Business Plan Galápagos Resort by Gkillcity

GALÁPAGOS VILLAS & RESORTS DARWIN BAY AND PARADISO DEVELOPMENT BUSINESS PLAN APRIL 2013

BUSINESS PLAN EXECUTIVE SUMMARY

GALÁPAGOS VILLAS AND RESORTS – DARWIN BAY AND PARADISO Stock & Fund Managers (S&F) and Hospitality Investors Group LLC (HIG) are inviting selected investors to participate as equity partners in the development of a luxury beach and mountain resort which includes hotel and residential development located in San Cristobal, Galápagos Islands, Ecuador. The archipelago of Galápagos was declared a World Heritage natural site in the year 1978 because of its unique flora and fauna, and has become a wonderful destination for foreign tourists. The Galápagos Archipelago is an area of very special significance to ecologists. Its unique flora and fauna, rugged scenery, and historical connections with Charles Darwin, make it a place of environmental pilgrimage. Early studies concluded that there was an incalculable potential to develop nature-based tourism in Galápagos and that the tourism industry was the most compatible with conservation of the archipelago’s unique biological diversity, evolutionary and biological processes, and environment. Galapagos tourism has since exceeded all expectations as the islands have emerged as the world’s premier ecotourism destination. Our specialized team of uniquely qualified professionals in the resort development field have identified and secured two prime locations on the island of San Cristobal for the development of Galapagos Villas and Resorts – Darwin Bay, a 9 unit whole-ownership villa development and 25 key luxury beachfront boutique resort situated on approximately 7.7 acres (31,000 sqm), and Paradiso, a 25 unit rental-pool villa development, 5 unit wholeownership villa development, and 70 key luxury mountaintop boutique resort situated on approximately 22.5 acres (91,000 sqm). Darwin Bay and Paradiso will carefully follow the highest standards of sustainable design and development practices so as to protect this most special of environments which is arguably the primary reason seasoned travelers choose to visit the Galapagos Archipelago. Our team has consulted with The Charles Darwin Foundation, the international, not-for-profit organization that has provided scientific research, technical information, and assistance to the Galapagos National Park Service for over 50 years to ensure the proper preservation of the Galapagos Archipelago, and has received their favorable opinion of our proposed resort.

BUSINESS PLAN EXECUTIVE SUMMARY

BUSINESS PLAN FOR DEVELOPMENT OF GALAPAGOS VILLAS AND RESORTS (i) Secure land and finalize development rights (ii) Complete architectural construction documents and secure building permits (iii) Begin construction of resort amenities and model rooms along with establishment of sales pavilion (iv) Secure sales contracts for whole ownership villas and rental pool villas and collect deposits in escrow (v) Secure construction loan and begin to fund development activities with monthly draws (vi) Begin construction of whole ownership and rental pool units (vii) Complete resort amenities and hotel rooms (viii) Deliver completed whole ownership and rental pool units to buyers and close on sales contracts (ix) Payoff construction loan and accrued interest with sales proceeds from unit sales (x) Distribute net sales proceeds to joint venture partnership after preferred return is paid to equity investor (xi) Operate hotel rooms and rental pool units and distribute net cash flow to joint venture partnership (xii) Stabilize hotel operations and sell them at end of year 5 (xiii) Distribute net proceeds from the sale of hotel operations to joint venture partnership

BUSINESS PLAN EXECUTIVE SUMMARY

FINANCING PLAN AND PROFORMA RETURNS FOR EQUITY INVESTORS • Total Acquisition and Development Costs for the entire project are estimated at US$90,000,000 • Equity Investor will contribute US$25,000,000 in development year 1 and is projected to realize a 35.22% Internal Rate of Return (IRR) on this invested capital over the 7 year duration (2 years of development and 5 years of operations) of the joint venture partnership formed for this business enterprise • Construction loan of US$50,000,000 will be secured in development year 1 and will be paid off with net sales proceeds from villa and rental pool unit sales • Mezzanine loan of US$15,000,000 will be secured in development year 2 and will be paid off with net sales proceeds from villa and rental pool unit sales • Equity Investor is projected to receive over $71,500,000 in cash over the 7 year duration of this venture, representing a profit to the equity investor of over $46,500,000 on their investment of $25,000,000 • Projected cash flow to / (from) the equity investor is as follows: • Year 1 – ($25,000,000) • Year 2 – $12,120,000 • Year 3 – $12,730,000 • Year 4 – $ 3,127,000 • Year 5 – $ 3,425,000 • Year 6 – $ 3,762,000 • Year 7 – $36,391,000 • Totals – $46,555,000

Galapagos Villas & Resorts - Darwin Bay and Paradiso Proforma Cash Flow and IRR Analysis Development Years Year Year 1 2

Year 1

Year 2

Year 3

Operational Years Year Year 5 6

Year 4

Year 7

Year 8

Year 9

Year 10

Estimated Project Development Costs Land Acquisition Costs

(7,000,000) $

Soft Costs, and Fees Darwin Bay Hotel (25 keys)

(2,681,250)

(893,750)

Darwin Bay Villas (9 units)

(3,103,750)

(1,021,250)

Paradiso Hotel (70 keys)

(4,455,000)

(3,645,000)

Paradiso Rental Pool (25 units) Paradiso Villas (5 units)

(4,125,000) (2,035,000)

(3,375,000) (1,665,000)

(16,400,000)

(10,600,000)

Total Soft Costs, Fees, and Interest Expenses Urban Development, Hard Costs, and FF&E Darwin Bay Hotel (25 keys)

(2,250,000)

(3,375,000)

Darwin Bay Villas (9 units)

(6,750,000)

(7,625,000)

Paradiso Hotel (70 keys)

(5,640,000)

(8,460,000)

Paradiso Rental Pool (25 units) Paradiso Villas (5 units)

(3,860,000) (2,600,000)

(5,790,000) (3,890,000)

(21,100,000)

(29,140,000)

(44,500,000) $

(39,740,000) $

Total Urban Development, Hard Costs, and FF&E

Total Estimated Project Development Costs

Construction Loan Proceeds & Payments Construction Loan Proceeds

19,500,000

Payoff Construction Loan Principal Payoff Construction Loan Accrued Interest

26,270,000

Total Construction Loan Proceeds & Payments

19,500,000

26,270,000

13,470,000

(45,770,000) (4,230,000)

(50,000,000) $

Mezzanine Loan Proceeds & Payments Mezzanine Loan Proceeds Payoff Mezzanine Loan Principal Payoff Mezzanine Loan Accrued Interest

