Financials · Confidential
Deep-Dive Financials
10-year P&L · IRR analysis · Development costs · Villa projections · Unit economics · Investor returns · Capital stack.
Key Returns Summary
Project IRR — Hotel Only14.38%
Equity IRR — Hotel Only14.86%
Project IRR — Hotel+Villas22.25%
Equity IRR — Hotel+Villas31.47%
Equity Multiple (H+V)4.6×
Investor MOIC Target6–7×
Fixed Note Return15% p.a.
Project IRR
Hotel Only
Hotel Only
14.38%
Standalone hotel
Equity IRR
Hotel Only
Hotel Only
14.86%
Hotel equity
Project IRR
Hotel+Villas
Hotel+Villas
22.25%
Combined model
Equity IRR
Hotel+Villas
Hotel+Villas
31.47%
Combined equity
Equity
Multiple
Multiple
4.6×
Combined MOIC
Investor
MOIC Target
MOIC Target
6–7×
Early investors
01
CapEx
Development Cost Breakdown
Total: ~₹750 Crore (~$55M USD)
Hotel Development
Land Cost (Hotel Portion)₹45 Cr.
Civil Construction (100–120 keys)₹120 Cr.
MEP & Infrastructure₹32 Cr.
Interior Design & FF&E₹45 Cr.
Spa, Pool & Recreation₹18 Cr.
Landscaping & Grounds₹8 Cr.
Pre-Opening & Soft Costs₹18 Cr.
Hotel Total₹286 Cr. (~$34M)
Branded Residences
Land Cost (Villas)₹54 Cr.
3BR Villa Construction (×20)₹96 Cr.
4BR Villa Construction (×20)₹132 Cr.
5BR Villa Construction (×10)₹84 Cr.
FF&E & Interior Fit-Out₹28 Cr.
Interest During Construction₹54 Cr.
Marketing & Sales Commission₹20 Cr.
Villas Total₹468 Cr. (~$56M)
Integrated Total
Hotel (₹286 Cr.) + Villas (₹468 Cr.) = ~₹754 Crore (~$55M USD). Villa development is primarily self-funded through pre-sales. Net villa proceeds (₹514–₹857 Cr.) exceed combined development cost — the villa division alone more than recovers total integrated capex in the upside scenario.
02
Assumptions
Key Financial Assumptions
Hotel Operating
Inventory100 keys
Year 1 Occupancy (2030)35%
Stabilized Occupancy (Y4+)53.9%
Year 1 ADR₹42,000
Stabilized ADR (2033/34)₹49,743–₹62,179
ADR Growth Rate5% YoY
Market ADR Benchmark₹33,911 (2024/25)
ADR Premium vs. Market~40% above avg
Stabilized GOP Margin42–48%
Villa & Residence
Total Units50 villas
3BR Villa (×20)~4,000 sq.ft. · ₹7.9 Cr.
4BR Villa (×20)~5,500 sq.ft. · ₹10.9 Cr.
5BR Villa (×10)~7,000 sq.ft. · ₹13.8 Cr.
Pricing Rate₹19,750 per sq.ft.
Gross Sale Proceeds₹514.5–₹857.5 Cr.
