Warapuru Hotel & Villa Estate Itacare - Bahia - Brazil - Miguel Guedes de Sousa

warapuru hotel & villa estateitacare ñ bahia - brazil

investor presentation

November 2008

Reception & spa

investment highlights

ï Warapuru will be the finest hotel and destination spa project in South America

ï Genuinely a one-of-a-kind resort created with a build generosity and design aesthetic as yet unseen and quite unrivalled on the Continent

ï Situated in a spectacular, never to be compromised area of pristine natural beautyÖ.and in one of the hippest new destinations on the planet

ï The interest of opinion-leading media and resort operators of the highest calibre only confirms the buzz about Warapuru

ï The phase 1&2 villa estate has been pre-sold at record breaking prices for Brazil

ï Lower risk profile by far than rival projects. Completion risk and timing very attractive ñ construction of hotel and phase 1&2 villa estate is well advanced: third and final phase soon to be permitted and ready for release next year.

ï The proposal benefits from nearly 5 years of sunk cost and investment in a complex environment where competing offerings are far behind. The deal will be structured for additional risk mitigation, giving excellent risk adjusted returns

warapuru hotel & villa estate ñ investor presentation ñ november 2008

spa Beach club


Warapuru site, a private cove embraced by the atlantic rain forest

Warapuru

ï Warapuru, Itacare, Brazilís first 6 star resort, comprises an hotel with 40 bungalows, a Spa, 2 beachclubs and the operation of a 45 villa estate

ï Spectacular location within a Unesco World Heritage protected coastal rainforest reserve

ï Itacare, chosen as one of the worldís top destinations by the New York Times, is fast becoming thehippest destination in Brazil

ï Breathtaking design by Anouska Hempel Design, known for the Blakes Hotels in London andAmsterdam and The Hempel, London

ï Warapuru is one of the most anticipated resort openings globally in the top international press (CondÈNast, Robb Report, NY Times, Financial Times, wallpaper, Nota Bene, etc.)

ï Villa development consists of 45 villas in 3 phases. phases 1&2 (17 Villas) already pre-soldcommanding prices up to 4,6 M USD per villa. Phase 3 (28 villas) is already under permitting, with pre-sales expected by end 2009

ï Construction well-advanced - hotel and phase 1&2 is 65% concluded. Opening scheduled for end 2009

Villa bathroom


Villa ñ view of entrance from Living room Villa bathroom

master plan

ïtotal site area: 80haïtotal built area: 70.000 sqm

ïreception building: (total built area: 3.700 sqm) stunning clifftop position 85 m above beach level, with reception, library, shops, expansive lounge and exhibition areas, bar and light meal areasïspa: (total built area: 2.150 sqm) built into hillside below the reception complex level, five ultra luxurious treatmentrooms, each with a private pool, opening onto fantastic intimate views over the beach and rainforest. Fitness room, central cantilivered lap pool, vast, airy relaxation and lounging areas.beach club: (total built area: 2.600 sqm) sits on an elevated site 15m above beach level, with a 35m long swimmingpool, expansive sunlounging timber deck on the ground level and a panoramic restaurant and bar area on the first floorïhotel bungalows: (built areas 160 sqm to 460 sqm) 40 independent bungalows in 5 different types, each with itsindividual pool, dotted around the property near the beach.ïvillas phase 1&2: 17 villas (each with 4, 5 and 6 suites with built areas from 950 sqm to 2.300 sqm) located on theridges around the reception building with amazing views over the rain forest and beach beyond.ïvillas phase 3: on adjacent land overlooking a second secluded beach, phase 3 has a 28 villa development currently inplanning. The villas of 4 & 5 suites (average 900 m2 built area) will have free access to the hotel areas. A second beachclub will be built above the beach.


Warapuru ñ the villa and bungalow designs

Bungalow unit Bungalow unit Bungalow unit

Bungalow unit Bungalow unit Villa unit

Villa unit Villa unit Villa unit



Villa pool & terrace

Villa living

hotel and villa operation (stabilised - year 5)

ïbungalow rooms available: 40ïvilla rooms available: 148ïtotal rooms available: 188ïoccupancy rate bungalows: 65%ïoccupancy rate villas: 25%ïaverage bungalow daily revenue: US$900ïaverage villa daily revenue: US$3.940ïdistribution to villa owners: 50% villa revenuesïEBITDA: US$10,6 millionïterminal value (10% cap rate): US$85,6 million

Phase 3 villa development

ïnumber of villas: 28ïaverage size of villas: 900 sqmïtotal development costs: US$71 millionïsales price per sqm: US$7,000 ïtotal sales: US$176 millionïestimated profit: US$105 million

key figures

Warapuru site photos

Villa bedroom Villa terraces and pools

Villa terraces and living Villa bedroom


Warapuru site photos


Hotel bungalow

Hotel bungalow Hotel bungalow

Bathroom detaill

Villa entrance


Background of the development company Harmattan Ltda, and its shareholders

Hotel bungalow ñ sink detail

ï The development company, Harmattan Ltda, is a brazilian company specifically created to develop warapuru.

ï The main sponsors behind Harmattan are the brothers Diogo and Joao Vaz Guedes, and their cousin Robrigo Croft de Moura, who have all been for more than 15 years senior managers in their family business in Portugal, one of the largest construction companies in Portugal (Somague), with turnover above Euro 2 billion, and business activity in Portugal, Brazil and Africa.

ï Diogo, has led Somague to become the largest construction group in Portugal before merging it with Spanish giant Sacyr-Vallermoso in 2004, where he is now vice-president and member of the executive board.

ï Joao was responsible for important regional markets in Somague representing more than Euro 300 million turnover and for the development of the renewable energy business (more than 200 MW in Wind farms) before selling it to Endesa with exceptional returns.

ï Rodrigo headed Somagueís activities in challenging markets as the Cabo Verde archipelago in Africaï The idea to develop a project like warapuru was a growing dream from the sponsors, inspired by their

traveling around the world. ItacarÈís unique nature, and the relatively low land and construction prices, were the trigger to start the project in a country where the sponsors had already some business activity.

ï Joao has been overseeing the development of Warapuru since 2001 at Itacare, where he spends more than a week per month.

Warapuru Hotel & Villa Estate Itacare - Bahia - Brazil - Miguel Guedes de Sousa

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