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Investment Sold
Klaipeda, Michaelson Boutique Hotel
| Annual Yield: | 10 % |
| Yield Distribution: | at-maturity |
| Investment Type: | Debt |
| Project Type: | Retail |
| Estimated Repayment Date: | 15 August 2024 |
| Extension option: | 6 months |
| Term: | 0 |
| LTV: | 67 % |
| Risk Rating: | A |
Žvejų gatvė 18a, Klaipėda, Lithuania
Investment provided by:
Overview
Klaipeda, Michaelson Boutique Hotel - OVERVIEW
THIS INVESTMENT OPPORTUNITY IS PROVIDED BY LETSINVEST.
The total loan amount requested by the developer is EUR 1,600,000
BrikkApp is offering our investors the opportunity to participate in funding a portion of this loan.
Summary
The purpose of this loan is to finance the hotel's expansion by adding 19 rooms and a spa area with dry and steam baths, a pool, a Jacuzzi, treatment rooms and a lounge area in the adjacent restored historic building. All 19 additional rooms are already registered as 100% complete, with only the furniture left to be bought and the first guests will be able to stay in them. The investor's community has the opportunity to refinance and existing loan to a credit union and to fund the purchase of the needed furniture as well as the completion of the SPA area in the new building.
A fully operational hotel complex consisting of 16 high-end rooms, a restaurant and common areas, fully operational and generating a steady income throughout the year, is pledged to the investors with a maximum first-rank mortgage of €2 395 000. The interior of the hotel is dominated by wood, metal, glass, and stone and part of the floor is carpeted with natural wool. Italian interior details are present, such as chandeliers from the island of Murano, granite from the Domodossola Valley, and reception furniture made from Venetian poles (Italian: Bricole). The floor of the new spa area is covered with natural stone. It is, therefore, a very valuable and high-quality collateral, both because of its unique location and because of the furnishings and interior details. The maximum LTV will be 67%, ensuring a sufficient value buffer in case of asset realisation.
The exit strategy: The loan will be refinanced.
Annual Yield
Your invested capital earns interest at 10 % pa for all investments over the entire funding period once the project is fully funded. The interest will be at the end of the project. The loan will be granted for a period of 12 months, with the possibility for the project owner to extend the term by 6 months, whilst keeping the same loan conditions. LTV - 67%.
PLEASE NOTE: As per the regulations in Lithuania, Letsinvest is required to apply local taxation to all income earned by foreign investors. Consequently, a 15% tax will be deducted from your interest income. Rest assured that your income has been duly taxed, eliminating the need for any additional taxation.
We are pleased to inform you that BrikkApp is implementing an update to reflect this change. Soon you will able to find this information in your dashboard.
Investment
Investment Type
This is a “debt” investment, which means you are participating in a loan to a developer for the purpose of a real estate project.
Learn more about investment types in our article.
BrikkApp investors have the opportunity to co-invest a maximum of EUR 1,600,000 in this financing round. In July 2024, another financial institution or the Letsinvest investor community will take over the financing of the project and the loan from this financing phase will be repaid. The loan will be granted for a period of 12 months, with the project owner being able to extend the repayment period by 6 months while maintaining the same loan terms. LTV - 67%.
Location
Location
The hotel is located at 18A Žvejų Str., in the historic location of the Danes river quay, close to the Klaipėda Castle - in the very heart of a historic Old Town. The Castle Museum, Theatre Square, Drama and Musical Theatre, Concert Hall, various art galleries, KCCC Exhibition Palace, Museum of History of Lithuania Minor and Blacksmithing Museum and other historical or otherwise notable places in the Old Town of Klaipėda are easily accessible on foot. The hotel's prestigious location is one of the reasons for its high popularity among visiting tourists.
Risk
RISK ANALYSIS
Based on the details of this project, we have assessed a low-risk score A.
At BrikkApp, the risk is assessed on all projects presented using our risk model. Our risk model analyzes over 10 different metrics such as capital distribution, LTV, developer history, location, security level, and more.
The risk model uses a similar scoring model as traditional bond grading.
AAA is the safest, C is the riskiest.
Your investment will be secured by a first-rank maximum mortgage on a fully equipped, operational hotel building with 16 rooms, a bar and a restaurant "MICHAELSON boutique RESTOBAR". The value of the mortgaged property is €2 395 000. The valuation of the pledged property is available in the documents section.
Provider
Provider
Investment provider Letsinvest is working with UAB MICHAELSON boutique HOTEL to finance this investment opportunity.
"Michaelson Boutique Hotel 4* is managed by an experienced team of professionals. Gintautas Bertašius - Honorary Consul of Lithuania in the Swiss Canton of Ticino (2006-2016), former Chairman of the Tourism Committee of Klaipėda Chamber of Commerce, Industry and Crafts, with +20 years of experience in real estate and hotel business. Eglė Danilevičiūtė - Grand Partners business consultant, external HR manager, service and quality manager, who has gained diverse experience in companies such as Hoteliers&Co, DAO FAMILY OFFICE, INVL Finasta, AMBERTON COZY hotel, Group Europa Investment, Europa Group Hotels, etc.
