It's a 12,000 square meter property on 20 levels to be converted into a MULTIFUNCIONAL BUILDING, located in the heart of the “Milanese Movida”. The mixed-used building will combine several functions, namely an apart-hotel with 100/120 guest rooms and 30/40 apartments for sale and/or rent; and a number of other areas (to be defined) with different features: e.g. lounge-bar, spa, fitness area, fashion, conference, bars and discos … The complex also contains a large garden space and 6,000 square meters of basement space, currently used as parking area. The intent is to make this “apart-hotel/complex” one of the most renowned in Milan’s fashion addicts’ environments as well as one of the nightlife hubs of Milan … The first step is to do the market research that will help us define and zero in on our target market as well as inventory the existing competitive set. Which are the main nightspots and venues (bars, pubs, clubs, live music venues, roof-gardens, restaurants, fashion-clubs and so on..) that especially business people (but also VIPs, celebrities and jet set personalities, sports players and starlets, models, actors and yuppie), can find in the capital of Lombardy, the so called “Milano da Bere”? What type of service they do provide? What make them so popular? Are there any best cases in Europe as well? It will be a "branded" Apart-hotel: thereby it’s important to define the most suitable operator

1. Master in Tourism Management – IX edition – 2012-2013
1
BUSINESS
PLAN
July 2013
MULTIFUNCTION
«A LA PAGE» APART
HOTEL
IN MILAN
Produced by:
Anzhela Tanas
Matteo Taller
Bohdana Bukatar
Valeria Maltceva
Mariana Masotti
Yulia Shinkareva
TUTOR:
Ing. Emilio Valdameri
Progetto Turismo

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PROJECT OVERVIEW
• A 12000 square meter property on 20 levels is to be
converted into a hotel located in the heart of the
“Milanese Movida”.
• The structure which is foreseen to be multifunctional
one will combine several function areas namely an
apart-hotel with a defined number of guest rooms and
apartments for sale and/or for rent and other areas
(outlets) with different features embedding the
fashionable spirit of the city, location and target
market.

3. Master in Tourism Management – IX edition – 2012-2013
Design the functional areas of the hotel by department in
terms of the demand /offering, venues appropriateness
according to the location and target market and define the
type of services they will provide
“Brand” the hotel and its outlets defined; propose the most
suitable operator for the hotel and for every functional area
Make the economical estimation for the complex revenues
and costs and for every department apart for the next 5 years
Estimate the capital and the time needed to cover the
investment
PROJECT OBJECTIVES

4. Master in Tourism Management – IX edition – 2012-2013
The Business Plan is made up of 2 parts:
Analysis and research
Analysis of the potential market including the market
research of existing similar in functionality hotels in the
major cities worldwide
Analysis of the main nightspots and venues attended by
business people and jet set personalities in Milan and other
major cities as New York, Moscow ect.
Project results
The suitable hotel brand is determined
The hotel scale is defined and economical outcomes of
each department performance are estimated. Revenues
and costs are estimated on department features basis
according to the analysis results did in the first part.
The estimated amount of investments are shown
PROJECT STRUCTURE

5. Master in Tourism Management – IX edition – 2012-2013
Benchmarking as a fundamental tool in order to
better understand the dynamics in place, to gain
local information, discuss expectations and to
commence the establishment of appropriate levels
of service required in the area.
Accounting methods as a tool to do
calculations and give the assumptions a numeric
form as a target to achieve
METHODS

6. Master in Tourism Management – IX edition – 2012-2013
Hotel Benchmarking
16 urban hotels worldwide proposing fashionable
distinguished service for high end, namely business
clientele. All the hotels have specific outlets attended by
famous and affluent young people being it the restaurant,
the lounge bar, the conference venue or the SPA and
Fitness areas as well as the nightlife entertainment.
A particular attention was dedicated to Hard Rock Hotel
San Diego preliminary estimated to be one of the best
hotel matching our requirements.
See Appendix 1
PART1.
RESEARCH AND ANALYSIS

7. Master in Tourism Management – IX edition – 2012-2013
HOTELS BENCHMARK
Waldorf Astoria NewYork
by Hilton
Elegance
Luxury
Versatile function spaces
Lotte Hotel Moscow
by Lotte Hotels & Resorts
Modern twist
Sanctuary Lounge
Sophisticated amenities
For more details see Appendix 1