Total Mezzanine Loan Proceeds & Payments

13,470,000

22,000,000

(13,470,000) (1,530,000)

(15,000,000) $

Net Sales Proceeds from Villas & Rental Pool Units Darwin Bay Villas (9 units) $5.5M per unit Paradiso Rental Pool (25 units) $1.5M per unit

Paradiso Villas (5 units) $5.5M per unit Cost of Sales

8.0%

Total Net Proceeds from Villas & Rental Pool Units

(1,760,000)

27,500,000

37,500,000

27,500,000 (7,400,000)

20,240,000

85,100,000

3,359,615

4,253,221

4,850,053

5,523,580

6,066,971

5,265,459

4,403,464

3,503,372

3,899,561

4,587,563

(25,000,000) $

20,240,000

23,459,615

4,253,221

4,850,053

5,523,580

6,066,971

5,265,459

4,403,464

3,503,372

3,899,561

4,587,563

Projected Hotel Operating EBITDA / NOI Combined Operations for: Darwin Bay Hotel (25 keys) Paradiso Hotel (70 keys) Paradiso Rental Pool (25 units) Total Hotel Operating EBITDA / NOI

Projected EBTD

Sales Transaction of Hotel Properties & Operations Sales Price (9% Cap Rate on Projected EBTD)

67,410,793

Cost of Sale (4%) Repay O/S Loan Balance

(2,696,432) -

Net Proceeds from Sale

64,714,361

Projected Net Cash Flow

Preferred Return to Equity Investors

(25,000,000) $

(4,403,464)

(3,503,372)

(3,899,561)

(4,587,563)

20,240,000

23,459,615

4,253,221

4,850,053

5,523,580

70,781,332

4,000,000

2,000,000

(25,000,000) $

8.0% $

Net Cash Flow Available for Distribution to JV

(5,265,459)

16,240,000

21,459,615

2,253,221

2,850,053

3,523,580

68,781,332

Distribution to Co-Sponsor 1 (S&F)

25.0% $

4,060,000

5,364,904

563,305

712,513

880,895

17,195,333

Distribution to Co-Sponsor 2 (HIG) Distribution to Equity Investors

25.0% $ 50.0% $

$ $

4,060,000 8,120,000

$ $

5,364,904 10,729,808

$ $

563,305 1,126,610

$ $

712,513 1,425,026

$ $

880,895 1,761,790

$ $

17,195,333 34,390,666

$ $

12,120,000

12,729,808

3,126,610

3,425,026

3,761,790

36,390,666

(150,192) $

2,976,418

6,401,445

10,163,235

46,553,901

100.0% (Contribution from)/Distribution to Equity Investor

(25,000,000) $

Cumulative (Contributed) or Received Cash for EI

(25,000,000) $

$ $ $

(12,880,000) $

71,553,901 Total Cash Returned to Equity Investor (including initial investment) (25,000,000) Less Initial Investment 46,553,901 Net Cash Flow/Profit to Equity Investor 2.86

Equity Multiple for Equity Investor =

35.22% Internal Rate of Return on

$71,553,901 $25,000,000

$25,000,000 of invested capital

Galapagos Resort Development on San Cristobal, Galapagos Islands ‐ Ecuador Darwin Bay and Paradiso Development Costs

Darwin Bay Hotel (25 keys)

Darwin Bay Villas (9 units)

Paradiso Hotel (70 keys)

Paradiso Rental Pool (25 units)

Paradiso Villas (5 units)

Total Costs

Darwin Bay Subtotal

Paradiso Subtotal

Land Purchase Soft Costs Fees Urban Development Hard Costs FF&E Construction Loan Int. Mezzanine Loan Int.

800,000 2,000,000 1,575,000 1,250,000 3,175,000 1,200,000 500,000 200,000

2,500,000 750,000 3,375,000 375,000 11,675,000 2,325,000 1,000,000 400,000

1,800,000 5,000,000 3,100,000 3,925,000 7,250,000 2,925,000 1,250,000 400,000

1,350,000 4,250,000 3,250,000 2,850,000 5,500,000 1,300,000 1,000,000 350,000

550,000 1,000,000 2,700,000 840,000 4,400,000 1,250,000 480,000 180,000

7,000,000 13,000,000 14,000,000 9,240,000 32,000,000 9,000,000 4,230,000 1,530,000

3,300,000 2,750,000 4,950,000 1,625,000 14,850,000 3,525,000 1,500,000 600,000

3,700,000 10,250,000 9,050,000 7,615,000 17,150,000 5,475,000 2,730,000 930,000

TOTAL COST

10,700,000 22,400,000

25,650,000

19,850,000

11,400,000

90,000,000

33,100,000

56,900,000

Cost Item

Notes:

Land Purchase: Soft Costs: Fees: Urban Development: Hard Costs: FF&E: Construction Loan Int Mezzanine Loan Int:

includes all costs associated with the purchase of the two properties (Darwin Bay and Paradiso sites) on San Cristobal Island, Galapagos, Ecuador include all architectural, engineering, land planning, interior design, and other various professional consultant expenses associated with producing plans and securing permits for construction include developer, program management, project management, construction management, government, licensing, and other fees associated with developing the project includes all costs associated with the preparation of the land and establishment of required infrastructure such as roads and utilities needed to be able to develop the project include all costs associated with the construction of all facilities and amenities planned for the project includes all cost associated with Furniture, Fixtures, and Equipment (FF&E) that are needed to be able to operate the facilities and amenities at the resorts includes the accrued interest that will be due based on the loan draws anticipated from the construction loan includes the accrued interest that will be due based on the loan draws anticipated from the mezzanine loan

Galapagos Villas & Resorts - Darwin Bay and Paradiso Proforma Construction Loan Draws and Accrued Interest

Construction Loan Assumptions Total Development Cost Loan Amount 55.56% Interest Rate: Fixed Spread/Margin Total Interest Rate Amortization (years) Maturity (years) Amortization/Interest Holiday (years)

