The Hotel Residential V.I.P HILLS P.N.P. will be locate in Fortaleza area, near the beach, a few minutes from the International Airport, with good communication to the downtown. With four acres extension, the complex will serve the existing demand for accommodation in a prime location of the city.
Complex will have three different areas: ZONE A (Continental Area) 20 rooms size 8 x 4,40 mts., with bathroom. The room will have shower cabin and full bath, king size bed, plasma TV, work desk, armchairs, and wardrobe. 3 Blocks with ground floor and first floor. Common area with pool, and continental restaurant, room service, free Wifi, and other amenities. Access directly to Business Center, free use common area of computers. Rent area office space and meeting rooms. Continental Bar and Restaurant with exclusive access to indoor pool area. We estimate that the low occupancy will be as follows: First quarter (April to June 2014): 60% Second quarter (July to September 2014): 70% Third quarter (October to December 2014): 75% First quarter (January to March 2015): 80% The estimate price each room diary will be 120 USD plus 10 USD breakfast.
ZONE B (Crews Area) 12 rooms size 8 x 4,40 mts, with bathroom. The room will have shower cabin and full bath, king size bed, plasma TV, work desk, armchairs, and wardrobe. 2 Blocks with ground floor and first floor. Occupancy by annual contract. Common area with pool (Zone A), African and continental restaurant, room service, free Wifi, and other amenities. Access directly to Business Center, free use common area of computers. Rent area office space and meeting rooms. African Bar and Restaurant outdoor with exclusive access to indoor pool Zone A. Reception area in ground floor, and General Office of the complex in first floor. We estimate that the occupancy will be 100% annual. The estimate price will be 2.250 USD monthly include breakfast.
ZONE C (V.I.P AREA) 12 rooms size 8 x 4,40 mts, with bathroom. The room will have Jacuzzi and full bath, king size bed, plasma TV, work desk, armchairs, and wardrobe. 2 Blocks with ground floor and first floor Access only V.I.P. (ministers, commanders, generals military, actors, all with personal invitation) Common area with pool with bar, room service, exclusivity V.I.P restaurant and V.I.P Area in first floor (casino, play desks), access only with fingerprint of partners. Private enclosure staffed by specialized foreign waiters and workers, attention clients. Personal Identification Card as VIP client. We estimate that the low occupancy will be as follows: First quarter (April to June 2014): 60% Second quarter (July to September 2014): 70% Third quarter (October to December 2014): 75% First quarter (January to March 2015): 80% The estimate price will be 200 USD diary include breakfast
Whit this estimations, we will present our Business Plan, with income and overhead as follows below. The construction price of this Complex will be $ 2.958.110 USD The construction time will be 4 months The date of inauguration will be on 19 th March if we will begin on November The investor will received 10% ROI In two years the investor will received the total amount of his investment Since two months after inaugurated, the investor will received the first payment. We are open to received offers for the management of this complex.