8. Master in Tourism Management – IX edition – 2012-2013
Budha Bar Hotel Paris
Neo-Asian design fused with the
French "art of living”
Innovative international cuisine
Intimate exclusivity
For further details seeAppendix 1
HOTELS BENCHMARK
Swissotel Krasnye Holmy,
Moscow
Unsurpassed service & luxury
City Space Bar
Unreapeted experience

9. Master in Tourism Management – IX edition – 2012-2013
Furama Silom Bangkok
ModernThai style
Creativity
Stunning atmosphere
HOTELS BENCHMARK
Lux 11 Berlin Mitte
Cool hotel
Fashion scene and design
Exclusive meeting space
For more details see Appendix 1

10. Master in Tourism Management – IX edition – 2012-2013
Restaurant Benchmarking
 The benchmark analysis of restaurants in Milan
known for the clientele they serve and the quality
and level of service is provided. A short overview of
restaurants is done with the aim to give the idea of
the concept and the philosophy each restaurant
conveys and the target market they cater to.
 51 Restaurants in Milan were analyzed and 6
out of them were selected as the most
appropriate.
PART.1
RESTAURANTS BENCHMARK

11. Master in Tourism Management – IX edition – 2012-2013
There are Finger’s Garden
which is new type of restaurant
quite innovative and successful
Gold by D&G as a way to both
enrich and enlarge the brand
concept of D&G
Armani Nobu as a
sophisticated blend of Italian
lifestyle with the Japanese cuisine
For more details seeAppendix 2
RESTAURANTS BENCHMARK

12. Master in Tourism Management – IX edition – 2012-2013
Chandelier presenting an elegant
refined atmosphere nowhere found
in the city;
Just Cavalli Café embedding the
Cavalli’s brand concept ofVIPness
and uniqueness;
Il Baretto attracting high end
business clientele and hotspot
celebrities due to refined
atmosphere.
SeeAppendix 1
RESTAURANTS BENCHMARK

13. Master in Tourism Management – IX edition – 2012-2013
Lounge Bars Benchmarking
 Lounge Bars being a special place for socializing
and relaxing demand an accurate selection. In this
subpart we researched the most prominent and famous
hotel lounge bars in the major worldwide cities analyzing
their features which make them in demand as design,
service provided, location, the target market.
 23 lounge bars/bars were analyzed in Milan
 The most renown lounge bars in the city have in common
the brand they communicate as Bar Martini by D&G,
JustCavalliCafe, Radetsky Bar, Il Baretto, La
Cupola Lobby Lounge and Diana Garden.
See Appendix 3
PART.1 LOUNGE BARS
BENCHMARK

14. Master in Tourism Management – IX edition – 2012-2013
World known lounge bars:
 Sanctuary, Dubai
 Grand Bar, Soho Grand
Hotel NewYork
 The Rooftop Summer
Garden O2 Lounge, Ritz
Carlton Moscow
 Met Bar, Metropolitan
Hotel (COMO), London
SeeAppendix 3
LOUNGE BARS BENCHMARK

15. Master in Tourism Management – IX edition – 2012-2013
SPA and Fitness Benchmarking
 SPA and Fitness amenities as hotel services were
analyzed. Insights featuring modern SPAs and Fitness
amenities - apart from providing treatments and training,
they stand for experience, customized unique
services provided, themed offerings targeting the
most demanding clientele.
 The SPA and Fitness offerings in Corso Como – Garibaldi
area in Milan were analyzed. The research showed an
abundant supply in the area.
 In total 10 SPA centers in Milan and the best known cases
in the world were examined.
See Appendix 4
PART.1
ANALYSIS AND RESEARCH

16. Master in Tourism Management – IX edition – 2012-2013
World known cases:
The Spa at The Chedi Muscat Hotel, Oman
Buddhatitude Spa at Budha Bar Hotel Budapest
Rock SPA, Hard Rock Café Hotel, San Diego
Nirvana Spa, Wokingham, UK
See Appendix 4
SPA FITNESS BENCHMARK

17. Master in Tourism Management – IX edition – 2012-2013
SPAs & Fitness Benchmark in Milan
Art SPA at Maison Moschino
QCTermemilano
The Armani Spa Milano
BVLGARI Hotel Milano
Carlton Hotel Baglioni Spa
Hado Spa Milano
Boscolo Hotel Milano Spa
Four Seasons Hotel Spa
See Appendix 4
SPA & FITNESS BENCHMARK

