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CONVENTO OBRA PIAVICEROY CARTAGENA
Colombia’s 1st 6-star hotel
market background
the project• 14,163m2ofurbanconstruction• 102urbanguestrooms-42m2avg.size• 1stLasVegas-styledayclubinCartagena• 202m2infinitypool&terracebarw/360ºview• Rooftopterraceseating450+;2,100standing• 1stvaletparkingserviceintheoldcity• 650m2luxuryfitnesscenter&urbanspa• 225m2surface-levelswimmingpoollinkedtogym• 420m2crossfunctionevent-space• Signaturerestaurant&nightclub• 3-mealrestaurantseating140+• 3barareasseating200+• 2sandwicherias/cafés• 2luxuryboutiquestores• 8suitesw/privateterrace&jacuzzi• 60,000m2+ofbeachfrontconstruction• 15beachfrontcabanas-70m2avg.size• 1restaurant,scenebarloungeandbeachbar• Beachfrontspawith6treatmentroomsand
completefacilities
“One of the world’s top 10 cultural tourism destinations”
-The New York Times-
centro
san diego
hotel santa clara
hotel santa teresa
four seasons
(in progress)Centro
de convenciones
viceroy cartagena
obra pía
la matuna
getsemaní
New Architecture Colonial Restoration (Phase 1)
• Colombiahasexperiencedasustained “peacedividend” economicboom for15+years
• 5%+compoundedGDPgrowthsince1994 • 3rdlargesteconomy inLatinAmerica—
afterBrazilandMexico• U.S.-ColombiaFTA:2012• EU-ColombiaFTA:2014• Cartagena’s colonialfortcity(1533)isa
UNESCOWorldHeritagesite• Premier“jetset”destinationglobally• Oneofthe top5conferencedestinations in
LatinAmerica• Over750,000visitorsin2014• International airliftfromAtlanta,Houston,
Miami,JFK,Madrid,Frankfurt,etc. toCartagena’sint’lairportexpectedtotripleby2018
• VisitorstoCartagenaprojectedtogrowatadouble-digitpercentagepacefornextdecade
• High-endhospitalityintheoldcityareaofCartagena(siteoftheViceroyproject)is chronicallyunder-supplied;under1,000totalroomsat4starsandabove
• getsemaní: ConventoObraPíaislocatedintheheartofthe hippestneighborhood withinthecolonialcity
• Fullyentitled;mostriskypartofconstruction(Phase1:colonialrestoration)completed
orlando
miamift. lauderdalehouston
quito
existing routes
upcoming routes
panama city
madrid
frankfurt
new york
DuetoUNESCOprotections,ViceroyCartagena’s5-propertyfootprintrepresentsoneofthelastfewplacesincolonialCartagenawhereitispossibletobuildalarge-formathotel.
current situation viceroy cartagenadevelopment partners
things to remember aboutthe viceroy cartagena
VICEROY HOTEL GROUPviceroyhotelsandresorts.com
• 7countrieswith15+Hotelsinprime,exoticplaces
• Viceroy’shotelsandresortsoccupybothvibranturbansettingsandspectacularresortlocations.
• Glamorousandexclusivesensibilitythatepitomizestheheightofluxury.
• AssetsinViceroyportfoliohaveconsistentlybeenrankedamongstworld’sbesthotels,includingViceroySantaMonica,ViceroyPalmSprings,ViceroyAnguillaandViceroyMaldives.
• ViceroyHotelsandResortsembodytheessenceofstyleandservice.
KIT CAPITALkitcapital.com
KITCapitalisafamilyofficeandmerchantbankfirmfoundedin2001byserialentrepreneurandformerGoldmanSachsinvestmentbankerKaleilIsazaTuzman.
Sinceinception,KITCapitalhascreatedoverUS$1billioninincrementalmarketvaluethroughmanagedinvestmentsandassetsales.
ThefirmhasbeenanactiveinvestorinCartagenarealestateforoveradecadeandhasbeensuccessfullyinvestinggloballyinhigh-endhospitalityprojectssince2005.
RepresentsaprimeassetbetonColombia’spositivemacrotrajectory
AnnualIRRof20%(withoutanyleverage)
Takesadvantageoflong-termshortageofhigh-endhospitalitysupplyinCartagena’scolonialcity
Limitedexecutionrisk:Phase1constructioncomplete;experiencedhotelinvestor
TaxincentivesforhotelconstructioninColombiaprovide30yearsofincometaxexemptions
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Colombia’s 1st 6-star hotel
Thepartnersbringrecentexperienceinotherupscaleand6-starhospitalityprojectssuchas:
• ViceroyDubaiPalmJumeirah• ViceroyNewYork• ViceroyBodrum(Turkey)• ViceroyMiami• CoralHiltonBaghdad• D’OroMedellín(inprogress)
• Beginningin2010,KITCapitalpurchased5borderingpropertieswithintheGetsemaníneighborhoodofcolonialCartagena.
• Architecturaldesigns-integratingcolonialrestorationandnewbuild-completedbyrenownedcolonialrestorationfirmBarrera&Barrera.
• CompetitiveprocessesledtoKITCapitalchoosingViceroyHotelGroupasoperatorandinternationallyacclaimedfirmArquitecturadeInteriorestoleadinteriordesignontheproject.
• 3-yearprocessofobtainingIPCC/UNESCOapprovalswascompletedinApril2014;constructionlicenseobtained.
• ConstructiononPhase1(colonialrestoration)commencedNovember2014andcompletedontimeandunderbudgetinAugust2015.
• Executionriskhasbeenvastlyreduced,withallentitlementsinplaceandmostriskyphaseofconstructionhasbeenfundedandcompleted.
• KITCapitalhasreceivedattractiveinstitutionalequityco-investmentanddebtofferstofillPhase2fundingneed;hybridroundisintendedtobuildfutureequityco-investmentrelationshipsandincreasenegotiatingleveragebyfundingconstructionthroughQ12016.