Month 1

Loan Draw Schedule

Month 2

% of Total Draw Amount

3.00% 1,500,000

2.00% 1,000,000

Cum O/S Total

1,500,000

2,511,250

Interest Rate Annual Monthly Accrued Int

9.00% 0.7500% $

11,250

$ $

Month 3

18,834

Month 4

1.50% 750,000

4,179,685

9.00% 0.7500% $

24,601

Month 5

1.75% 875,000

3,280,084

9.00% 0.7500% $

90,000,000 50,000,000 9.00% 0.00% 9.00% 0 2 2

9.00% 0.7500% $

31,348

Month 6

2.00% 1,000,000

2.25% 1,125,000

3.50% 1,750,000

5,211,033

6,375,115

8,172,929

9.00% 0.7500% $

Month 7

39,083

9.00% 0.7500% $

47,813

Month 8

4.00% 2,000,000

61,297

76,757

92,332

111,775

131,363

11,250

30,084

54,685

86,033

125,115

172,929

234,226

310,982

403,315

515,090

646,453

151,098

797,551

Rounded Cumulative Interest

Month 13

Loan Draw Schedule % of Total Draw Amount

5.50% 2,750,000

Cum O/S Total

172,857

194,778

218,739

242,879

265,326

287,003

307,906

323,340

337,015

348,918

360,910

970,408

Rounded Cumulative Interest

1,165,186

1,383,925

1,626,804

1,892,130

2,179,134

2,487,040

2,810,380

3,147,395

3,496,313

3,857,223

800,000

797,551

800,000

SubTotal Year 2

Grand Totals Two Years

52.54% 26,270,568

91.54% 45,770,568

50,000,000

50,000,000 100.00%

9.00% 0.7500% $

372,208

Rounded Int for the Year Accrued Int Cumulative

49,627,791

9.00% 0.7500% $

797,551

2.29% 1,145,568

48,121,313

9.00% 0.7500%

Month 24

2.50% 1,250,000

46,522,395

9.00% 0.7500% $

Month 23

2.50% 1,250,000

44,935,380

9.00% 0.7500% $

Month 22

3.00% 1,500,000

43,112,040

9.00% 0.7500% $

Month 21

3.50% 1,750,000

41,054,134

9.00% 0.7500% $

Month 20

5.00% 2,500,000

38,267,130

9.00% 0.7500% $

Month 19

5.25% 2,625,000

35,376,804

9.00% 0.7500% $

Month 18

5.50% 2,750,000

32,383,925

9.00% 0.7500% $

Month 17

6.00% 3,000,000

29,165,186

9.00% 0.7500% $

Month 16

6.00% 3,000,000

25,970,408

9.00% 0.7500% $

Month 15

5.50% 2,750,000

23,047,551

Int Rate Annual Monthly Accrued Int

Month 14

20,297,551

9.00% 0.7500%

Rounded Int for the Year Accrued Int Cumulative

39.00% 19,500,000

20,146,453

9.00% 0.7500% $

SubTotal Year 1

5.00% 2,500,000

17,515,090

9.00% 0.7500% $

Month 12

5.00% 2,500,000

14,903,315

9.00% 0.7500% $

Month 11

5.00% 2,500,000

12,310,982

9.00% 0.7500% $

Month 10

4.00% 2,000,000

10,234,226

9.00% 0.7500% $

Month 9

4,229,432

3,431,880

8.46% 4,229,432

$ 3,430,000

$ 4,230,000

4,229,432

$ 4,230,000

4,229,432

$ 4,230,000

Galapagos Villas & Resorts - Darwin Bay and Paradiso Proforma Mezzanine Loan Draws and Accrued Interest

Mezzanine Loan Assumptions Total Development Cost Loan Amount 16.67% Interest Rate: Fixed Spread/Margin Total Interest Rate Amortization (years) Maturity (years) Amortization/Interest Holiday (years)

Month 1

Loan Draw Schedule

$ $

Month 2

90,000,000 15,000,000 16.00% 0.00% 16.00% 0 1 1

Month 3

Month 4

Month 5

Month 6

% of Total Draw Amount

15.00% 2,250,000

12.00% 1,800,000

10.00% 1,500,000

8.00% 1,200,000

Cum O/S Total

2,250,000

4,080,000

5,634,400

7,209,525

8,505,652

9,819,061

Interest Rate Annual Monthly Accrued Int

16.00% 1.3333%

Month 7

Month 8

5.00% 750,000

10,699,982

16.00% 1.3333%

Month 9

5.00% 750,000

11,592,648

16.00% 1.3333%

Month 10

4.00% 600,000

12,497,217

16.00% 1.3333%

Month 11

4.00% 600,000

13,263,846

16.00% 1.3333%

Month 12

3.80% 570,000

14,040,698

16.00% 1.3333%

89.80% 13,470,000

14,797,907

16.00% 1.3333%

15,000,000 100.00%

16.00% 1.3333%

30,000

54,400

75,125

96,127

113,409

130,921

142,666

154,569

166,630

176,851

187,209

197,305

30,000

84,400

159,525

255,652

369,061

499,982

642,648

797,217

963,846

1,140,698

1,327,907

1,525,212

Rounded Int for the Year Accrued Int Cumulative

SubTotal Year 1

Rounded Cumulative Interest

1,525,212 10.20% $ 1,530,000

1,525,212

$ 1,530,000

Galapagos Villas & Resorts - Darwin Bay and Paradiso Proforma Income Statement for Hotel and Villa Operations Year Assumptions / Inputs 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

Basis Number of Rooms Darwin Bay Hotel (25 keys) Paradiso Hotel (70 keys) Paradiso Rental Pool (25 units) Total Number of Rooms

25 70 25 120

Available Room Nights (ARN) Darwin Bay Hotel (25 keys) Paradiso Hotel (70 keys) Paradiso Rental Pool (25 units) Total Available Room Nights

365 365 365 365

Projected Occupancy Darwin Bay Hotel (25 keys) Paradiso Hotel (70 keys) Paradiso Rental Pool (25 units) Total Projected Occupancy Projected Occupied Room Nights (ORN) Darwin Bay Hotel (25 keys) Paradiso Hotel (70 keys) Paradiso Rental Pool (25 units) Total Projected Occupied Room Niights (ORN) Total Projected Occupancy %

9,125 25,550 9,125 43,800

70.0% 65.0% 67.0% 66.5%

73.0% 69.0% 71.0% 70.3%

75.0% 72.0% 73.0% 72.8%

77.0% 75.0% 76.0% 75.6%

79.0% 77.0% 78.0% 77.6%

76.0% 73.0% 75.0% 74.0%

75.0% 72.0% 74.0% 73.0%

74.0% 71.0% 73.0% 72.0%

76.0% 73.0% 75.0% 74.0%

78.0% 75.0% 77.0% 76.0%

6,388 16,608 6,114 29,109

6,661 17,630 6,479 30,770

6,844 18,396 6,661 31,901

7,026 19,163 6,935 33,124

7,209 19,674 7,118 34,000

6,935 18,652 6,844 32,430

6,844 18,396 6,753 31,992

6,753 18,141 6,661 31,554

6,935 18,652 6,844 32,430

7,118 19,163 7,026 33,306

66.5%

70.3%

72.8%

75.6%

77.6%

74.0%

73.0%

72.0%

74.0%

76.0%

Projected Average Daily Rate (ADR) Darwin Bay Hotel (25 keys) Paradiso Hotel (70 keys) Paradiso Rental Pool (25 units) Total Projected Average Daily Rate (ADR)