Pre-Sales (2026–28)~22 units
Lease Term99-year (Uttarakhand)
Annual Price Escalation5–8% per annum
03
P&L
Ten-Year Projection — Hotel Operations
All values in ₹ Crore · Years 2030–2039
| Line Item | Y1 '30 | Y2 '31 | Y3 '32 | Y4 '33 | Y5 '34 | Y6 '35 | Y7 '36 | Y8 '37 | Y9 '38 | Y10 '39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Metrics | ||||||||||
| Occupancy % | 35.0% | 42.0% | 48.0% | 53.9% | 55.0% | 56.0% | 57.0% | 57.5% | 58.0% | 58.5% |
| ADR (₹) | 42,000 | 44,100 | 46,305 | 48,620 | 51,051 | 53,604 | 56,284 | 59,098 | 62,053 | 65,156 |
| Revenue (₹ Cr.) | ||||||||||
| Rooms | 13.67 | 17.22 | 20.67 | 24.37 | 26.10 | 27.92 | 29.84 | 31.60 | 33.51 | 35.45 |
| F&B | 8.20 | 11.40 | 14.80 | 18.60 | 20.50 | 22.55 | 24.81 | 26.55 | 28.41 | 30.41 |
| Spa & Wellness | 2.10 | 3.40 | 4.90 | 6.20 | 7.20 | 8.30 | 9.50 | 10.45 | 11.50 | 12.65 |
| Events & Weddings | 1.50 | 2.80 | 4.20 | 5.80 | 7.00 | 8.40 | 9.90 | 11.10 | 12.40 | 13.80 |
| Other | 0.80 | 1.20 | 1.60 | 2.10 | 2.40 | 2.70 | 3.00 | 3.30 | 3.60 | 3.90 |
| Total Revenue | 26.27 | 36.02 | 46.17 | 57.07 | 63.20 | 69.87 | 77.05 | 83.00 | 89.42 | 96.21 |
| Expenses (₹ Cr.) | ||||||||||
| Dept. Expenses (Rooms+F&B) | (9.43) | (12.58) | (15.82) | (19.40) | (21.16) | (23.04) | (25.08) | (26.74) | (28.52) | (30.41) |
| Undistributed + Mgmt Fees | (7.36) | (9.54) | (11.51) | (13.13) | (13.90) | (14.68) | (15.51) | (16.18) | (16.98) | (17.82) |
| FF&E Reserve + Tax + Insurance | (2.37) | (2.88) | (3.42) | (3.99) | (4.39) | (4.82) | (5.29) | (5.73) | (6.21) | (6.72) |
| Gross Operating Profit (GOP) | 7.11 | 11.02 | 15.42 | 20.55 | 23.75 | 27.33 | 31.17 | 34.35 | 37.71 | 41.26 |
| GOP Margin % | 27.1% | 30.6% | 33.4% | 36.0% | 37.6% | 39.1% | 40.5% | 41.4% | 42.2% | 42.9% |
| Below The Line (₹ Cr.) | ||||||||||
| Depreciation | (7.15) | (7.15) | (7.15) | (7.15) | (7.15) | (7.15) | (7.15) | (7.15) | (7.15) | (7.15) |
| Bank Interest | (10.80) | (10.40) | (9.90) | (9.30) | (8.60) | (7.80) | (6.90) | (5.90) | (4.70) | (3.30) |
| Net Profit / (Loss) Before Tax | (10.84) | (6.53) | (1.63) | 4.10 | 8.00 | 12.38 | 17.12 | 21.30 | 25.86 | 30.81 |
P&L Insights
Hotel reaches EBITDA-positive in Year 3 (2032) and net profit positive in Year 4 (2033) at stabilized 53.9% occupancy. GOP margin expands from 27% to 43% over the decade as revenue scales against a semi-fixed cost base.
04
Villa Sales
Branded Residence Projections
| Villa Type | Units | Size (sq.ft.) | Rate | Unit Price | Gross Proceeds |
|---|---|---|---|---|---|
| 3 Bedroom Villa | 20 | ~4,000 | ₹19,750/sqft | ₹7.9 Cr. | ₹158 Cr. |
| 4 Bedroom Villa | 20 | ~5,500 | ₹19,750/sqft | ₹10.9 Cr. | ₹218 Cr. |
| 5 Bedroom Villa (Premier) | 10 | ~7,000 | ₹19,750/sqft | ₹13.8 Cr. | ₹138 Cr. |
| Total | 50 | — | — | — | ₹514.5 Cr. |
Hotelivate Upside
50 villas at full pricing: Development Cost ₹414.4 Cr. · Net Sales Proceeds ₹857.49 Cr. — villa division alone generates ~107% return on its development cost.