ZONE A (CONTINENTAL)
POOL AND TERRACE
ZONE B (CREWS)
TERRACE AND CARIBEAN BAR
ZONE C (V.I.P)
RESTAURANT AND POOL
V.I.P ZONE AND CASINO
Apresentação A formulação do Plano Nacional de Turismo 2013-2016 consolida a Política Nacional de Turismo e apresenta as orientações estratégicas para o desenvolvimento da atividade no Brasil para os próximos anos. Resulta do esforço integrado do governo federal, envolvendo a iniciativa privada e o terceiro setor, por meio do Conselho Nacional de Turismo, sob a coordenação do Ministério do Turismo. O plano foi construído de acordo com as orientações do governo federal e alinhado ao Plano Plurianual 2012/2015. Ele define as contribuições do setor para o desenvolvimento econômico, social e a erradicação da pobreza. Tem ainda como insumo básico o Documento Referencial - Turismo no Brasil 2011/2014 e destaca, no âmbito da gestão, as diretrizes que devem nortear o desenvolvimento do turismo brasileiro, como a participação e diálogo com a sociedade; a geração de oportunidades de emprego e empreendedorismo; o incentivo à inovação e ao conhecimento; e a regionalização como abordagem territorial e institucional para o planejamento. Cabe destacar a extrema importância que se confere à questão da segurança jurídica, como fator preponderante para a construção de um ambiente favorável, que viabilize as iniciativas e os investimentos no setor, por parte dos empreendedores nacionais e estrangeiros. Nesse sentido, um dos objetivos do presente PNT é exatamente o de estabelecer mecanismos que garantam estabilidade e confiança, no que se refere à obtenção de licenças, autorizações, concessões e demais exigências do estado, para a instalação e operação de empreendimentos turísticos no País. A partir dessas diretrizes estratégicas, considerando o comportamento da atividade no mercado nacional e internacional e os desafios impostos, são definidos objetivos a serem alcançados: incentivar o brasileiro a viajar pelo país; incrementar a geração de divisas e a chegada de turistas estrangeiros; melhorar a qualidade e aumentar a competitividade do turismo brasileiro; e preparar o turismo brasileiro para os megaeventos.
A organização do Plano Nacional de Turismo segue uma estrutura lógica, que interliga as diretrizes estratégicas, os objetivos e resultados esperados e a proposição e o desenvolvimento de programas, projetos e ações. O plano agrega, ainda, um amplo conjunto de informações e dados que norteiam as ações compartilhadas pelo Ministério do Turismo e a cadeia produtiva do setor, em favor do turismo brasileiro. Para dar conseqüência objetiva ao Plano, que traz orientações de caráter mais estratégico, serão elaborados, periodicamente, documentos de cunho executivo, para possibilitar ações concretas de apoio ao desenvolvimento do turismo, onde estarão previstos os meios materiais, financeiros e legais necessários a sua viabilização. Tais documentos deverão possibilitar a aglutinação de ações prioritárias, e orientar recursos públicos e privados para solução dos gargalos que têm impedido ou adiado a plena expansão da atividade turística no País, notadamente nas áreas de infraestrutura, financiamento e capitalização do setor, capacitação técnico-gerencial, tratamento fiscal/tributário, inovação tecnológica, promoção interna e externa, certificação, cadastramento, desenvolvimento de micro e pequenas empresas do segmento do turismo, desenvolvimento de destinos turísticos, dentre outras.
1. Diagnóstico O Brasil tem se destacado no contexto internacional dada a vitalidade da sua economia, a estabilidade democrática e sua atuação em foros multilaterais, sobretudo com os países em desenvolvimento. A realização da Copa do Mundo de Futebol FIFA em 2014 e a realização dos Jogos Olímpicos no Rio de Janeiro em 2016, de par com outros grandes eventos esportivos, culturais, empresariais e políticos, ampliam a projeção da imagem do país junto aos investidores internacionais e às demais nações. Aliado a estes fatores, o crescimento sustentado da economia coloca o país em condições de traçar um programa de investimentos para o turismo que promova o setor a um patamar de destaque no cenário internacional. Acrescentam-se a este dinamismo os investimentos em infraestrutura e em grandes empreendimentos ligados ao setor energético, sobretudo a exploração de petróleo da camada do pré-sal, além de demais commodities agrícolas e minerais, que incrementam o fluxo de turistas do segmento de negócios. A Participação do Turismo na Economia Brasileira A participação do turismo na economia brasileira já representa 3,7% do Produto Interno Bruto – PIB. De 2003 a 2009 o setor cresceu 32,4% enquanto a economia brasileira apresentou expansão de 24,6% (MTUR, 2012a). Para World Travel & Tourism Council – WTTC (2013a), no ano de 2011, cerca de 2,74 milhões de empregos diretos foram gerados pelo turismo e com estimativa de crescimento de 7,7% para o ano de 2012, totalizando 2,95 milhões de empregos. Estima ainda, que para o ano de 2022 o turismo seja responsável por 3,63 milhões de empregos. Estão incluídas como geradoras de empregos diretos as atividades relacionadas à hotelaria, agências de viagens, companhias aéreas, outros tipos de transportes de passageiros, restaurante e lazer.