$ $ $ $

400.00 350.00 600.00 413.48

$ $ $ $

420.00 367.50 630.00 434.14

$ $ $ $

436.80 382.20 655.20 450.92

$ $ $ $

454.27 397.49 681.41 468.98

$ $ $ $

467.90 409.41 701.85 483.03

$ $ $ $

477.26 417.60 715.89 493.31

$ $ $ $

471.29 412.38 706.94 487.15

$ $ $ $

461.87 404.13 692.80 477.43

$ $ $ $

481.50 421.31 722.24 497.69

$ $ $ $

499.55 437.11 749.33 516.32

Projected Room Revenue Darwin Bay Hotel (25 keys) Paradiso Hotel (70 keys) Paradiso Rental Pool (25 units) Total Projected Room Revenue

$ $ $ $

2,555,000 5,812,625 3,668,250 12,035,875

$ $ $ $

2,797,725 6,478,841 4,081,613 13,358,179

$ $ $ $

2,989,350 7,030,951 4,364,451 14,384,752

$ $ $ $

3,191,829 7,616,864 4,725,564 15,534,257

$ $ $ $

3,372,975 8,054,580 4,995,419 16,422,974

$ $ $ $

3,309,785 7,788,883 4,899,353 15,998,022

$ $ $ $

3,225,408 7,586,159 4,773,603 15,585,170

$ $ $ $

3,118,754 7,331,179 4,614,913 15,064,847

$ $ $ $

3,339,174 7,858,043 4,942,857 16,140,074

$ $ $ $

3,555,561 8,376,082 5,264,966 17,196,610

497.69 $

516.32

Total Projected Average Daily Rate (ADR) Total Proj.Revenue Per Available Room (RevPAR) Projected Total RevPAR Growth

413.48 $ $274.79 NA

434.14 $ $304.98 10.99%

450.92 $ $328.42 7.68%

468.98 $ $354.66 7.99%

483.03 $ $374.95 5.72%

493.31 $ $365.25 -2.59%

487.15 $ $355.83 -2.58%

477.43 $ $343.95 -3.34%

$368.49 7.14%

$392.62 6.55%

Galapagos Villas & Resorts - Darwin Bay and Paradiso Proforma Income Statement for Hotel and Villa Operations Year Assumptions / Inputs 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

Basis Revenue Rooms Food & Beverage Telephone & Internet Spa Other Income (Retail, Events)

ADR

Departmental Expenses Rooms Exp Food & Beverage Exp Telephone & Internet Exp Spa Exp Other Exp (Retail, Events) Undistributed Operating Expenses Administration & General Sales & Marketing Energy Costs / Utilities Maintenance

Annual % Chg POR POR POR POR

POR % of F&B Rev PAR % of Spa Rev % of Other Inc

PAR PAR POR PAR

NA 185.00 5.00 45.00 40.00

$ $ $ $

5.00% 195.00 5.25 47.25 42.00

$ $ $ $

4.00% 200.00 5.46 49.14 43.68

$ $ $ $

4.00% 205.00 5.68 51.11 45.43

$ $ $ $

3.00% 215.00 5.85 52.64 46.79

$ $ $ $

2.00% 210.00 5.97 53.69 47.73

$ $ $ $

-1.25% 205.00 5.89 53.02 47.13

$ $ $ $

-2.00% 210.00 5.77 51.96 46.19

$ $ $ $

4.25% 215.00 6.02 54.17 48.15

$ $ $ $

3.75% 225.00 6.24 56.20 49.96

65.00 $ 77% 3.50 $ 70% 60%

66.63 $ 75% 3.59 $ 69% 57%

68.29 $ 74% 3.68 $ 67% 55%

70.00 $ 73% 3.77 $ 68% 54%

71.75 $ 72% 3.86 $ 66% 53%

73.54 $ 73% 3.96 $ 67% 55%

75.38 $ 74% 4.06 $ 69% 56%

77.26 $ 75% 4.16 $ 70% 57%

79.20 $ 76% 4.26 $ 72% 55%

81.18 74% 4.37 70% 52%

$ $ $ $

50.00 35.00 30.00 25.00

52.25 36.58 31.35 26.13

54.60 38.22 32.76 27.30

57.06 39.94 34.23 28.53

59.63 41.74 35.78 29.81

62.31 43.62 37.39 31.15

65.11 45.58 39.07 32.56

68.04 47.63 40.83 34.02

71.11 49.77 42.66 35.55

$ $ $ $

74.30 52.01 44.58 37.15

6.00% 1,100,475 $

6.25% 1,224,484 $

6.50% 1,309,335 $

6.50% 1,417,669 $

6.50% 1,498,626 $

6.50% 1,469,806 $

6.50% 1,432,081 $

6.50% 1,384,474 $

6.50% 1,482,857 $

6.50% 1,579,490

PAR (Hotel units only) $ PAR $ % of Total Rev

5.50 $ 2.00 $ 3.00%

5.55 $ 2.05 $ 3.00%

5.60 $ 2.10 $ 3.00%

5.65 $ 2.15 $ 3.00%

5.70 $ 2.20 $ 3.00%

5.75 $ 2.15 $ 3.00%

5.80 $ 2.10 $ 3.00%

5.85 $ 2.15 $ 3.00%

5.90 $ 2.20 $ 3.00%

5.95 2.25 3.00%

Management Fee & Villa Owners Net Rev Share Base & Incentive Management Fees % of Total Rev Rental Pool Owners Net Rev.Share 30% of RP Rev Other Deductions Property Tax Exp Insurance Exp Reserve for Replacement

$ $ $ $

Galapagos Villas & Resorts - Darwin Bay and Paradiso Proforma Income Statement for Hotel and Villa Operations Year 1

120 Keys (Rooms)

Operating Statistics Available Room Nights (ARN) Occupied Room Nights (ORN) Occupancy % Average Daily Rate (ADR) Revenue Per Available Room (RevPAR) RevPAR Growth

Revenue Rooms Food & Beverage Telephone & Internet Spa Other Income (Retail, Events) Total Revenue Total Revenue Growth

