occupied room plus non-resident F&BRestaurants, bars, banqueting, conferences, spa, parking and other operated departments.
  • Departmental and undistributed costsDepartmental cost ratios plus fixed undistributed costsDepartmental expenses (rooms, food and beverage, other), undistributed operating expenses (administration, sales and marketing, maintenance, utilities) and fixed charges (property taxes, insurance).
  • Management and franchise feesBranded-residence licence and management feesWhat the hotel owner pays a brand or operator — management fees, franchise fees or variable lease rent.
  • Hotel operating profitUSALI summary (GOP and hotel EBITDA)Total revenue, gross operating profit and hotel EBITDA in USALI summary form.
  • FF&E, refurbishment and depreciationFF&E reserve plus scheduled refurbishmentCapex on furniture, fixtures and equipment and refurbishments, and the hotel's net book value and depreciation.
  • Project register and timelineLot release schedule
  • Land acquisition and holding costsDeposit and deferred or staged payments
  • Development and construction costsTotal cost on an S-curve
  • Sales, settlements and purchaser depositsPresales settling on completion
  • Cost of sales and development inventoryRelative sales value allocation
  • Project financeInterest on average spend, capitalised
  • Feasibility and project returnsResidual land value
Key numbers

The numbers it tracks.

  1. 01residential sales and pre-sale cover
  2. 02development margin
  3. 03stabilised hotel EBITDA
  4. 04yield on cost
  5. 05exit value per key
  6. 06project and equity IRR
Used for

What it is used for.

Also used for
  • Asset acquisition
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The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.