Although moderately sized, Brazils tourism industry has been a major focus of attention from both public and private sector investors in recent years. Developments in infrastructure, promotion and diversification of products should help the country boost both visitor arrivals and revenues. Famous for its spectacular beaches and vibrant urban life, Fortaleza is the largest city in the northern coast of Brazil and the capital of the state of Ceará. It is also the fifth most populous metropolis, with 2,500,000 inhabitants. Nestled below the line of Ecuador, Fortaleza is located a great distance from the main Brazilian cities: 2290 kilometers separate it from Brasilia, 2840 kilometers from Rio de Janeiro and Sao Paulo 3140 miles. Its equatorial location fosters a warm climate all year round. Temperatures range between 23 and 31 degrees, so that its 25 miles of beaches can be enjoyed in any season. Rainfall is scarce, especially in the period between July and November. Some short and isolated downpours occur between January and June. However, whatever time you plan your trip to Fortaleza, will take advantage of sunny days and typically tropical heat. Contemporary architecture and modern sculptures make up the landscape of the city, joining colonial facades and churches that are preserved in the old quarters. Among the folk traditions of Fortaleza has a prominent place music "forró", cheerful rhythm created by local fishermen, where the accordion is the protagonist. From fishing tradition come from the typical "rafts" iconic Brazilian Northeast rafts that make the landscape picturesque ocean. The combination of warm water beaches and attractive urban life makes compelling destination Fortaleza, chosen by half a million tourists a year. Holidays by the sea, endless nights out, fine dining, a large hotel infrastructure and colorful traditions explain the consolidation of the capital of Ceara as one of the leading tourist destinations in Brazil.
Brazil has historically had a shortage of top-end resorts and hotels; in recent years, rising visitor numbers – particularly of well-heeled business travellers – have not always been matched by an expansion in four- and five-star hotels. As a result of a lack of competition, prices for existing hotels can sometimes be high relative to the quality of their facilities and services. Main Beach in Fortaleza: Praia Do Futuro: With the clearest waters of Fortaleza, the beach is recommended for bathing and swimming. It is also famous for its numerous kiosks, restaurants and bars (the typical "barracks"), especially at night, where irgue as the axis of the nightlife of the city. For the quality of its waters and modern leisure infrastructure, the "Praia do Futuro" is one of the busiest in the city, especially on weekends. It is also a haven for surfers with its high waves and winds auspicious. The beach is located 11 kilometers from downtown Fortaleza, in an environment away from the noise and movement in the city. For years Brazils main tourism selling point was that it was an easy, safe and friendly, and it could rely on a steady stream of visitors from its diaspora, as well as core markets such as the UK, with which it has historical links. However, visitor figures have been fairly modest and far below what the country has the potential to achieve, which in turn has sharpened the government and the private sectors focus on boosting Brazils broader appeal, including its varied landscapes, range of traditional cultures, and potential for adventure and ecotourism. The aim now will be to increase the flow of private, as well as public, investment. As far ass the Medical Wellness apartments are concerned, the developer intends to sell this on an individual basis. In order to estimate the price, for this properties, we had assumed a discount of 25% from the prices used on the brander residences.