18. Master in Tourism Management – IX edition – 2012-2013
Nightclubs benchmark
The nightclubs benchmark in Milan in Corso Como
especially, known for the high concentration of
nightclub venues, is presented in Appendix 5
The most famous among the fashion addicts and
celebrities are:
Hollywood, Just Cavalli Café, Armani Club
Prive, Byblos
PART.1
ANALYSIS AND REASERACH

19. Master in Tourism Management – IX edition – 2012-2013
Milan’s best nightclub venues.
Hollywood
11 Clubroom
Fiat Open Lounge
Magazzini Generali
Armani Prive
Byblos
Just Cavalli Café Milano
See Appendix 5
NIGHTCLUB BENCHMARK

20. Master in Tourism Management – IX edition – 2012-2013
1. The hotel brand and concept was defined – Hard
Rock Hotel (on San Diego Example basis)
2. The hotel outlets and amenities were determined:
Ground floor restaurant,
Ground floor lounge bar,
5 meeting rooms=1 balloon room,
SPA and Fitness area on the last floor,
Rooftop swimming pool and a rooftop restaurant.
3. The level of service to be provided was
estimated
BENCHMARKING OUTPUT

21. Master in Tourism Management – IX edition – 2012-2013
BRAND SOLUTION
The winner is:
HARD ROCK HOTEL SAN DIEGO CONCEPT
luxury fashionable hotel providing nightlife and free-
spirited entertainment possibilities for fashionable
relatively young clientele.
BENCHMARKING OUTPUT
See appendix 7

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THE PERFECT
SOLUTION
BRAND DECISION BACK UP
• After a specific in-depth analysis of various hotel
complexes worlwide we came up with one BRAND
covering the entire hotel complex
• In an interview with the CEO of Ramada Plaza Milano we
discovered that involving different operatoras for each
hotel outlet makes the structure management more
complex
• One UMBRELLA BRAND is the best solution if properly
implemented

23. Master in Tourism Management – IX edition – 2012-2013
Service level: 4 star luxury and glamour business
oriented
Location – city downtown Gaslamp Quarter which is the
city gateway for nightlife and entertainment options
Feature: the hotel stay experience is a fusion of the Hard
Rock concept with the city spirit
Brand visibility – a world reknown name
Accommodations – 420 guests rooms, 3 Studios, 3 Hard
Rock Suites, 3 Rock Star Suites
Amenities: Rock SPA, Rooftop Pool and Float Bar, 207
Lounge Bar,
Maryjane’s Retsurant,
Nobu Restaurant23
HARD ROCK HOTEL SAN
DIEGO OVERVIEW

24. Master in Tourism Management – IX edition – 2012-2013
Studios Guestrooms are
anything but conventional.
Hard Rock Suites perfectly
capture the authenticity and
irreverence of rock 'n' roll.
Rock Star Guestroom is a
suite that’s sensual and stylish,
with an air of unpredictability.
SeeAppendix 6
HARD ROCK HOTEL
ACCOMODATIONS

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MARYJANE’S GROUND
FLOOR RESTAURANT

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207 GROUND FLOOR
LOUNGE BAR

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NOBU RESTAURANT

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ROCK SPA-WELLENSS
AREA

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TOP ROOF SWIMMING
POOL

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LOUNGE BAR FLOAT TOP
ROOF
30