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

43,800 29,109 66.5% $413.48 $274.79 NA

43,800 30,770 70.3% $434.14 $304.98 10.99%

43,800 31,901 72.8% $450.92 $328.42 7.68%

43,800 33,124 75.6% $468.98 $354.66 7.99%

43,800 34,000 77.6% $483.03 $374.95 5.72%

43,800 32,430 74.0% $493.31 $365.25 -2.59%

43,800 31,992 73.0% $487.15 $355.83 -2.58%

43,800 31,554 72.0% $477.43 $343.95 -3.34%

43,800 32,430 74.0% $497.69 $368.49 7.14%

43,800 33,306 76.0% $516.32 $392.62 6.55%

12,035,875 $ 5,385,119 145,544 1,309,894 1,164,350 20,040,781 NA

13,358,179 $ 6,000,053 161,540 1,453,859 1,292,319 22,265,949 11.10%

14,384,752 $ 6,380,200 174,179 1,567,615 1,393,436 23,900,182 7.34%

15,534,257 $ 6,790,369 188,090 1,692,809 1,504,719 25,710,244 7.57%

16,422,974 $ 7,309,946 198,856 1,789,705 1,590,849 27,312,330 6.23%

15,998,022 $ 6,810,353 193,470 1,741,230 1,547,760 26,290,835 -3.74%

15,585,170 $ 6,558,411 188,471 1,696,242 1,507,771 25,536,065 -2.87%

15,064,847 $ 6,626,393 182,173 1,639,559 1,457,385 24,970,356 -2.22%

16,140,074 $ 6,972,504 195,188 1,756,691 1,561,503 26,625,960 6.63%

17,196,610 7,493,906 207,978 1,871,798 1,663,820 28,434,112 6.79%

Departmental Expenses Rooms Expense Food & Beverage Expense Telephone & Internet Expense Spa Expense Other Expense (Retail, Events) Total Departmental Expenses Departmental Expense Ratio

1,892,069 4,146,541 153,300 916,926 698,610 7,807,446 39%

2,050,018 4,500,039 157,133 1,003,163 736,622 8,446,974 38%

2,178,539 4,721,348 161,061 1,050,302 766,390 8,877,640 37%

2,318,593 4,956,969 165,087 1,151,110 812,548 9,404,308 37%

2,439,409 5,263,161 169,215 1,181,205 843,150 9,896,140 36%

2,384,970 4,971,557 173,445 1,166,624 851,268 9,547,865 36%

2,411,578 4,853,224 177,781 1,170,407 844,352 9,457,342 37%

2,438,026 4,969,794 182,226 1,147,691 830,710 9,568,446 38%

2,568,352 5,299,103 186,781 1,264,818 858,827 10,177,881 38%

2,703,671 5,545,491 191,451 1,310,259 865,187 10,616,058 37%

Undistributed Operating Expenses Administration & General Sales & Marketing Energy Costs / Utilities Maintenance Total Undistributed Operating Expenses Total Undistributed Operating Expenses Growth

2,190,000 1,533,000 873,263 1,095,000 5,691,263 NA

2,288,550 1,601,985 964,624 1,144,275 5,999,434 5.41%

2,391,535 1,674,074 1,045,101 1,195,767 6,306,477 5.12%

2,499,154 1,749,408 1,133,991 1,249,577 6,632,129 5.16%

2,611,616 1,828,131 1,216,360 1,305,808 6,961,915 4.97%

2,729,138 1,910,397 1,212,420 1,364,569 7,216,524 3.66%

2,851,950 1,996,365 1,249,867 1,425,975 7,524,156 4.26%

2,980,287 2,086,201 1,288,229 1,490,144 7,844,862 4.26%

3,114,400 2,180,080 1,383,572 1,557,200 8,235,253 4.98%

3,254,548 2,278,184 1,484,888 1,627,274 8,644,894 4.97%

Gross Operating Profit Gross Operating Profit Margin

6,542,073 33%

7,819,541 35%

8,716,066 36%

9,673,807 38%

10,454,276 38%

9,526,445 36%

8,554,566 33%

7,557,049 30%

8,212,827 31%

9,173,160 32%

Management Fee & Villa Owner Net Revenue Share Base & Incentive Management Fees Villa Owner Net Revenue Share

1,202,447 1,100,475

1,391,622 1,224,484

1,553,512 1,309,335

1,671,166 1,417,669

1,775,301 1,498,626

1,708,904 1,469,806

1,659,844 1,432,081

1,623,073 1,384,474

1,730,687 1,482,857

1,848,217 1,579,490

2,302,922 NA

2,616,106 13.60%

2,862,847 9.43%

3,088,835 7.89%

3,273,927 5.99%

3,178,710 -2.91%

3,091,925 -2.73%

3,007,547 -2.73%

3,213,544 6.85%

3,427,707 6.66%

190,713 87,600

192,446 89,790

194,180 91,980

195,914 94,170

197,648 96,360

199,381 94,170

201,115 91,980

202,849 94,170

204,583 96,360

206,316 98,550

278,313 NA

282,236 1.41%

286,160 1.39%

290,084 1.37%

294,008 1.35%

293,551 -0.16%

293,095 -0.16%

297,019 1.34%

300,943 1.32%

304,866 1.30%

3,960,839 20%

4,921,199 22%

5,567,058 23%

6,294,888 24%

6,886,341 25%

6,054,184 23%

5,169,546 20%

4,252,483 17%

4,698,340 18%

5,440,587 19%

601,223

667,978

717,005

771,307

819,370

788,725

766,082

749,111

798,779

853,023

Total ManagementFee&VillaOwner Net Rev Share Total ManagementFee&VillaOwner Net Rev Growth Other Deductions Property Taxes (Hotel Units) Insurance Expense Total Other Deductions Total Other Deductions Growth Net Operating Profit Net Operating Profit Margin Reserve for Replacement Projected EBITDA / NOI Proj. EBITDA / Net Operating Income Margin