Country economy Tourism is the fastest growing industry in the world and a positive alternative to accelerate the economy of developing countries. Proof of this is that the year 2010 saw record inflow of dollars in Brazil, through foreign tourist spending, totaling U.S. $ 5.9 billion in foreign exchange - value 11.58% higher than last year. The calculation of tourist arrivals was replaced by the number of national and international landings, being that it also had a record increase in 2010, reaching 7.8 million foreign tourist visits. The challenges of the sector in the country include the preparation tourist World Cup host cities Cup in 2014. For the event, expected 500,000 foreign tourists in addition to tens of millions of Brazilians, which will require large investments in infrastructure and professional qualification. The development path of the country in recent years was investment in public policies that increased production efficiency, reduced external vulnerability and cup stimulated investment and savings as a fraction of PIB. With that, the result, at the end of 2012, was a consistent and stable economy. Doptadas policies allowed steady and sustainable growth, with formal employment generation, better income distribution and capacity to absorb external and internal shocks. Brazil plays an important role in the sustainable use of natural resources, as it is possessed of the greatest biodiversity on the planet, including the Atlantic and the Amazon - one of the largest rainforests in the world and the largest source of water earth. In 2010, the International Year of Biodiversity, according to UNESCO (United Nations Educational, Scientific and Cultural Organization), Brazil marked presence in the United Nations Convention on Biological Diversity (COP10) held in Nagoya (Japan). The meeting sought a consensus to significantly reduce the loss of biodiversity on the planet in the coming decades and established new agreements for the protection of ecosystems and genetic resources protocol.
Hotel occupancy in Brazil Overall hotel room occupancy reached a peak of 82%, The last two years have show an increase compared with the anterior years hinting at further recovery for the rest of the next years. All the demand of Luxury Hotel are 95% occupancy. To transform the economy and deliver an average growth rate of 8% per annum in the medium-term will require accelerated industrial development. The medium-term objective is to build the foundation for an efficiency-driven economy from the current factor-driven economy. This will be achieved by anchoring industrial development on the conversion of Brazils natural resources into value-added products with emphasis on agro-based manufacturing, down-stream oil and gas and minerals processing, and manufacturing, tourism and creative arts.
SUPPLY ANALISYS One of the concerns of Brazil has had to do this year with the growth of its economy as we have seen stagnated in the third quarter, in terms of sequential growth, in line with market expectations and under a delicate global context. Undoubtedly, the European debt problems weighed on different indicators of Brazil, and this is reflected to some extent, in an economy that seems to gain traction in 2011. Having recorded quarterly growth (annualized) of 4.1%, 3.1% and 3.2% respectively in the first three periods, now estimates the economy will grow at an annual low of just 1.9% in the last quarter of the year (according to Team Global Economic Analysis of Morgan Stanley). However, Brazil's growth could be coming to a turning point, and PIB could start to take off from the second half of 2012. It is expected a much better year than 2011 in terms of annualized quarterly growth, with increases of 2.4%, 2.1%, 4.4% and 5.1% per quarter and standing a very good second half of the year next. Another issue is the relevant interest rate cut made by the Monetary Policy Committee (Copom) over the year. The benchmark rate (Selic) fell 50 basis points a few weeks ago for the third time to settle at 11%, a move widely expected by the market. The decision is betting that the European crisis and a weak economy will curb inflation in the country. Furthermore, ee estimated that rates down again before April 2012, to at least 10%, a level that is likely to remain until the end of 2013 if the objectives of economic growth and inflation expectations accompany. Coincidentally, inflation data released in December showed that the IGP-M index rose 0.5% in November, representing a smaller increase from the previous month when the index rose 0.53% in October, as a result of the slowdown delaying economic and price increases of producers and entrepreneurs. Despite the slight slowdown of rising prices, the figure was above market expectations, which predicted a rise of 0.45%. As estimates of the consumer price index, on an annualized basis is expected in both the fourth quarter of this year, as in the first quarter of 2012 inflation will be at 6.6%. Then came slight variations (usually downward) to settle the index in the environment to 5.70% annualized in the fourth quarter of 2013 (according to data from Morgan Stanley).