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MEETING ROOMS FOR
BUSINESS

32. Master in Tourism Management – IX edition – 2012-2013
HARD ROCK HOTEL
MILANO
32

33. Master in Tourism Management – IX edition – 2012-2013
HARD ROCK HOTEL’S
AMENITIES
33

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PART.2 PROJECT RESULTS

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ROOM DEPARTMENT
STANDARD YEAR BEST YEAR
Room Department HP 2014 2015 2016 2017
N. of Rooms 120 120 120 120
Occupancy 45% 55% 65% 70%
ADR (Bed and Breakfast) 265,00€ 280,00€ 290,00€ 280,00€
RevPar 119,25€ 154,00€ 188,50€ 196,00€
ROOM REVENUES 5.223.150,00€ 6.745.200,00€ 8.256.300,00€ 8.584.800,00€
Av. Person per room 1,3 1,3 1,3 1,3
Room Nights 19.710 24.090 28.470 30.660
Bed Nights 25.623 31.317 37.011 39.858
Working Days 365 365 365 365
Number of rooms per person 9 9 9 9
N.of salaries a year 14 14 14 14
Houskeeping substitutes 5 5 5 5
Houskeeping labour n. needed 11,0 12,3 13,7 14,3
Houskeeping Manager/Month Cost 3.000,00€ 3.000,00€ 3.000,00€ 3.000,00€
N. of Porters 4 4 5 5
Cost a month per Porter 1.800,00€ 1.800,00€ 1.800,00€ 1.800,00€
Front Office employees 10 10 10 10
Front Office Manager/Month Cost 5.000,00€ 5.000,00€ 5.000,00€ 5.000,00€
Houskeeping cost per person 2.000,00€ 2.000,00€ 2.000,00€ 2.000,00€
Houskeeping total cost 350.000,00€ 387.333,33€ 424.666,67€ 443.333,33€
Front Office Cost 450.800,00€ 450.800,00€ 476.000,00€ 476.000,00€
Room Department Total Cost 800.800,00€ 838.133,33€ 900.666,67€ 919.333,33€
total employees 21,00 21,00 22,00 22,00
cost per employee 38.133,33€ 39.911,11€ 40.939,39€ 41.787,88€
Room Department Pay Roll % (cost) 15,33% 12,43% 10,91% 10,71%
Raw Materials % (cost) 4% 4% 4% 4%
Other Costs % 10% 9% 8% 8%
number Commissions % on booking 50% 50% 50% 50%
Commission % of cost 15% 15% 15% 15%

36. Master in Tourism Management – IX edition – 2012-2013
Houskeeping Front Office
N. of shifts per department 1 3
Hours per shift 8 8
Workers needed per shift 7,33 3,00
working days a week 5 5
working days a month 20 20
Holidays (days) 30 30
Permits (payed days) 5 5
Shifts per year per worker 205 205
Total Shifts per year to cover 2677 3285
Number of shifts covered by base n.of workers 1503 615
Extra Personnel needed 6 13
Total Personnel needed per dep. Managers included 13 16
36
ROOM DEPT.
PERSONNEL

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37
GRAPHS AND
STATISTICS

38. Master in Tourism Management – IX edition – 2012-2013
STANDARD YEAR BEST YEAR
Food & Beverage Ground Floor Restaurant
HP 2014 2015 2016 2017
N. of seats 100 100 100 100
N.of tables (x 2pax) 50 50 50 50
N. of meals sold (LUNCH- WE) 50 60 60 65
N. of meals sold (DINNER WE) 150 170 170 180
N. of meals sold (DINNER WD) 120 130 130 140
N. of meals sold (LUNCH- WD) 100 100 100 100
Av. Price Meal (LUNCH WE) 45,00€ 50,00€ 50,00€ 50,00€
Av. Price Meal (DINNER WE) 70,00€ 75,00€ 75,00€ 80,00€
Av. Price Meal (LUNCH WD) 40,00€ 45,00€ 45,00€ 45,00€
Av. Price Meal (DINNER WD) 65,00€ 70,00€ 70,00€ 75,00€
Working Days WE 96 96 96 96
Working Days WD 231 231 231 231
WEEKEND REVENUES 1.224.000,00€ 1.512.000,00€ 1.512.000,00€ 1.694.400,00€
WEEKDAYS REVENUES 2.725.800,00€ 3.141.600,00€ 3.141.600,00€ 3.465.000,00€
TOTAL REVENUES 3.949.800,00€ 4.653.600,00€ 4.653.600,00€ 5.159.400,00€
Pay Roll % (cost) 50% 50% 50% 50%
Raw Materials % (cost) 35% 35% 35% 35%
Other Costs % 5% 5% 5% 5%
TOTAL COSTS 3.554.820,00€ 4.188.240,00€ 4.188.240,00€ 4.643.460,00€
38
F&B GROUND FLOOR
RESTAURANT

