Boutique hotel on popular Zakynthos
Asking price of EUR €3,600,000
Ref: Rizolla Villas
10 villas Bedroom(s), 0 Bathroom(s) |
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Key selling points:
* Boutique hotel near Lithakia, on island of Zakynthos (Zante), Greece
* Located in the very popular tourist resort of Laganas
* Hotel consists of 10 stone villas, each able to house up to 6 persons
* Each villa has its own 35m2 private swimming pool and large veranda with sun-loungers and umbrellas
* 500m from supermarket, restaurants and cafes
* New owner can stick with existing management company who has run the hotel since its creation in 2005 or manage it independently
* Current annual income of the hotel is €200,000 but growth potential is huge
* Potential to expand capacity of hotel by purchasing neighbouring land and building additional villas
* Total area: 8,000 m2; constructed area: 1,320 m2
* Asking price: EUR 3,600,000, including all commissions and fees
An idyllic location:
Rizolia Villas Boutique Hotel is located in the bay of Laganas, a tourist hotspot on the island of Zakynthos (also known as Zante) on the Ionian Sea in Western Greece. The hotel enjoys a peaceful setting in a secluded olive grove 500m from the small village of Lithakia, where daily conveniences such as a supermarket, restaurants and cafes are situated. Rizolia Villas is 16km from Zakynthos Town and port, 8km from Zakynthos International Airport and half a mile from the nearest beach. Zakynthos as a whole is an established popular holiday destination, famous for the quality of its beaches and lively nightlife.
A “village” of 10 stone villas:
Rizolia Villas Boutique Hotel consists of 10 separate stone villas, each with 2 floors, built in the traditional Zakynthian style. Each villa can house up to 6 people. The development extends over a total area of 8,000m2 with 1,320m2 of the land having already been built on (10 x 120 m2 villas + 1 x 120 m2 reception/staff building; constructed area figure does not include the private pools for each villa.)
Fully furnished interiors:
The ground floor of each villa is open plan with a large fully equipped kitchen including full size fridge, oven and hob, kettle, toaster and all cooking utensils. Adjoining this is 1 separate bedroom with double bed and en-suite bathroom (with bath and W.C.), and a fully furnished living area with TV. A wooden staircase leads you to the second floor where there are 2 more separate bedrooms, one with double bed and the other has two single beds. Upstairs is also a bathroom with shower and W.C. and a furnished balcony. All bedrooms have air-conditioning units and the villa is furnished and decorated throughout in the Zakynthian style.
Facilities, services and amenities:
Each villa has its own private 35m2 swimming pool and a large veranda furnished with sunloungers and umbrellas. The development as a whole is set in beautiful landscaped gardens in a secure “private village” environment with private parking. The Hotel frequently organises tours and other summer holiday activities for its clients through a network of cooperating organisations on the island.
Massive growth potential:
The Hotel was set up in 2005 and its current annual income is now €200,000. The company who run the Hotel, Rizolia SA (who are owned by the current owners of the property), has been deliberately following a low-risk approach to income generation to date, allocating nearly all the Hotel’s capacity to annual commitment contracts with international travel agents such as TUI. Under such arrangements, each villa is contracted out at a rate of €20,000 for the year (hence 10 x €20,000 = €200,000).
This low risk attitude to revenue generation restricts potential income and the current owners believe that potential for growth is immense. For example, more capacity could be reserved directly through the hotel rather than via commitment contracts with travel agents. The current owners also do not rent out the villas at present between October and April, although there have been expressions of interest to do so. Finally, there is potential to grow the capacity of the Hotel by purchasing neighbouring land and building additional villas, something the current owners would be happy to undertake as a construction project in the future.
Current room rates per night throughout the year are as follows:
• May €180
• June €210
• July €260
• August €350
• September €210
• October €180
The current owners believe the Hotel has the potential to generate an annual income in excess of €400,000 at almost full capacity with current booking prices.
A range of management options:
The Rizolia Villas Boutique Hotel has been run since its creation in 2005 by Rizolia SA, a specialist management company owned by the owners of the land. The new owner will have the option of continuing with this management structure for a fee or can choose to put his/her own management structure in place. If the investor prefers the latter option, the current owners would be happy to provide both the framework and the staff to man the new management team, if this is desirable. Alternatively the new owners could install a new management team but retain existing operating staff responsible for bookings, everyday housekeeping and maintenance. A range of management possibilities can be discussed with the existing owners.
Prices:
The asking price for Rizolia Villas Boutique Hotel is EUR 3,600,000 which includes all commissions and fees. This works out at €2,727 per m2.
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