Investment
Highlights

  • Master-planned luxury destination on the Tuscan coast — one of Europe's most supply-constrained markets for integrated resort development
  • 125-key luxury hotel anchors a platform that includes branded residential, golf, wellness, beach club, and large-format events — diversified income across eight distinct channels
  • 40-unit villa program structured with presale requirements before construction begins — significant upfront capital generation offsets development costs and reduces equity risk
  • At stabilization, the platform targets ~€30M in annual revenue with EBITDA margins around 50%, driven by cross-utilization of assets and operational scale
  • Phased execution aligns capital deployment with operational milestones and early cash flow — minimizing development risk while preserving upside flexibility
  • Strong international demand across experiential travel, destination events, and European second-home ownership — asset positioned at the intersection of three distinct buyer profiles

Value Drivers

Residential Presale De-Risking

The 40-villa program is structured as a standalone monetization channel, with construction beginning only after ~70% presales are secured. This upfront capital generation — targeting €250M–€300M gross development value — offsets hard construction costs and meaningfully reduces equity exposure before the hotel reaches stabilization. Residential isn't a bonus; it's the first proof point that the market is ready.

Hotel Operational Leverage

The 125-key hotel is positioned as a flagship luxury property, not a high-volume play. At full stabilization, targeting €400–500 ADR and 75%+ occupancy generates baseline hotel EBITDA of approximately €12–14M annually. The positioning — integrated across golf, wellness, events, and residential — supports both rate and occupancy assumptions without requiring outperformance of comparable markets.

Multi-Asset Cross-Utilization

Golf, wellness, beach club, and events aren't separate profit centers — they're extensions of the guest experience and stay length. A guest attending a three-day conference extends to a five-day stay; wellness participants book spa treatments and F&B; golf members become hotel customers. This integrated model increases spend per visitor and asset utilization across the entire platform, contributing an estimated €6–8M in combined EBITDA from ancillary revenue by Year 5.

Events & Programming

A dedicated large-format events venue creates a year-round revenue channel independent of seasonal tourism. Think destination weddings, corporate retreats, brand activations — events that attract high-value guests and fill the hotel off-season. This channel alone targets €2–3M in incremental EBITDA through yield management and premium positioning.

Platform EBITDA Trajectory

Combined EBITDA across the platform builds from €8–10M in Year 2 (partial hotel operations + early F&B and golf revenue) to approximately €30M+ by Year 5 (full hotel stabilization + ancillary maturation + complete operating platform). The 50% EBITDA margin target reflects scale, operational efficiency, and the integrated nature of the asset — not aggressive pricing or market assumptions.

Structure Options

Terra Maris Capital operates a single-asset SPV for this transaction. Each investor participates as a Limited Partner alongside Terra Maris as General Partner and sponsor — with GP equity committed from day one.

Structure: GP/LP partnership via dedicated SPV
Preferred Return: 8%
Promote: 70/30 (LP/GP)
Governance: Board control + reserved matters

Capital Stack:
Senior Debt: ~55% LTV
Seller Rollover: ~10–15%
Equity: ~30–35%

Investment Terms:
Total Equity: ~€90–110M
Minimum Ticket: €1M
Co-investment opportunities available on this and future platform deals

Capital is called at deal close. There is no blind pool structure — you know the asset, the underwrite, and the terms before any capital is deployed. Early investors in the platform receive priority co-investment rights on each new deal as the portfolio grows.

Timeline

The phasing below reflects Terra Maris' planned execution sequence for the Tuscany platform.

Year 0–1 — Acquisition, Design & Permits

Close acquisition, finalize master plan and architectural design, engage local and regional advisors, secure planning approvals for the full development program (hotel, residential, golf, wellness, events venue).

Year 1–2 — Hotel Construction & Residential Marketing

Begin hotel hard construction and F&B/wellness buildout. Launch residential marketing and Phase 1 presale campaign. Secure ~70% villa presales before commencing residential construction.

Year 2–4 — Phased Opening & Ramp

Hotel opens (Year 2 mid–late). Initial operations and revenue ramp begin. Phase 1 villa construction progresses in parallel. Golf course and beach club operational. Wellness center and events venue launch and stabilize.

Year 4–6 — Platform Stabilization & Residential Completion

Hotel reaches stabilized occupancy and ADR targets. Ancillary revenue streams (golf, wellness, events, F&B) mature. Phase 1 villa completions and sales recognized. EBITDA reaches €30M+ platform-wide.

Year 7–8 — Exit

Exit to institutional buyer — sovereign wealth fund, global hospitality REIT, UHNW family office platform, or luxury branded operator — at stabilized cap rates of 6.5–7.5%. Assumed exit valuation reflects €30M+ EBITDA platform value plus any remaining residential value.