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This financial model is designed to evaluate the investment feasibility, operating performance, and return metrics of a resort development project. The model incorporates monthly forecasts across the full 10-year horizon, with the option to roll into annual summaries for long-term reporting. The structure captures land acquisition, construction outlays, pre-opening expenses, ramp-up after opening, and eventual stabilization, ensuring both short-term operational detail and long-term financial visibility.
Model Structure – 5 Main Sections
1. Index Section
•	Provides a centralized navigation and summary interface.
•	Includes cell color-coding guidelines, tab color-coding for user orientation, a checks summary showing the error status across different tabs, and a disclaimer regarding the intended use of the model.
•	Cell A1 in every tab links directly back to this Index tab.
2. Assumptions Section
•	Core input area for all project and operating assumptions, structured for transparency and ease of use.
•	Key assumptions captured include:
 •  Investment costs (land, hard, soft, and financing costs).
 •  Sources of funding (equity and debt).
 •  Depreciation policy and ramp-up schedule.
 •  Room mix, tariff, and occupancy assumptions across different seasons with up to 3 scenarios.
 •  Season-wise occupancy
 •  Departmental assumptions:
             	F&B (food vs. beverage split, costs, payroll).
             	Spa & Wellness (treatments, revenues, costs, payroll).
             	Other Operated Departments (recreation, retail, transportation, and ancillary services).
 •  Overheads and other costs: repairs, sales & marketing, utilities, admin, management fees, property taxes, insurance, and FF&E reserve.
 •  Inputs for waterfall distribution (preferred return, hurdle rates, promote structure etc.).
3. Output Section
•	Presents the key financial results in both tabular and graphical form.
•	Includes:
 •  Return Metrics Tab: Unlevered IRR, Levered IRR, cash-on-cash multiples, payback period.
 •  Dashboard Tab: Charts and summary tables for quick review.
 •  P&L Tab: Projected profit & loss statement – fully monthly for 10 years with the option to roll into annualized summaries.
 •  Waterfall Distribution Tab: Detailed LP/GP distributions across hurdles, with IRR splits and promote allocation.
4. Department Section
•	Rooms Department Tab:
 •  Calculates available room nights, occupied room nights, ADR, and room revenues.
 •  Includes departmental expenses, payroll, and allocable costs.
 •  Produces key resort metrics such as ADR and RevPAR
•	Other Departments Tab:
 •  Summarizes revenues and expenses of supporting departments such as F&B, Spa & Wellness, Recreation & Activities, Retail, and other ancillary services.
 •  Includes payroll, direct costs, and allocated overheads such as admin, repairs & maintenance, utilities, and sales & marketing.
5. Calculations Section
•	Investments Tab: Tracks monthly investment outlays across cost heads, using an S-curve to reflect realistic phasing.
•	Financing Tab: Records monthly sources of equity and debt funding, aligned with investment cash flows and operating shortfalls.
•	Debt Service Tab: Calculates interest expense, principal repayments, amortization schedules, and outstanding balances including payoff.
Other Features
•	Error-checking framework:
 •  Cell A6 in each tab checks for tab-level errors.
 •  Cell A3 in each tab checks for model-wide consistency errors.
 •  Indicators display a green tick (✔) for no errors or a red X (✘) if issues are detected.
•	Navigation aid: Cell A1 on every tab links back to the Index tab.
•	Compatibility: Fully functional in Excel 2010 and later versions.
Why Choose This Model?
This model is purpose-built for resort development and investment projects. It balances clarity, flexibility, and investor-readiness, making it ideal for both internal feasibility analysis and external fundraising efforts. The structure provides 10 years of monthly forecasting with roll-up to annual summaries, ensuring detailed operational tracking and long-term efficiency. It incorporates S-curve investment phasing, departmental revenues and costs (Rooms, F&B, Spa & Wellness, Other Operated Departments), and comprehensive return metrics such as levered/unlevered IRR, MOIC, and payback period. Whether you're evaluating a new resort project, securing financing, or preparing investor presentations, this model adapts to your requirements and provides the analytical depth stakeholders expect.
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Source: Best Practices in Real Estate, Integrated Financial Model Excel: Resort Development Financial Model Excel (XLSX) Spreadsheet, ExcelFinModels
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Integrated Financial Model Real Estate Financial Analysis M&A (Mergers & Acquisitions) Financial Management Private Equity 
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