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39
LOUNGE BAR GROUND
FLOOR
STANDARDYEAR BESTYEAR
Food& Beverage GroundLounge BarHP24
hours 2014 2015 2016 2017
N.of seats 50 50 50 50
N.of GuestsservedadayWE 60 70 70 75
N.of GuestsservedadayWD 80 90 90 100
Av.Price perpersonWE 15,00€ 17,00€ 17,00€ 20,00€
Av.Price perpersonWD 13,00€ 15,00€ 15,00€ 18,00€
WorkingDaysWE 96 96 96 96
WorkingDaysWD 231 231 231 231
WEEKENDREVENUES 86.400,00€ 114.240,00€ 114.240,00€ 144.000,00€
WEEKDAYSREVENUES 240.240,00€ 311.850,00€ 311.850,00€ 415.800,00€
TOTALREVENUESLOUNGEBAR 326.640,00€ 426.090,00€ 426.090,00€ 559.800,00€
PayRoll % (cost) includesBreakfastlabour 50% 50% 50% 50%
RawMaterials% (cost) 30% 30% 30% 30%
OtherCosts% 5% 5% 5% 5%
TOTALCOSTS 277.644,00€ 362.176,50€ 362.176,50€ 475.830,00€

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TOP ROOF AREA
STANDARD YEAR BEST YEAR
Food & Beverage Top Roof Area HP 24hour 2014 2015 2016 2017
N. of seats Restaurant 40 40 40 40
N. of seats Lounge Bar 20 20 20 20
N. of meals sold (DINNER WE) 40 45 50 60
N. of meals sold (DINNER WD) 40 40 40 45
N. of people served (LOUNGE- WD) 25 30 30 40
N. of people served (LOUNGE-WE) 25 30 30 40
Av. Price (LOUNGE WE) 17,00€ 18,00€ 18,00€ 20,00€
Av. Price Meal (DINNER WE) 75,00€ 80,00€ 80,00€ 90,00€
Av. Price (LOUNGE WD) 16,00€ 17,00€ 17,00€ 19,00€
Av. Price Meal (DINNER WD) 70,00€ 75,00€ 75,00€ 80,00€
Working Days WE 96,00 96,00 96,00 96,00
Working Days WD 231,00 231,00 231,00 231,00
WEEKEND REVENUES 328.800,00€ 397.440,00€ 435.840,00€ 595.200,00€
WEEKDAYS REVENUES 739.200,00€ 810.810,00€ 810.810,00€ 1.007.160,00€
TOTAL TOP ROOF REVENUES 1.068.000,00€ 1.208.250,00€ 1.246.650,00€ 1.602.360,00€
Pay Roll % (cost) 45% 45% 45% 45%
Raw Materials % (cost) 35% 35% 35% 35%
Other Costs % 5% 5% 5% 5%
TOTAL COSTS 907.800,00€ 1.027.012,50€ 1.059.652,50€ 1.362.006,00€

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41
GRAPHS AND
STATISTICS
2014 2015 2016 2017

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CONGRESS
AREA/MEETING ROOMS
STANDARDYEAR BESTYEAR
CONGRESSAREA/MEETING ROOMS 2014 2015 2016 2017
Available Rooms 120 120 120 120
Av.Personperroom 1,3 1,3 1,3 1,3
Hotel Occupancy 45,00% 55,00% 65,00% 70,00%
Average Price peruser 12,00€ 12,00€ 15,00€ 15,00€
%ofusersmeetingrooms 10% 12,5% 15% 15%
WorkingDays 330 330 330 330
Annual N.ofusers 2316,60 3539,25 5019,30 5405,40
TOTALREVENUESFORCONGRESSAREA 27.799,20€ 42.471,00€ 75.289,50€ 81.081,00€
N.ofassistantsforthe rooms 2 2 2 2
AvCostperassistantamonth 2.300,00€ 2.400,00€ 2.500,00€ 2.500,00€
N.ofMonthspayedayear 14 14 14 14
PayRollCost(Annual) 64.400,00€ 67.200,00€ 70.000,00€ 70.000,00€
Othercosts 1% 1% 1% 1%
TOTALCOSTS 64.677,99€ 67.624,71€ 70.752,90€ 70.810,81€

