Project for Seafront Hotel 600 m² in Crete at Elounda

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Property ID : ELOUNDAHOTEL03

For Sale 1,600,000€ - Hotels For Sale Greece, Investment Proposals, Semi-finished Buildings, Villas for Sale Greece
600 m2 12 Bedrooms 12 Bathrooms Print

 Project for Seafront Hotel 600 m² in Crete at Elounda

Seafront Hotel 600 m² in Crete that can become one Luxury Hotel or Royal Villa

 

  • Land Size: 2000 Sq.meters
  • Building Area: 600 Sq.meters
  • Beds: 24
  • Bathrooms: 12
  • Dist. to near. town:2 km
    Distance from Airport:80 km

 

This is a unique property in many ways, including location, versatility and investment profit return.
Location: this is the only property in the cosmopolitan Elounda resort area that has so many legal square meters of the building, at the water’s edge. Even the basement (sea level) have permission to use it as the primary living space. Versatility: the property may be used in a variety of ways. It can be repaired in 6 luxury apartments, two luxury villas or one Royal Villa. The building already has a licensed hotel, and if it will be repaired as a five-star hotel, it can be financed by the European Union at 50% of the total cost when provided that this is done by the company from the European Union. The company also can rent a beach in front of the property, for exclusive use.

Option 1:”Apartment hotel”
Can be built six luxury apartments (or 12 suites) with Bar Restaurant

Option 2: two villas.

One villa with 4 spacious bedrooms, with en-suite bathrooms, kitchen, dining area and living room can be built on the side of the road. Total area 336.69 square meters.

One villa with 3 spacious bedrooms, with en-suite bathrooms, kitchen, dining area and living room can be built from the other side of the property, with a total area of 270.09 sq.m.

Option 3: one Villa.
One unique Villa may be built with a total area of 606.78 sq.m. It will include 7 spacious bedrooms with en-suite bathrooms, 2 kitchens, 2 dining areas and 2 rooms plus Spa and gym, etc.

The vision is to be an exquisite Boutique Hotel in modern design with typical local style, completely embedded to the natural setting. The luxury suites are to be constructed to recognized international specification and standards, with detailed design and long-term operation.

The Property is to benefit from a shared Swimming Pool and feature stylish interiors, warm earth tones and impeccable detail.

Initial SALE PRICE: 1.900.000€

DISTANCES:

Heraklion 79 km
Heraklion airport 77 km
St. Nicholas (port & hospital) 12 km
Elounda 2 km
Plaka 2 km

BEFORE:

How It looks Today

How It looks Today

AFTER

How it can Become

How it can Become

 

 

Project Financial Analysis as Hotel:

Income Estimation:

Operation April to October (26 Weeks /182 Days)

Average Capacity of the 12 Suites: 75%

Average Rental Price per Suite: 300 euro

Restaurant: Average daily Customers 120, Average Consumption per person 50 euro

Services (Massage, Diving, Trips): Average Daily Customers 40, Average Consumption per person 50 euro

INCOME ESTIMATION:

HOTEL: 12*182*0.75*300=491.000€

RESTAURANT:120*182*50=1.090.000€

SERVICES: 40*182*50=364.000€

Τotal Income/season: 1.947.000€

 

EXPENSES ESTIMATION:

General Manager :2000€/month =28.000€

20 Employees: 900€/month = 216.000€

Restaurant Operation Expenses=200.000€

Services Expenses: 140.000€

Marketing, Advertising and Operational Costs: 120.000€

Τotal Εxpenses/season: 704.000€

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