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Funding
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Stretched Senior, Hotel Development in Zurich Airport, Switzerland

Zurich
,
Switzerland
DEAL
001074
POSTED ON
August 25, 2020
INVESTMENT SUMMARY
IRR
TBC
Multiple
NA
LTV
73%
First Year CoC
NA
Stabilised CoC
NA
Status
Funding
Deal #
001074
Asset Class
Hospitality
Strategy
Development
Capital Type
Mezzanine
Deal Size
CHF
22.5
m
Investment Size
CHF
16.5
m
Holding Period
2 Years
INVESTMENT HIGHLIGHTS
  • The sponsor is looking for a development loan to finance the construction of a hotel near Zurich airport. There is potential that the loan will be extended post construction during the stabilisation period.
  • The site is located next to train station in Bulach, which is 10 minutes by car to Zurich airport and 15 minutes by train. Zurich Airport enjoyed 31.5 million passengers in 2019 and directly connected to 205 destinations in 69 countries. Over 12,000 sleepovers per day are generated by the airport. The airport has 27,000 staff and 288 different companies.
  • The hotel will be operated by a renowned European brand in an hybrid lease that includes a fixed and a variable component with corporate guarantees. The hotel will feature 132 keys in the 3 star segment.
  • Total projected costs including land acquisition are estimated at CHF 22.5m and the requested loan is for CHF 16.5m (73% LTV)
  • The sponsor will contribute the remaining capital in the form of equity. The loan will be secured first tranche against the property and will be drawn as construction is delivered. It is envisaged a total of CHF 2m upon signing, CHF 6m in the first year and CHF 8.5m in the second year.
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Emerging Sponsor
The sponsor is a developer with a geographic focus in German speaking Switzerland. Their main focus is ground up and conversion developments with a focus in residential and hospitality. With a track record of CHF 62M GDV development completed to date, their sweet spot is across developments ranging from CHF 1M to CHF 10M. The sponsor has an impressive pipeline of new residential and hospitality projects all across the same area with aggressive expansion plans.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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INVESTMENT SUMMARY
Strategy
Development
Asset Class
Hospitality
LTV
73%
Deal Size
CHF
22.5
m
Closing
Oct 2020
Capital Type
Mezzanine
Investment Size
CHF
16.5
m
Net IRR
TBC
Multiple
NA
Holding Period
2 Years
INVESTMENT DETAILS
  • The sponsor is looking for a development loan to finance the construction of a hotel near Zurich airport. There is potential that the loan will be extended post construction during the stabilisation period.
  • The site is located next to train station in Bulach, which is 10 minutes by car to Zurich airport and 15 minutes by train. Zurich Airport enjoyed 31.5 million passengers in 2019 and directly connected to 205 destinations in 69 countries. Over 12,000 sleepovers per day are generated by the airport. The airport has 27,000 staff and 288 different companies.
  • The hotel will be operated by a renowned European brand in an hybrid lease that includes a fixed and a variable component with corporate guarantees. The hotel will feature 132 keys in the 3 star segment.
  • Total projected costs including land acquisition are estimated at CHF 22.5m and the requested loan is for CHF 16.5m (73% LTV)
  • The sponsor will contribute the remaining capital in the form of equity. The loan will be secured first tranche against the property and will be drawn as construction is delivered. It is envisaged a total of CHF 2m upon signing, CHF 6m in the first year and CHF 8.5m in the second year.
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to finance the ground up development of a new hotel close to Zurich airport in Switzerland. The Sponsor is looking for c. CHF 16.5m unitranche financing for the construction and will be investing no less than 15% of equity.
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