Klaipeda, Michaelson Boutique Hotel - OVERVIEW
THIS INVESTMENT OPPORTUNITY IS PROVIDED BY LETSINVEST.
The total loan amount requested by the developer is EUR 1,600,000
BrikkApp is offering our investors the opportunity to participate in funding a portion of this loan.
Summary
The purpose of this loan is to finance the hotel's expansion by adding 19 rooms and a spa area with dry and steam baths, a pool, a Jacuzzi, treatment rooms and a lounge area in the adjacent restored historic building. All 19 additional rooms are already registered as 100% complete, with only the furniture left to be bought and the first guests will be able to stay in them. The investor's community has the opportunity to refinance and existing loan to a credit union and to fund the purchase of the needed furniture as well as the completion of the SPA area in the new building.
A fully operational hotel complex consisting of 16 high-end rooms, a restaurant and common areas, fully operational and generating a steady income throughout the year, is pledged to the investors with a maximum first-rank mortgage of €2 395 000. The interior of the hotel is dominated by wood, metal, glass, and stone and part of the floor is carpeted with natural wool. Italian interior details are present, such as chandeliers from the island of Murano, granite from the Domodossola Valley, and reception furniture made from Venetian poles (Italian: Bricole). The floor of the new spa area is covered with natural stone. It is, therefore, a very valuable and high-quality collateral, both because of its unique location and because of the furnishings and interior details. The maximum LTV will be 67%, ensuring a sufficient value buffer in case of asset realisation.
The exit strategy: The loan will be refinanced.
Annual Yield
Your invested capital earns interest at 10 % pa for all investments over the entire funding period once the project is fully funded. The interest will be at the end of the project. The loan will be granted for a period of 12 months, with the possibility for the project owner to extend the term by 6 months, whilst keeping the same loan conditions. LTV - 67%.
PLEASE NOTE: As per the regulations in Lithuania, Letsinvest is required to apply local taxation to all income earned by foreign investors. Consequently, a 15% tax will be deducted from your interest income. Rest assured that your income has been duly taxed, eliminating the need for any additional taxation.
We are pleased to inform you that BrikkApp is implementing an update to reflect this change. Soon you will able to find this information in your dashboard.
Investment Type
This is a “debt” investment, which means you are participating in a loan to a developer for the purpose of a real estate project.
Learn more about investment types in our article.
BrikkApp investors have the opportunity to co-invest a maximum of EUR 1,600,000 in this financing round. In July 2024, another financial institution or the Letsinvest investor community will take over the financing of the project and the loan from this financing phase will be repaid. The loan will be granted for a period of 12 months, with the project owner being able to extend the repayment period by 6 months while maintaining the same loan terms. LTV - 67%.
Location
The hotel is located at 18A Žvejų Str., in the historic location of the Danes river quay, close to the Klaipėda Castle - in the very heart of a historic Old Town. The Castle Museum, Theatre Square, Drama and Musical Theatre, Concert Hall, various art galleries, KCCC Exhibition Palace, Museum of History of Lithuania Minor and Blacksmithing Museum and other historical or otherwise notable places in the Old Town of Klaipėda are easily accessible on foot. The hotel's prestigious location is one of the reasons for its high popularity among visiting tourists.
RISK ANALYSIS
Based on the details of this project, we have assessed a low-risk score A.
At BrikkApp, the risk is assessed on all projects presented using our risk model. Our risk model analyzes over 10 different metrics such as capital distribution, LTV, developer history, location, security level, and more.
The risk model uses a similar scoring model as traditional bond grading.
AAA is the safest, C is the riskiest.
Your investment will be secured by a first-rank maximum mortgage on a fully equipped, operational hotel building with 16 rooms, a bar and a restaurant "MICHAELSON boutique RESTOBAR". The value of the mortgaged property is €2 395 000. The valuation of the pledged property is available in the documents section.
Provider
Investment provider Letsinvest is working with UAB MICHAELSON boutique HOTEL to finance this investment opportunity.
"Michaelson Boutique Hotel 4* is managed by an experienced team of professionals. Gintautas Bertašius - Honorary Consul of Lithuania in the Swiss Canton of Ticino (2006-2016), former Chairman of the Tourism Committee of Klaipėda Chamber of Commerce, Industry and Crafts, with +20 years of experience in real estate and hotel business. Eglė Danilevičiūtė - Grand Partners business consultant, external HR manager, service and quality manager, who has gained diverse experience in companies such as Hoteliers&Co, DAO FAMILY OFFICE, INVL Finasta, AMBERTON COZY hotel, Group Europa Investment, Europa Group Hotels, etc.