Status of Selected Indicators: Brazil is 58th in the economic competitiveness ranking published by the World Economic Forum in September of 2010, which analyzed 139 countries. Compared to the 2009 study, the country lost two positions, despite a slight improvement in some of the criteria. Brazils results are better in items such as market size (10th place) and business sophistication (31st) and worse in macroeconomic environment (111th) and efficiency in the assets market (114th). The country is also well placed in factors such as innovation and sophistication (38th place in this categorys ranking) and promoters of efficiency (44th place), but got a lower result (86th) in basic requirements for competitiveness. Creation of jobs per sector in 2012 sector Services: 1.008.587 In this study 12 items that are considered as pillars of competitiveness are analyzed, divided into three categories: basic requirements, promoters of efficiency and factors of innovation and sophistication. The first category includes institutions, infrastructure, macroeconomic environment, health and primary education. The second one examines secondary education and training, as well as efficiency in the assets market and employment, level of development of the financial market, technological structure and market size. The third one analyzes business sophistication and innovation. In the period between 2007 and 2009 Brazil climbed 16 positions in the list, a consequence of the efforts in the last 20 years to reach economic stability, economic liberalization and opening, as well as reduction of inequality
International arrivals grew by 4% in 2012 reaching 1.035 billion of travelers throughout the world. Emerging economies have outperformed countries developed, highlighted the regions of Asia and the Pacific have worked best results (WTO, 2013). Despite the crisis in the Eurozone, Europe grew by 3% in 2012 highlighting the central and eastern regions (average growth of 8%). Asia Pacific grew by 7% achieved by good performance in Southeast Asia (9%). The Americas grew 4% with the Central American region is highlighted with performance of 6%. Africa recovered from the setback occurred in 2011 and grew 6% in 2012, with strong expression of its northern region. Finally, the Middle East fell by 5% and still showed improvement over the year 2011 (UNWTO, 2013). The ten countries that increased their revenues from tourism were Japan (37%), India and South Africa (22%), Sweden and the Republic of Korea (19%), Thailand (18%), China (Hong Kong) and Poland (16%), United States (10%), UK (6%) and Germany (5%) (WTO, 2013). China and Russia were the two destinations issuers that registered the highest growth in spending exterior, respectively 42% and 31%. Germany and the UK remained the average spending which was 3% and 6%, respectively. It is emphasized increased spending abroad by citizens of Venezuela with 31%, Poland 19%, Philippines 17%, Malaysia 15%, Saudi Arabia 14%, Belgium 13%, Norway 12% and Argentina and Indonesia and Switzerland 10%. Countercurrent are France and Italy, with a decrease of 7% and 2%, respectively (WTO, 2013).
From the viewpoint of the distribution of the arrival areas of the world draws attention to continued growth in the emerging economies of Asia and the Pacific, Africa and Latin South this scenario also shows the recovery of Europe. On the other hand, there is a fall to the Middle East, in terms of socio-political movements, and a recovery for Europe.
Changes in the International Air Transport The Airports Council International - ACI (2013) describes that despite the economic downturn of United States and the Eurozone in 2012 there was an average increase in transportation passengers (domestic and international) of 3.9%, compared to 2011, whereas for the domestic market grew by 2.8% and international was 5.3%. In absolute numbers, were transported 2.92 billion passengers in 2012, being 1.76 billion in the domestic market and 1.16 billion on the international market. The economic fluctuations occurred in the middle of the first half of 2012 caused a lower growth in passenger transport.
While the major airports in the United States and the Eurozone had a modest growth in 2012, the airports of countries labeled as emerging economies were responsible for the increase in passenger transport, highlighting the cities of Istanbul (Turkey), with growth of 20.2%, Jakarta (Indonesia), with 14.4%, Dubai (UAE), with 13.2% and Bangkok (Thailand) with 10.6% (ACI, 2013). According to the International Civil Aviation Organization - ICAO (2013) revenues of companies airlines per passenger / kilometer increased 4.9% in Europe, 6.7% in Africa, Middle East 16.8%, Asia Pacific 6.9% (including India), in North America and 1.2% in America America (including the Caribbean) with 8.4%.
