A working model of a year-round, 30–50 key boutique hotel in Portugal –
designed as a tangible prototype for the wider Avalon portfolio and the future Capital Storm fund.
Led by Christopher Mark Theodore.
Keys & Demand50 keys
70% occ · €190 ADR
Adjust assumptions below to explore different demand and pricing scenarios.
Top-Line Revenue (Est.)
€3.4M / year
Includes rooms plus simple F&B and wellness revenue, assuming a conservative ancillary mix.
EBITDA & Implied Value
€1.0M EBITDA · €12.0M value
Illustrative only. Not a guarantee of performance. For sophisticated investors who understand hospitality risk.
Assumptions
Keys (rooms)50 keys
Occupancy70%
ADR (Average Daily Rate)€190
Total Project Cost€7.0M
Debt Ratio60% debt
Cap Rate (Exit / Valuation)8.5%
This model assumes simple, margin-focused F&B and a compact wellness offering. It is
intended to illustrate order-of-magnitude economics for a flagship asset, not to forecast
any specific property.
Illustrative Economics
Base case assumes ~45% GOP margin and ~30% EBITDA margin
before GP fees and promote.
Room Revenue (annual)
€2.43M
Total Revenue (rooms + F&B + wellness)
€3.40M
Estimated EBITDA (margin %)
€1.00M (30%)
Implied Value @ cap rate
€11.8M
Total Equity (after debt)
€2.80M
Pre-tax Cash Yield on Equity (yr)
~15%
Line Item
€ / year
As % of Revenue
Rooms Revenue
€2.43M
71%
Ancillary (F&B + Wellness)
€0.97M
29%
Total Revenue
€3.40M
100%
Operating Expenses
€2.38M
70%
EBITDA (pre-financing)
€1.02M
30%
Opex here bundles payroll, utilities, marketing, property taxes, insurance and a basic FF&E reserve.
Financing costs, GP fees and promote are handled separately at the vehicle level.
For sophisticated investors, co-GPs and lending partners:
this page is a simplified view of the Avalon flagship economics. A full underwriting model,
debt schedule and waterfall (including 8% pref and GP promote) are available in the data room.