International Theme Park Services, Inc. A world-wide management and consulting firm located in Cincinnati, Ohio (USA) established in 1983. Formed to fill the demand for practical knowledge and hands-on experience in leisure and attendance driven industries. A full service organization that offers complete consultation and management services in the areas of: Theme Parks, Amusement Parks, Resorts, Waterparks, Observation Towers, Specialty Attractions, Family Entertainment Centers, Malls, Aquariums, and Zoos. Maintains a complete database of most current industry information and research. Stays up to date on the leisure industry and its trends. Remains abreast of current economic influences, state-of-the-art advances, and knowing what visitors expect. Defines, develops and establishes programs and procedures specifically for each project. Approaches each project with vitality and a commitment to excellence. Works to ensure that the highest standard of quality and professionalism are planned and integrated throughout the entire project.
ITPS and IAAPA (Industry Association) Dennis Speigel is a past president of IAAPA and currently serves on the Board of Directors. – Chaired the Education committee – Created the Cornell University Education Institute Program – As part of the IAAPA Strategic Planning Committee, Dennis recommended, developed and chaired the first long range plans / goals for IAAPA – 2010 Lifetime Service Award ITPS staff have chaired on numerous association committees. ITPS staff have written numerous articles for IAAPA publication. ITPS brought IAAPA to Russia.
Report Methodology No pre-conceived notions. Visit the marketplace. Undertake due diligence in gathering data and most recent research. Experience other leisure opportunities. Tour the site and determine key site characteristics.
The Kind Angel of the World would be entering the overall leisure and attractions industry, an industry that boasts a very long and successful history. Detailed data is shared through the industrys global governing bodies. Specifically, the Kind Angel of the World, although distinctive as a monument / statue of an Angel symbolizing peace, is proposed to operate as a commercial vertical structure that offers observation levels and other ancillary components of a cultural and entertainment nature. The vertical structures / towers industry evolved out of the leisure and attractions industry. Its foundations date back several years. Through the years, more tower operations have been built – and continue to be built - all over the world. The towers and vertical structures industry is monitored through several organizations, most notably the World Federation of Great Towers.
Concept Review The approximate height of the proposed Kind Angel of the World is 135 meters (443 feet). The structure would be a green operation, boasting a self-sustaining environment. The following components have been currently proposed for inclusion in the Kind Angel of the World in Cyprus. – Concert Hall – Bar-Restaurants – Cafes – Mini-Bars – Meeting Rooms – Office Space – Exhibition Hall – Observation Platforms
Site and Location Cyprus is the third largest island in the Mediterranean and today is one of its most popular tourist destinations. Available modes of transport are by road, sea and air. Cyprus offers a modernized roadway system connecting its main districts, and has two international airports. The proposed location for the Kind Angel of the World is near the village of Monagroulli, about five to seven kilometers east of Limassol, Republic of Cyprus. The exact location encompasses 6.3 hectares (15.5 acres, 63,000 square meters) along beachfront property near Alamanos Beach.
Site and Location Limassol is the second largest city in Cyprus and is located on the southern coast at Akrotiri Bay. It is the largest port in the Mediterranean transit trade. Built between the two ancient cities of Amathus and Kourion, Limassol has become an important tourism, trade and service center. Many annual festivals are held in Limassol. The proposed site for the project can be easily accessed from the main roadway linking Limassol and Larnaca. While some travel is necessary on secondary roads, the distance from the main road is not a hindrance.
Site and Location Although the project site is not far from Limassol, there are no other nearby demand generators to bring people to the site, except for a couple of nearby restaurants. The reported development of a nearby university will greatly enhance the sites overall marketability. Further, ITPS believes the impact of the Kind Angel of the World operation in the area will help to generate new commercial ventures, thus ultimately bringing more traffic to the site.
Per Capita Revenues The financial analysis for the Kind Angel of the World in Cyprus utilized data and information from the attractions and leisure industry, in particular that of other tower and vertical structure operations, in the projection of revenues and operating expenses. The forecasts and projections were based on the current concept and attendance projections, and have indicated the financial or economic potential and viability of the project through financial measures.
Operating Revenues Based on comparisons of leisure pricing, and after examining price relationships of other vertical structures to waterparks or amusements parks within the same market, ITPS has assumed an adult admission price of $25.00 USD for the Kind Angel of the World.
Net Warranted Investment The projected earnings during the first five years of operation would support an investment of between $60.0 million USD and $72.0 million USD. The medium investment level is shown to be $66 million USD. Based on these assumptions, the internal rate of return for the project is 30 percent. Overall results indicate that the Kind Angel of the World in Cyprus can operate profitably if all assumptions and parameters that impact results as presented are achieved.