05
IRR
Return Scenarios & Value Waterfall
🏨 Hotel Only — Base Case
Proj. IRR
14.38%
Equity IRR
14.86%
Multiple
2.1×
🏨🏡 Hotel + Villas — Base Case
Proj. IRR
22.25%
Equity IRR
31.47%
Multiple
4.6×
🚀 Hotel + Villas — Upside
Proj. IRR
26–30%
Equity IRR
35–40%
Multiple
5.5–7×
🐻 Bear Case — Delay + Lower Occupancy
Proj. IRR
8–10%
Equity IRR
10–12%
Downside
Land exit
📝 Promissory Note — Fixed (No Equity)
Annual
15%
3-Year Total
45%
5-Year
75%
Value Creation Waterfall
06
Unit Economics
Hotel Deep-Dive Metrics
RevPAR — Year 4 Stabilized
₹26,206
49% premium over market avg ₹17,574
ADR — Stabilized
₹48,620
5% YoY escalation applied
Occupancy — Stabilized
53.9%
vs. market 51.9% (2024/25)
GOP Margin — Stabilized (Y4)
36.0%
Grows to 43% by Year 10
Construction Cost Per Key
₹3.23 Cr.
Including ₹45 Cr. land cost
Villa Development Margin
~107%
Upside: ₹857 Cr. vs ₹414 Cr. cost
F&B Share of Revenue (Y4)
32.6%
Of total hotel revenue
Stabilized Exit (Hotel Only)
$70–80M
Year 4–5 asset sale
Combined Exit Target
$85–120M+
Hotel + Villas
07
Investor Returns
Returns Model by Investment Tranche
$100K Investment — Promissory Note (Fixed)
Principal$100,000
Annual Interest (15%)$15,000/yr
12-Month Exit$115,000
36-Month Exit$145,000
60-Month Exit$175,000
Currency RiskNone (USD)
CollateralLand + Corp. Guarantee
IRA/401(k)Yes — via SDIRA
$250K+ Investment — Equity Conversion Path
Investment$250,000
Note Return (3yr)$362,500 (exit option)
Conversion Discount20% off valuation
Equity Value — Base (7yr)$1.15M–$1.75M
Equity MOIC — Base4.6×
Equity MOIC — Upside6–7×
Villa Allocation OptionAvailable as collateral
Priority in Future RoundsYes — first rights
Combined Return — Early Investor $250K+
Option A: $362,500 at 36-month maturity (45% total return, fully collateralized, USD). Option B: Convert at 20% discount — at 4.6× base case a $250K stake grows to approximately $1.15M. At 7× MOIC target: ~$1.75M. Capital floor: as-is land ($8–10M) alone exceeds the $5M raise, providing strong downside protection.
08
Capital Stack
Funding Timeline & Structure
| Phase | Timing | Source | Amount | Value Milestone |
|---|---|---|---|---|
| Founder Equity | 2024–2025 | Minakshi Srivastava | $1.5M | $15M pre-money valuation |
| Seed Round — Tranche 1 | Now–Feb 2026 | Note investors | $2.5M | $18–22M post-zoning |
| Seed Round — Tranche 2 | Mar 2026 | Note investors | $2.5M | $25–30M branded |
| Villa Pre-Sales | 2026–2028 | Villa buyers (India/NRI) | ₹200–300 Cr. | Construction underway |
| Bank Construction Loan | Post-registry 2026 | Indian bank / NRI finance | ₹350–400 Cr. | Post-zoning collateral |
| Total Stack | 2024–2028 | Multi-source | ~$55M / ₹750 Cr. | $85–120M+ exit |
⚠ Confidential — Authorized Investors Only · NDA Required
Contact for Investment & Due Diligence
This financial model is based on the Hotelivate Feasibility Report (October 2025), Janhvi Enterprise LLC's internal projections, and independent market research. All figures represent forward-looking projections subject to change. Audited financials of both entities available under NDA to qualified investors.
Minakshi Srivastava — CEO, Janhvi Enterprise LLC
minakshis@janhvie.com · +1 484 641 3000 · janhvie.com · Pennsylvania, USA
Minakshi Srivastava — CEO, Janhvi Enterprise LLC
minakshis@janhvie.com · +1 484 641 3000 · janhvie.com · Pennsylvania, USA
Explore the Other Documents
Return to the business plan for competitive analysis, GTM strategy, and full risk assessment.