600-key Hotel — Mayadeen Park

Financials on a timeline

Exhibit: Hotel Returns — key assumptions, operations, capex and returns

Download this exhibit as PDF ↗ Excel model ↗

Exhibit: Hotel Returns	Total	Year 1 2026	Year 2 2027	Year 3 2028	Year 4 2029	Year 5 2030	Year 6 2031	Year 7 2032	Year 8 2033	Year 9 2034	Year 10 2035	Year 11 2036	Year 12 2037	Year 13 2038	Year 14 2039	Year 15 2040
Key assumptions
Keys (300 hotel + 300 serviced apartments)		–	–	–	600	600	600	600	600	600	600	600	600	600	600	600
Blended ADR, SAR		–	–	–	634	648	662	677	692	707	723	739	755	772	789	806
Blended occupancy		–	–	–	55.8%	58.7%	61.7%	61.7%	61.7%	61.7%	61.7%	61.7%	61.7%	61.7%	61.7%	61.7%
RevPAR, SAR		–	–	–	354	380	408	417	427	436	446	455	466	476	486	497
Other revenue (F&B, other) as % of rooms revenue		–	–	–	19.9%	19.9%	19.9%	19.9%	19.9%	19.9%	19.9%	19.9%	19.9%	19.9%	19.9%	19.9%
GOP margin (IHG benchmark)		–	–	–	44.2%	46.1%	47.4%	47.4%	47.4%	47.4%	47.4%	47.4%	47.4%	47.4%	47.4%	47.4%
Operator base fee, % of revenue (plus 8% of GOP incentive and 4% FF&E reserve)		–	–	–	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%
Operations
Revenue	1,331,613	–	–	–	46,440	99,862	107,215	109,585	112,006	114,482	117,012	119,598	122,241	124,942	127,704	130,526
EBITDA \| Hotel (after operator fees)	484,915	–	–	–	15,633	35,363	39,249	40,117	41,003	41,910	42,836	43,782	44,750	45,739	46,750	47,783
Koushan Asset Management Fee	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Land Lease (revenue share)	(26,632)	–	–	–	(929)	(1,997)	(2,144)	(2,192)	(2,240)	(2,290)	(2,340)	(2,392)	(2,445)	(2,499)	(2,554)	(2,611)
Land Lease Cost (allocated)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SPV overheads (allocated)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Component NOI	458,283	–	–	–	14,705	33,366	37,105	37,925	38,763	39,620	40,495	41,390	42,305	43,240	44,196	45,172
Capex
Structural works	48,818	–	9,764	26,850	12,205	–	–	–	–	–	–	–	–	–	–	–
Finishes	45,063	–	9,013	24,785	11,266	–	–	–	–	–	–	–	–	–	–	–
MEP works	26,287	–	5,257	14,458	6,572	–	–	–	–	–	–	–	–	–	–	–
Landscaping, water features & infrastructure	24,447	–	4,889	13,446	6,112	–	–	–	–	–	–	–	–	–	–	–
Hotel FF&E (net of pre-opening)	35,000	–	7,000	19,250	8,750	–	–	–	–	–	–	–	–	–	–	–
Contingency & project management reserves	5,633	–	1,127	3,098	1,408	–	–	–	–	–	–	–	–	–	–	–
Design, supervision, fees & permits	10,515	–	2,103	5,783	2,629	–	–	–	–	–	–	–	–	–	–	–
Marketing, rent & administration during construction	4,506	–	901	2,478	1,127	–	–	–	–	–	–	–	–	–	–	–
Pre-opening (within the SAR 550M cap)	15,000	–	–	5,000	10,000	–	–	–	–	–	–	–	–	–	–	–
Total CapEx	215,269	–	40,054	115,148	60,068	–	–	–	–	–	–	–	–	–	–	–
Net Cash	243,014	–	(40,054)	(115,148)	(45,363)	33,366	37,105	37,925	38,763	39,620	40,495	41,390	42,305	43,240	44,196	45,172
Exit Value at exhibit cap (final year, leasehold-adjusted)	443,635	–	–	–	–	–	–	–	–	–	–	–	–	–	–	443,635
Net Cashflows including TV	686,649	–	(40,054)	(115,148)	(45,363)	33,366	37,105	37,925	38,763	39,620	40,495	41,390	42,305	43,240	44,196	488,807
Hotel IRR	19.0%

SAR'000 unless stated. Years 1–15 = 2026–2040; exit in Year 15 (2040) at a 10% cap rate adjusted for the leasehold to 2074; before zakat and VAT recovery. Total investment capped at SAR 550M including pre-opening; shared budget items allocated by built-up area; fixed land rent and SPV overheads (which cover the asset-management role — no separate Koushan fee) shared between the Experience Centre and retail in proportion to stabilised 2032 revenue, none to the hotel; hotel is Phase 2 (construction from 2027 after the construction permit and Al-Maqr approval). Source: Mayadeen Park Financing Model v1.0 (22 Oct 2026).

17.4%Component IRR, hold to 2074

19.0%Component IRR, exit 2040 at 10% cap

17.6%Yield on allocated capex, 2032

SAR 215MAllocated capex incl. pre-opening

2035Payback year

Budget

Hard and soft cost within the SAR 550M cap — Hotel column highlighted

SAR million	GMP budget	Retail	Experience Centre	Hotel (Phase 2)	Total within cap	Pre-opening offset
Structural works	130.0	48.8	12.6	48.8	110.2	(19.8)
Finishes	120.0	45.1	11.6	45.1	101.7	(18.3)
MEP works	70.0	31.9	11.9	26.3	70.0	—
Landscaping, water features & infrastructure	65.1	29.6	11.0	24.4	65.1	—
Hotel FF&E (net of pre-opening)	50.0	—	—	35.0	35.0	(15.0)
Experience Centre content & AV systems	60.0	—	60.0	—	60.0	—
Contingency reserve	11.0	5.0	1.9	4.1	11.0	—
Project management reserve	4.0	1.8	0.7	1.5	4.0	—
Design	15.0	6.8	2.5	5.6	15.0	—
Supervision	8.0	3.6	1.4	3.0	8.0	—
Fees & permits	5.0	2.3	0.8	1.9	5.0	—
Marketing & pre-opening (within GMP)	7.0	3.2	1.2	2.6	7.0	—
Rent & administration during construction	5.0	2.3	0.8	1.9	5.0	—
Hard cost (construction)	510.1	162.2	109.6	185.2	457.1	(53.0)
Soft cost	40.0	18.2	6.8	15.0	40.0	—
Pre-opening (added within the cap)	—	19.8	18.2	15.0	53.0	53.0
TOTAL INVESTMENT	550.1	200.3	134.6	215.3	550.1	—

The contractor's GMP breakdown (510 construction + 40 soft) with all pre-opening absorbed inside the SAR 550M cap: hotel pre-opening (15) comes out of the FF&E & preparation line (FF&E 35); Centre (18.2) and retail (19.8) pre-opening are offset pro-rata against structural works and finishes. Shared items allocated by built-up area; direct items to their component.

What drives the numbers

Exhibit: Hotel Returns — key assumptions, operations, capex and returns

Hard and soft cost within the SAR 550M cap — Hotel column highlighted

Download