3,359,615 $ 17%

4,253,221 $ 19%

4,850,053 $ 20%

5,523,580 $ 21%

6,066,971 $ 22%

5,265,459 $ 20%

4,403,464 $ 17%

3,503,372 $ 14%

3,899,561 $ 15%

4,587,563 16%

SPONSORSHIP EXECUTIVE SUMMARY

Stock and Fund Managers (S&F) is a company dedicated to financial consulting for individuals and companies interested in managing investment portfolios in local and international markets following a basic principal of strict confidentiality. The goal of S&F is to structure portfolios according to their clientâ&#x20AC;&#x2122;s profile in the medium and long term in order to optimize its resources through financial consulting guaranteed by the professionalism and knowledge of its partners and consultants. S&F has offices in Ecuador (Guayaquil) and Colombia (Bogota) and offers the following products and services: 1. Private Banking 2. Investment Banking 3. Other Financial Services

www.sfmanagers.com

SPONSORSHIP EXECUTIVE SUMMARY

Hospitality Investors Group (HIG): HIG is a specialized hotel investment firm that invests and structures lodging transactions worldwide. Their philosophy is to pursue off-market transactions only, as fewer competitive capital sources are available for smaller local players. Pricing is therefore competitive and bidding situations are avoided. Their principal strategy is to invest in international first class or luxury hospitality assets, whereby the assets are managed by strong multi-national companies, the development risk is minimized, and the assets in which they invest should benefit from being in a strategic location only with products that have been designed as the most favorable in the market. Founder and Chairman: Frank Orenstein www.hospitalityinvestors.com

Four Seasons, Bora Bora

Four Seasons, Buenos Aires

Radisson Plaza Hotel, Papeete (Tahiti)

PROJECT TEAM EXECUTIVE SUMMARY

Hotel Management Company – CAMPBELL GRAY HOTELS Campbell Gray Hotels is a privately held company based in London that is focused on creating and operating highly individual hotels. Its goal has always been to achieve the very highest standards and to be the market leader in its chosen destinations. There is a very clear philosophy in the company which is to operate with the highest levels of integrity, to take great care of its people and guests, and to achieve commercial success. Campbell Gray Hotels is extremely particular about design and Gordon Campbell Gray is personally involved in every aspect of the creation, philosophy, and concept of each hotel he becomes involved in. He wants each hotel to be highly individual, while still maintaining a close relationship with other hotels the company manages. In an era of constantly expanding large corporate brands, there is an increasing demand for individuality, originality, and perhaps most important of all, intelligence. The traditional concepts of luxury which have become too tedious, clichéd and predictable are being revisited. Hotels which are going to be successful now and in the future are ones which recognize and can exceed the ever increasing expectations of today’s more sophisticated traveler. One of the most significant aspects of the company is that over the years it has built up a very close relationship with its guests and the media. The editors of most of the world’s leading publications are known personally to Gordon Campbell Gray and his team, and they are always extremely keen to cover all aspects of the company’s expansion and its vision for the industry. Gordon Campell Gray’s hotels are members of Leading Hotels of the World and enjoy extremely strong repeat business resulting in an extensive global guest database and history.

www.campbellgrayhotels.com

PROJECT TEAM EXECUTIVE SUMMARY

Architects and Interior Designers – BILKEY LLINAS DESIGN (BLD) Robert Bilkey founded BLD with Oscar Llinas and Mauricio Salcedo in 1989. BLD has offices in Palm Beach Gardens, Florida, and in Hong Kong, with production studios in South America and Guangzhou, China. Since its inception, BLD has specialized in high-end hospitality related projects worldwide including hotels, resorts, casinos, country clubs, spas and convention facilities. The company’s team of skilled architects and designers strive to produce innovative concepts to meet the growing technological demands of the business traveler while providing the highest standards of design and comfort desired by an increasingly discerning leisure traveler. BLD creates hotel and resort facilities that not only meet a guest’s functional requirements, but are true design experiences in and of themselves, while still respecting and embracing the regional character of the locale in which their creations are built such that they become in integral part of their surroundings.

www.bilkeyllinas.com

PROJECT TEAM EXECUTIVE SUMMARY

International Sales Advisor - SOTHEBY’S INTERNATIONAL REALTY Since the founding of the auction house in 1744, SOTHEBY’S has earned its reputation as the go-to institution for the sale of the finest and most valuable possessions in the world. Its popularity among the world’s elite is based on both its exceptional service to its clients and its access to the most remarkable art, antiques, jewelry, and other unique assets that pass through its offices worldwide. From this grand heritage was born SOTHEBY’S INTERNATIONAL REALTY. Today SOTHEBY’S INTERNATIONAL REALTY encompasses over 600 offices and 12,000 associates located in 45 countries and territories worldwide. SOTHEBY’S INTERNATIONAL REALTY sets the industry standard for unparalleled excellence in all its offerings and services to the world’s most influential and luxury-minded consumers.

www.sothebysrealty.com

ECUADOR LOCATION

GALÁPAGOS ISLANDS LOCATION

SAN CRISTÓBAL ISLAND LOCATION

SITES 1 AND 2 LOCATION

Darwin Bay

Paradiso

The subject sites are located on San Crist贸bal Island, and comprise two lots, one with approximately 7.7 acres, or about 31,000 sqm, (DARWIN BAY), and one with approximately 22.5 acres, or about 91,000 sqm, (PARADISO).

PROJECT HIGHLIGHTS PROJECT OVERVIEW

PROJECT HIGHLIGHTS: Sustainable building and bioclimatic design: The resorts will be constructed with native materials and by local craftsmen in order to be in harmony with the island. It will be a healthy development through the use of materials with low environmental impact throughout their life cycle (materials with no adverse effects on the local wildlife and inhabitants of the island, and materials that are native and recyclable). It will emphasize sustainable operations of the property, efficient use of the water, energy saving features, recyclable materials and resources, and efficient use of natural air currents. Amenities and relaxing surroundings: The islandÂ´s natural surroundings will become part of the experience at Paradiso and Darwin Bay. Paradisoâ&#x20AC;&#x2122;s bungalows will have amazing ocean views with an island panorama, while Darwin Bay will be located on a pristine white sand beach. After a busy day on the island you will be able to sit out on your poolside terrace with a book, or stroll through the comfortable and relaxing surroundings with spectacular views of San Cristobal. All the guest services will make your stay as carefree as possible so you can just relax and enjoy. Eco activities: The project will have a privileged location on the island, which will include unique fauna and flora only found here and nowhere else in the world. Multisport optional activities are available as well as yacht excursions to visit nearby islands. Excursions on mountain bikes, introduction to diving, snorkeling, bird watching, hiking, bay tours, sea kayaks and much more will also be available.

DARWIN BAY PROJECT OVERVIEW

Darwin Bay Darwin Bay will include the development of 9 grand villas and a 25 key luxury beachfront boutique hotel, and will have a mix of diverse amenities and resort facilities such as restaurants, entertainment areas, meeting rooms, spas and swimming pools.

