With this calculation, we aim to transparently illustrate the recapitalization of your potential investment in Dom 4545, to the best of our knowledge and belief.
At the same time, our objective is to provide you with the opportunity to directly compare an investment in a condominium unit within a hotel operation with an investment in a serviced apartment without hotel operations.
*The following explanations are based on the presented investment calculation and the underlying calculation model.
For the project, a lease model has been agreed with Dorint Hotels & Resorts, with assumptions based on aligned Heads of Terms (H.O.T.), including budget, which form part of the contractual agreements. This model was deliberately chosen as it ensures a clear separation between ownership and operations and provides investors with a high level of planning and income security.
The purpose of this comparison is to transparently illustrate the structural differences between an investment in a condominium unit within a hotel operation and a traditional real estate investment without hotel operations.
The two models differ in particular with regard to income structure, cost allocation, operational effort, and personal use options.
This comparison is intended to help investors better understand the implications of each investment structure and to make an informed decision based on the presented calculation.
In the highlighted fields, you may select the desired hotel studio or hotel suite. In addition, it is possible to adjust or supplement our assumptions regarding the indexation of costs, income, and property development within the calculation.
The ancillary costs listed here are based on specifications provided by the notary and the relevant authorities and relate to the purchase price and notary fees.
(These items are an integral part of the presented investment calculation.)
The values used for the calculation are based on our experience as hotel operators and developers of second homes and are therefore considered realistic.
When owning a property within a hotel operation, the likelihood of being able to use the property for personal stays in Saas-Fee at the desired time is significantly higher, without rental losses as may occur with a traditional apartment. The hotel operation provides several equivalent alternative units. In addition, all operational tasks - such as marketing (e.g., via Airbnb), cleaning, maintenance, and other ancillary costs - are handled by the operator.
In the case of owning a property without hotel operations, these tasks and costs fall under the responsibility of the owner. This additional effort has not been quantified in the presented calculation.
For this model, a guaranteed lease agreement has been concluded with the hotel operator. In addition, further income is generated through the proportional allocation of the Net Operating Profits.
In this case, the income is generated independently - there is no guaranteed lease provided by an operator. Personal use of the property has been incorporated into the calculation on a 1:1 basis; please refer to the “Income – General Note” above.
(The presented assumptions are part of the investment calculation and are based on the Heads of Terms (H.O.T.), including budget, agreed with Dorint Hotels & Resorts, which form part of the contractual agreements.)
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All costs are directly offset against revenues by the hotel operator.
For this investment model, the calculation includes the following costs:
(The listed cost items have been appropriately considered in the investment calculation.)
The owner-use value is based on the hotel’s Average House Rate (AHR), which forms part of the operator scenario.
The calculation takes into account:
This methodology reflects the fact that owner use typically takes place during more attractive (higher-priced) periods.
The Average House Rate (AHR) represents an average value across all units of the hotel.
As personal use typically takes place during more attractive (higher-priced) periods and hotel studios and hotel suites differ in size and usage, appropriate adjustment factors are applied.
These factors ensure a realistic representation of the AHR per unit and accurately reflect the actual usage value of each individual unit.
No. The calculation relates exclusively to the use of the unit. Food and beverage services are not part of the contractual framework.
The operator pays a guaranteed minimum lease representing the contractually secured baseline.
In addition, a revenue-dependent participation component is provided.
According to the operator agreement, owners participate with 10.4% of the hotel’s total revenue, including room revenue and food & beverage revenue.
This 10.4% share is contractually fixed and is calculated on gross revenue before operating costs are deducted.
Within the operator’s financial simulation, all operating costs are subsequently taken into account, including but not limited to:
After deducting these costs, the operating profit is determined.
Based on this calculation, the owners’ revenue participation corresponds to approximately 50% of the operating profitin the simulation.
The exact profit level therefore depends on the actual operational performance of the hotel, while the 10.4% revenue participation itself remains contractually secured, regardless of performance.
In addition, a guaranteed minimum lease payment is agreed.
Based on the current simulation, this corresponds to approximately 11.5% of total revenue.
For the sake of clarity, the terms gross and net are deliberately avoided, as the calculation clearly distinguishes between revenue participation and profit determination after costs.
Second homes are based on market rents, occupancy levels, and individual cost structures.
These returns are not guaranteed and are associated with higher operational risks, as well as increased time and administrative effort on the part of the owner.
Yes. In the hotel investment model, all operating costs are already taken into account.
This is generally not the case with conventional second-home investment models.
The stated return is based on a simplified Internal Rate of Return (IRR) calculation.
Its purpose is to transparently illustrate the expected annual return of the investment over the entire holding period.
Key assumptions of the calculation:
Simplified IRR logic (without compound interest):
The presentation of the IRR serves comparability and transparency and enables investors to understand or independently verify the calculation at any time.
The return is based on an Internal Rate of Return (IRR) calculation.
Assumptions:
To calculate the return on your investment (purchase price plus transaction costs), income over a period of 20 years and the value of the unit after 20 years have been taken into account. Income and property value are indexed annually at rates of 0.5% and 2.0%, respectively.
Based on these assumptions, the internal rate of return (IRR) is calculated—a commonly used financial metric indicating the expected annual growth rate of the investment.
(The IRR calculation is fully based on the presented investment calculation.)
The presented calculation is based on our calculation model and assumptions and is provided for illustrative purposes only. Only the contractual agreements with Dorint Hotels & Resorts are legally binding.
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