The airlines of the Middle East are expanding their international operations, mainly for Asian and African market. The expansion in Latin America stems from strengthening economies and the growth of new users. The low growth in North America is influenced by the economic recession in the country, unlike Asia and Pacific which have a stronger economy, but expanded slightly in scenario internationally. Europe and Africa have a similar feature that is growth regional (continental). The International Air Transport Association, IATA (2012B) had projected for the year 2016 relating to air transport (domestic and international). It is estimated that market internationally are transported 1.45 billion passengers, an increase of 331 million compared to 2011, with the top five countries in handling the United States (223.1 million), United Kingdom (200 800 000), Germany (172.9 million), Spain (134.6 million) and France (123 100 000). However, among the countries that grow include Uzbekistan (11.1%), Sudan (9.2%), Uruguay (9%), Azerbaijan (8.9%), Ukraine (8.8%), Cambodia (8.7%), Chile (8.5%), Panama (8.5%) and Russia (8.4%). Table 3 presents the TOP 10 airlines carried more passengers in 2011 on international flights, domestic and international / domestic.
In the domestic market projection for the year 2016 is 2.21 billion passengers with increase of 494 million over the year 2011. The five largest markets are the United States (710.2 million), China (415 million), Brazil (118.9 million), India (107.2million) and Japan (93.2 million). Of these, three belong to the BRIC (IATA, 2012B).
Changes in the International Tourist flow to Brazil The international tourist arrivals to the country have not changed substantially previous years, but reached the highest level ever recorded - 5.8 million were arrivals in 2012. The slight decrease observed in 2009, largely attributed to the global financial crisis, was recovered in 2010, when the number of arrivals grew by 7.8% compared to the previous year. In 2011 growth was 5.3%, and 70% of the tourists foreigners entered by air, 27% by land, by sea 3% and 1% by river. Regarding international tourist arrivals to Brazil by continent there is the biggest market is South America generating nearly half of all volume of foreign tourists (48.38%). Europe with 29.83% and North America with 13.43% are the two other issuers with significant participation in the Brazilian market. Valley emphasize that the Asia (5.13%) have little representation, despite growing economic of China, India and Indonesia (country group called E7). The prospect is that these results are better in the medium term, taking advantage of the visibility of mega sporting events that will be held in the coming years.
The objectives are concatenated with the strategic objectives and have been established for horizon that extends to the year 2016. Target 1. Increase to 7.9 million foreign tourist arrivals to the country. The outlook for the arrival of foreign tourists to Brazil in the period 2013-2016 are more promising than those of recent years, although there has been growth. It is hoped a recovery, albeit slow, economic growth in developed countries, a condition required to increase the flow transmitter desk. Two other important variables are added to this table: continued growth of the economies of neighboring countries and therefore the continuity of tourist flow them coming, and the realization of mega-events. This set of factors projects an average rate of 8.03% per year from 2013 to 2016, reaching about 7.9 million foreign tourist arrivals in the last year of the period. The expectation for 2014 is higher than 2015 due to the occurrence of the World Cup.
Target 2. Increase to $ 10.8 billion revenue from international tourism by 2016. For the entry of international tourism revenues, are projected growth rates 11.69% per annum for the period 2013-2016, higher than the inflow of tourists to the period. This strong growth reflects favorable expectations for 2013-2016. this is the four-year 2003/2006, the inflow of tourists grew on average 7.1% per year, while the tourism foreign exchange revenue grew 21.25% per annum, in the following period, 2007/2012, the number of tourists increased 2.5% and foreign exchange revenues 7.46%
Target 3. Increase to 250 million the number of domestic trips taken by 2016. The favorable national environment and the effort of the Ministry in the implementation of the policy national tourism allow designing an accelerated expansion until 2016. The continued growth of domestic income with greater equanimity and distributive advancement of tourism infrastructure, primarily due to the mega events, combined with a decentralized and shared by entities of the National Tourism enable domestic travel to reach the number of 250 million in 2016.