6 7 8

Darwin Bay

Final Parcel Plan

BILKEY LLINAS DESIGN

Hotel Site

Pool

9 Hotel Villas

Hotel Reception

25 Hotel Guestrooms w/ sea views

Darwin Bay

Library w/ outdoor fireplace Private Beach

Restaurant Concept Master Plan

BILKEY LLINAS DESIGN

Pool and Terrace Service Entry Main Hotel Drop-off and Reception

25 Hotel Guestrooms w/ sea views One and Two story Clusters Library w/ outdoor fireplace Restaurant/Bar Darwin Bay

Pedestrian Entry Private Beach Timber Promenade

Outdoor Terraces Main Hotel â&#x20AC;&#x201C; Site Concept Plan

BILKEY LLINAS DESIGN

25m pool and stepped terrace Service entrance Pool restrooms 20 m2 ea. Porte cochere and dropoff Lobby / Reception Pavillion 150 m2 25 Hotel Guestrooms w/ sea views One and Two story Clusters Library w/ outdoor fireplace

Darwin Bay

Shop / Boutique 20 m2 Upper terrace w/ pavillion

Private Beach Timber Promenade Main Hotel - Entry Level Plan

BILKEY LLINAS DESIGN

Lower Dining Terrace

Roof

MEP BOH 400 m2 Pool equipment Housekeeping 65 m2

Loading bay and Turn around up 25 Hotel Guestrooms w/ sea views One and Two story Clusters

Room Service 20 m2 Main kitchen 95 m2

Library w/ outdoor fireplace

Darwin Bay

Restrooms 20 m2 Refuse / recycling 20 m2 Stores 20 m2

25 seat bar / lounge 60 m2

Private Beach Timber Promenade

Lower Dining Terrace

Main Hotel â&#x20AC;&#x201C; Lower Level Plan

BILKEY LLINAS DESIGN

50 seat Restaurant 80 m2, plus display kitchen

Guestroom Cluster

Hotel Reception Guestroom Type A 50 m2

Guestroom Type B 50m2

25 Hotel Guestrooms All with sea views One and two buildings

Site Building Plan

BILKEY LLINAS DESIGN

Pavillion w/ day bed

Guestroom Type B OneStory Story Two (Stackable)

Private Garden

Terraces w/ sea views

Guestroom Type A One Story (Stackable)

Private Garden

Guestroom Type A One story (Stackable)

Private Garden Typical Guestroom Cluster

BILKEY LLINAS DESIGN

Open terrace w/ outdoor Eco-fireplace (burns sustainable ethanol)

Sliding Door Panels

Timber flooring from local, certified sustainable sources

Sitting

Sleeping

Shower

Desk

Soaking tub

Use local natural stone flooring Wardrobe

Foyer

Private Garden

Guestroom Type A-50 m2

BILKEY LLINAS DESIGN

Entry Gate

Soaking tub

Pavillion w/ day bed

Timber decking

Use local natural stone flooring Shower

Dressing

Outdoor Shower

Private Garden Foyer Entry Gate Desk Open terrace w/ outdoor Eco-fireplace (burns sustainable ethanol)

Sliding Door Panels

Sleeping Sitting

Timber flooring from local, certified sustainable sources

Guestroom Type B-50 m2

BILKEY LLINAS DESIGN

Timber walkway

Guestroom Concept Sketch

BILKEY LLINAS DESIGN

Guestroom Concept Sketch

BILKEY LLINAS DESIGN

Bathroom beyond

Outdoor fireplace

One and two story clusters

Timber pole framing at decks,balconies, and pavillions Native / sustainable landscape Weathered timber shutters

Timber walkway Guestroom Outdoor sitting area Guestroom Cluster Building Section

BILKEY LLINAS DESIGN

Pier foundations for low impact on environment

Guest Drop-off Beyond

Lobby / Reception Lounge / Bar

To Service

Restaurant Dining Terrace Open Pavillion

8.0 m +

5.0 m

Private Beach +

4.5 m

4.0 m

3.0 m

Pool and Terrace +

9.5 m

Back of House

2.0 m

1.0 m +

Site Section

BILKEY LLINAS DESIGN

0.0 m

Car Port Service Kitchen Master Ensuite

Garden Entry Court

Timber Decking

Private Pool Living /Dining Pavillion Outdoor Pavillion w/ Bridge

Outdoor Terrace Bedroom Ensuite

Stone Terrace

Open Pavillion w/ outdoor Fireplace Native Vegitation and Sustainable Landscaping

Typical Villa Concept Site Plan

BILKEY LLINAS DESIGN

Typical Villa Concept Sketch

BILKEY LLINAS DESIGN

Library Sketch

BILKEY LLINAS DESIGN

Area Program – Darwin Bay Hotel

BILKEY LLINAS DESIGN

Area Program – Darwin Bay Hotel

BILKEY LLINAS DESIGN

Area Program – Darwin Bay Hotel

BILKEY LLINAS DESIGN

Area Program – Darwin Bay Hotel

BILKEY LLINAS DESIGN

PARADISO HOTEL PROJECT OVERVIEW

Paradiso Paradiso will include the development of 5 grand villas, 25 rental pool units, and a 70 key luxury mountaintop boutique hotel, and will have a mix of diverse amenities and resort facilities including bars and restaurants, swimming pools, spa and fitness center, and meeting rooms.

Guest Suite Cluster B 18 units

Guest Suite Cluster A 17 units

Guest Suite Cluster D 19 units

Native Sustainable Landscape

Spa Treatment Bungalows

Guest Suite Cluster C 18 units

Health Club and Spa Main Arrival Court

Tennis

5 private villa lots

Hotel Total 70 Hotel Guestrooms 25 Hotel Villas 95 Total

Staff Housing 1

Remote BOH Main Hotel

Resort Entry

Guest Suite Cluster E 23 units

Concept Master Plan

BLD Architects

Service Entry

Guest Suite Cluster B (11)-1 Br Suite @ 55 m2 (3)-2 Br Suite @ 70 m2 (4) 3 Br Villa Suite @150 m2 18 Guest Suites Total

Guest Suite Cluster A (10)-1 Br Suite @ 55 m2 (3)-2 Br Suite @ 70 m2 (4) 3 Br Villa Suite @150 m2 17 Guest Suites Total

Guest Suite Cluster D (11)-1 Br Suite @ 55 m2 (3)-2 Br Suite @ 70 m2 (5) 3 Br Villa Suite @150 m2 19 Guest Suites Total Spa Treatment Bungalows

Guest Suite Cluster C (11)-1 Br Suite @ 55 m2 (3)-2 Br Suite @ 70 m2 (4) 3 Br Villa Suite @150 m2 18 Guest Suites Total