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SPA FITNESS WELLNESS
AREA
STANDARDYEAR BESTYEAR
SPA-FITNESS-WELLNESSAREAHP 2014 2015 2016 2017
%ofguestsusingspa 5% 6% 7% 8%
N.ofpeopleperday(Entry) 3,51 5,15 7,10 8,74
N.ofpeopleayear 1281,15 1879,02 2590,77 3188,64
Sauna+SteamBath+Poolprice -€ -€ -€ -€
%peoplepayngfortreatment 50% 50% 50% 50%
Massages/treatmentavprice 90,00€ 95,00€ 95,00€ 100,00€
TOTALSPAREVENUES 57.651,75€ 89.253,45€ 123.061,58€ 159.432,00€
OpenDays 365 365 365 365
Professionistiesterni5people 160.000,00€ 170.000,00€ 170.000,00€ 180.000,00€
OtherCosts% 10% 10% 10% 10%
TOTALCOSTS 165.765,18€ 178.925,35€ 182.306,16€ 195.943,20€

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GRAPHS AND
STATISTICS

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45
RESULTS-BUSINESS PLAN
2014-2017
YEAR 2014 % 2015 % 2016 % 2017 %
REVENUES 10.653.040,95€ 100,00% 13.164.864,45€ 100,00% 14.780.991,08€ 100,00% 16.146.873,00€ 100,00%
PayRolls 3.320.735,00€ 31,17% 3.988.890,83€ 30,30% 4.071.504,17€ 27,55% 4.569.995,33€ 28,30%
AnnualSPAArea 160.000,00€ 1,50% 170.000,00€ 1,29% 170.000,00€ 1,15% 180.000,00€ 1,11%
RawMaterials 2.063.148,00€ 19,37% 2.449.282,50€ 18,60% 2.523.166,50€ 17,07% 2.877.948,00€ 17,82%
OtherCosts 795.580,17€ 7,47% 930.815,06€ 7,07% 989.880,05€ 6,70% 1.069.616,01€ 6,62%
OVERALLCOSTS 0,00% 0,00% 0,00% 0,00%
A)Director-GeneralM. 100.000,00€ 0,94% 110.000,00€ 0,84% 120.000,00€ 0,81% 120.000,00€ 0,74%
B)SalesManager 60.000,00€ 0,56% 60.000,00€ 0,46% 65.000,00€ 0,44% 68.000,00€ 0,42%
C)Commissions 391.736,25€ 3,68% 505.890,00€ 3,84% 619.222,50€ 4,19% 643.860,00€ 3,99%
D)G&A 155.000,00€ 1,45% 155.000,00€ 1,18% 160.000,00€ 1,08% 160.000,00€ 0,99%
E)Maintenance 213.060,82€ 2,00% 302.791,88€ 2,30% 384.305,77€ 2,60% 484.406,19€ 3,00%
F)Marketing 104.463,00€ 0,98% 134.904,00€ 1,02% 206.407,50€ 1,40% 214.620,00€ 1,33%
TOTALCOSTS 7.363.723,24€ 69,12% 8.807.574,27€ 66,90% 9.309.486,49€ 62,98% 10.388.445,53€ 64,34%
EBITDAR 3.289.317,71€ 30,88% 4.357.290,18€ 33,10% 5.471.504,59€ 37,02% 5.758.427,47€ 35,66%

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46
GRAPHS AND STATISTICS

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47
INVESTMENT
HYPOTESIS
• GLOBAL INVESTMENT = 50.000.000,00 €
• OWNER’S MONEY = 15.000.000,00 €
• BANK LOAN = 35.000.000,00 €
• TAX RATE (year) = 5%
• LENGTH OF LOAN = 20 years

48. Master in Tourism Management – IX edition – 2012-2013
48
• REVENUES ANNUAL GROWTH = 3%
• EBITDAR % ON TOTAL REVENUES = 31%
FUTURE TREND
HYPOTESIS