Target 4. 70 points to raise the average national tourism competitiveness by 2016. One of the most important issues in public policy agendas worldwide and in evidence various sectors, competitiveness, is a sensitive aspect of the market dynamics, especially when considered in the tourism scenario. The task of a larger or keep it relates to the ability of destinations to renew your resources, create new products and markets and perform a continuous flow of innovations. Considering multisectorality of tourism, meeting this target is connected to the effort of all the activities related to the sector in a cooperative and integrated, whose scope is to provide the tourist a positive experience. Thus, is projected for the period 2013-2016 a total growth of 16.67% in the average rate of competitiveness, corresponding to an average of 3.93% per annum.
Statement of assumptions & Limiting Conditions 1. No responsibility is assumed for matters of a legal nature, nor do we render any opinion as to title, which is assumed to be marketable and free of any deed restrictions and easements. 2. There are no hidden or unapparent conditions of the proposed property, subsoil or structures that would render it more or less valuable. No responsibility is assumed for these conditions or any engineering that may be required to discover them. 3. We have not considered the existence of potentially hazardous materials used in the construction or maintenance of the propos Hotel, such as asbestos, urea formaldehyde foam insulation, or PCBs. We have not investigated whether the site is or has been in the past contaminated and are therefore unable to warrant that the proposed property may be free from any defect or risk in this respect. Our report is therefore based on the assumption that the land is not contaminated an d any specialist investigation would not disclose the presence of any adverse conditions on the site. 4. Sketches, pictures, maps and other exhibits are included to assist the reader in visualizing the property. It is assumed that the use of the land and premises is within the boundaries of the property described and that there is no encroachment or trespass unless noted. 5. This report is not a structural survey and we therefore make our projections on the assumption that the property will be of sound design and construction, and free from any inherent defect. 6. All information (including financial operating statements, estimates, and opinions) obtained from parties not employed by A&R Consultores is assumed to be true and correct. No liability resulting from misinformation can be assumed by A&R Consultores. 7. Unless noted, it is assumed that there are no encroachments or planning and building violations encumbering the proposed Resort.
8. It is assumed that the proposed property will be in full compliance with all applicable city, local and private codes, laws, consents, licenses and regulations (including an alcohol license where appropriate) and that all licenses, permits, certificates, franchises and so forth can be freely renewed and/or transferred to a purchaser. 9. This report may not be reproduced in whole or in part without the permission of A&R Consultores, nor shall the report be distributed to t he public through advertising, public relations, news, sales, or other media without our prior written consent. 10. We are not required to give testimony or attendance in court by reason of this study without previous arrangements and only when our standard per diem fees and travel costs are paid prior to the appearance. 11. If the reader is making a fiduciary or individual investment decision and has any questions concerning the material contained in this report it is recommended that the reader contact A&R Consultores. 12. We take no responsibility for any events, conditions or circumstances affecting the proposed propertys financial forecasts t hat take place subsequent to the date of our field inspection. 13. The quality of a hotel facilitys on-site management has a direct effect on a propertys economic viability. The financial forecasts presented in this study assume both responsible ownership and competent management. Any variance from this assumption may have a significant impact on the forecast operating results. 14. The estimated operating results presented in this report are based on an evaluation of the current overall economy of the are a and neither take into account nor make provision for the effect of any sharp rise or decline in local or economic conditions. To the extent that wages and other operating expenses m ay advance during the economic life of the property, it is expected that the prices of rooms, food, beverages and services will be adjusted to at least offset these advances. We do not warrant that the estimates will be attained, but they have been prepared on the basis of information obtained during the course of this study and are intended to reflect the expectations of typical investors.
15. Many of the figures presented in this report were generated using sophisticated computer models that make calculations based upon numbers carried out to three or more decimal places. In the interest of simplicity most numbers presented in this report have been rounded to the nearest tenth. Thus, these figures may be subject to small rounding errors in some cases. 16. The relationship between the euro and other major world currencies remains constant as of the date of our field work. 17. While the information contained herein is believed to be correct it is subject to change. Nothing contained herein is to be cons trued as a representation or warranty of any kind. 18. We have made no allowance for the repayment of any grants, which might arise in the event of development or disposal, deemed or otherwise.