Health Club and Spa Main Arrival Court

Staff Housing (optional)

5 private villa lots

Hotel Total 70 Hotel Guestrooms 25 Hotel Villas 95 Total

Resort Entry

1 Main Hotel Guest Suite Cluster E (13)-1 Br Suite @ 55 m2 (2)-2 Br Suite @ 70 m2 (8) 3 Br Villa Suite @150 m2 23 Guest Suites Total Concept Building Plan

BLD Architects

Admin & Gen Offices Engineering / Staff Canteen Landscape Maintenance Service Entry

Pedestrian & Buggy Paths (1.2 meters)

Health Club and Spa Residential Road

Back of house & Service Entry

(6 Meters)

Main Hotel Arrival

Service Cart Path (4 meters)

Resort Entry Drive

Resort Services & Distribution Center

(8 Meters)

Service Road (6 meters) Resort Entry

Via El Progresso (Main Road)

Service Entry

Transportation Diagram

BLD Architects

Health Club & Spa Meeting Room w/ Terrace Pre-function and Service Pantry Pool and Terrace

Retail Shop

Library

BOH / Service Entry

Lobby Main Arrival Court & Drop Off Restaurant w/ Outdoor Dining Terrace

Private Beach

Main Hotel - Concept Plan

BLD Architects

Yoga Pavilion Spa Reception / Juice Bar / Consultation / BOH 40 m2 Spa Chill Out Area 50 m2

Service Pantry Meeting Room 60 m2 w/ Terrace

Men’s Changing Rm / Steam & Sauna 100 m2 Shop / Boutique 20m2

Library 120 m2 Reception / Lobby Lounge

BOH / Service Entry

Restaurant w/ Outdoor Dining Terrace

Main Arrival Court & Drop Off

Main Hotel – Entry Level Concept Plan

BLD Architects

Pool Equipment / MEP 250 m2

Staff Changing Rooms 50 m2 ea

Security 15 m2

Gymnasium 130 m2 Women’s Changing Rm / Steam & Sauna 100 m2

Poolside WC’s 15 m2 each

Loading Bay Recycles MEP Plant 400 m2

Housekeeping 125 m2 Lounge / Bar 80 m2

Stores

Restaurant 100 m2

Main Kitchen 170 m2

Main Hotel – Lower Level Concept Plan

BLD Architects

Lobby / Lounge

Upper Terrace

Retail Pavillion Arrival Court

Lounge / Bar 80 m2 Lower Terrace

Natural Vegetation / Sustainable Landscape surrounding Main Facility

Main Kitchen 170 m2

Stores 40 m2

MEP Plant

Main Hotel - Concept Building Section

BLD Architects

Tennis Courts

Organic Garden @ each cluster Natural Vegetation / Sustainable Landscape surrounding each cluster Buggy / footpath Manicured Landscapes focused on smaller areas and courtyards close to suites

Private Courtyards

All suites have terraces or decks with sea views Guest Suite Cluster A - Concept Plan

BLD Architects

+168.0

Organic Garden +167.0

+169.0

Pavilion All Suites have Terraces with sea views Type “B” (2) Two Bedroom Suites 70 m2 Stacked Flats

+164.0

+169.5

+170.0

Type “A2” (2) One Bedroom Suites 58 m2 Stacked Flats

Type “B” (1) Two Bedroom Suite 70 m2 One Story Flat

+163.5 +164.0

All Suites have private courtyards

Type “C” (1) Three Bedroom Villa Suite 150 m2 2 Stories

+163.0 +168.0

+168.5

Guest Suite Cluster A – Concept Building Plan

BLD Architects

Type “A1” (2) One Bedroom Suites 55 m2 Stacked Flats

Suite +169.0

Private Courtyard +169.5

Pavilion

Type “C” Three Bedroom Villa Suite 150 m2 2 stories Suite

Organic Garden

+170.0

Common Courtyard +170.5

All Suites have Terraces with outdoor fireplaces

Type “A2” One Bedroom Suite 58 m2 Stacked Flats

Private Courtyard +170.0

Suite +169.5

Type “B” Two Bedroom Suite 70 m2 One story flat

Guest Suite Cluster A – Concept Building Plan – Lower Level

BLD Architects

Private balcony

Type “C” Three Bedroom Suite 150 m2 2 stories Suite +173.0

Upper Terrace

Type “A2” One Bedroom Suite 58 m2 Stacked Flats Suite +173.5

Guest Suite Cluster A – Concept Building Plan – Upper Level

BLD Architects

Ensuite Bath

Warbrobe Private courtyard to Upper suite

Timber Private Terrace

Local Stone Terrace w/ outdoor fireplace

Living

Sleeping Private Courtyard to Lower Suite Guest Suite A1 -- 55 m2

BLD Architects

Bedroom

wardbrobe

Ensuite bath Private courtyard to lower suite

Timber Private Terrace

Local Stone Terrace w/ outdoor fireplace

Living Room

Private Courtyard to Upper Suite Guest Suite A2 -- 58 m2

BLD Architects

sleeping

wardbrobe

Terrace w/ outdoor fireplace

Ensuite bath

Private courtyard

Living

Private Terrace Second bath

Second bedroom Guest Suite B -- 70 m2

BLD Architects

Kitchen Powder Room Private courtyard

Living / Dining

wardbrobe

Local Stone Terrace w/ outdoor fireplace

Bedroom

Ensuite bath

Villa Suite C -- 150 m2, Ground Level

BLD Architects

Private Courtyard

Private courtyard below Bedroom w/ ensuite bath

PrivateTerrace

wardbrobe

Bedroom w/ ensuite bath PrivateTerrace

Villa Suite C -- 150 m2, Upper Level

BLD Architects

Type “A2” (2) One Bedroom Suites 58 m2 stacked flats

Manicured Landscapes focused on smaller areas and courtyards close to suites

Natural Vegetation / Sustainable Landscape surrounding each cluster

Pavilion

Organic Garden

+173.5

+170.0

Common Courtyard +170.5

Guest Suite Cluster A – Concept Building Plan - Section

BLD Architects

Pathway +171.0

Area Program â&#x20AC;&#x201C; Paradiso Hotel

BLD Architects

Area Program â&#x20AC;&#x201C; Paradiso Hotel

BLD Architects

Area Program â&#x20AC;&#x201C; Paradiso Hotel

BLD Architects

Area Program â&#x20AC;&#x201C; Paradiso Hotel

BLD Architects

Guest Suite Mood images

BLD Architects