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49
LOAN PLAN 20 YEARS
YEAR QUOTA CAPITALE CAPITALE RESIDUO QUOTA INTERESSI TOTALE RATA
2014 1.058.490,55€ 33.941.509,45€ 1.750.000,00€ 2.808.490,55€
2015 1.111.415,08€ 32.830.094,37€ 1.697.075,47€ 2.808.490,55€
2016 1.166.985,83€ 31.663.108,54€ 1.641.504,72€ 2.808.490,55€
2017 1.225.335,12€ 30.437.773,41€ 1.583.155,43€ 2.808.490,55€
2018 1.286.601,88€ 29.151.171,53€ 1.521.888,67€ 2.808.490,55€
2019 1.350.931,98€ 27.800.239,55€ 1.457.558,58€ 2.808.490,55€
2020 1.418.478,57€ 26.381.760,98€ 1.390.011,98€ 2.808.490,55€
2021 1.489.402,50€ 24.892.358,48€ 1.319.088,05€ 2.808.490,55€
2022 1.563.872,63€ 23.328.485,85€ 1.244.617,92€ 2.808.490,55€
2023 1.642.066,26€ 21.686.419,59€ 1.166.424,29€ 2.808.490,55€
2024 1.724.169,57€ 19.962.250,02€ 1.084.320,98€ 2.808.490,55€
2025 1.810.378,05€ 18.151.871,97€ 998.112,50€ 2.808.490,55€
2026 1.900.896,95€ 16.250.975,02€ 907.593,60€ 2.808.490,55€
2027 1.995.941,80€ 14.255.033,21€ 812.548,75€ 2.808.490,55€
2028 2.095.738,89€ 12.159.294,32€ 712.751,66€ 2.808.490,55€
2029 2.200.525,84€ 9.958.768,49€ 607.964,72€ 2.808.490,55€
2030 2.310.552,13€ 7.648.216,36€ 497.938,42€ 2.808.490,55€
2031 2.426.079,73€ 5.222.136,63€ 382.410,82€ 2.808.490,55€
2032 2.547.383,72€ 2.674.752,91€ 261.106,83€ 2.808.490,55€
2033 2.674.752,91€ -€ 133.737,65€ 2.808.490,55€

50. Master in Tourism Management – IX edition – 2012-2013
50
INVESTMENT PAY-
BACK
REVENUES COSTS EBITDAR MARGIN BEFORE TAXESRETURN PAYBACK
10.653.040,95€ 7.363.723,24€ 3.289.317,71€ 480.827,16€ 3,21%
13.164.864,45€ 8.807.574,27€ 4.357.290,18€ 1.548.799,63€ 10,33%
14.780.991,08€ 9.309.486,49€ 5.471.504,59€ 2.663.014,04€ 17,75%
16.146.873,00€ 10.388.445,53€ 5.758.427,47€ 2.949.936,91€ 19,67%
16.631.279,19€ 11.475.582,64€ 5.155.696,55€ 2.347.206,00€ 15,65%
17.130.217,57€ 11.819.850,12€ 5.310.367,45€ 2.501.876,89€ 16,68%
17.644.124,09€ 12.174.445,62€ 5.469.678,47€ 2.661.187,92€ 17,74%
18.173.447,82€ 12.539.678,99€ 5.633.768,82€ 2.825.278,27€ 18,84% 15.152.848,55€
18.718.651,25€ 12.915.869,36€ 5.802.781,89€ 2.994.291,34€ 19,96%
19.280.210,79€ 13.303.345,44€ 5.976.865,34€ 3.168.374,79€ 21,12%
19.858.617,11€ 13.702.445,81€ 6.156.171,30€ 3.347.680,75€ 22,32%
20.454.375,62€ 14.113.519,18€ 6.340.856,44€ 3.532.365,89€ 23,55%
21.068.006,89€ 14.536.924,76€ 6.531.082,14€ 3.722.591,59€ 24,82%
21.700.047,10€ 14.973.032,50€ 6.727.014,60€ 3.918.524,05€ 26,12%
22.351.048,51€ 15.422.223,47€ 6.928.825,04€ 4.120.334,49€ 27,47%
23.021.579,97€ 15.884.890,18€ 7.136.689,79€ 4.328.199,24€ 28,85%
23.712.227,37€ 16.361.436,88€ 7.350.790,48€ 4.542.299,93€ 30,28%
24.423.594,19€ 16.852.279,99€ 7.571.314,20€ 4.762.823,65€ 31,75%
25.156.302,01€ 17.357.848,39€ 7.798.453,62€ 4.989.963,07€ 33,27%
25.910.991,07€ 17.878.583,84€ 8.032.407,23€ 5.223.916,68€ 34,83%

51. Master in Tourism Management – IX edition – 2012-2013
51
FINAL RESULT

52. Master in Tourism Management – IX edition – 2012-2013
52