Investor Financial Summary · Confidential
The Cloisters at Ave Maria
A Heritage-Inspired Hotel & Gathering Place
Duncan G. Stroik, Architect · Ave Maria, Collier County, Florida · May 2026
Total Project Cost
$49.3M
60 rooms · 3,800 SF hall
Site Area
2.84 ac
123,710 SF · Mixed-use zoning
Gross Building Area
63,000 SF
FAR 0.51 · ~77 parking spaces
Event Hall
3,800 SF
180 seated · Full Stroik
Blended ADR
$471
Four-tier mix · fixed assumption
Investor Base Case
70% Occupancy · 7.0% Exit Cap
Stabilized NOI
$3.48M
Year 2
Going-In Cap
7.1%
On $49.3M cost
LP IRR
11.7%
Net · 10-yr hold
LP Multiple
2.56x
Net · 10-yr hold
Exit Value
$64.8M
Yr 10 NOI / 7.0%
Optimized Case
85% Occupancy · 6.5% Exit Cap
Stabilized NOI
$4.26M
Year 2
Going-In Cap
8.6%
On $49.3M cost
LP IRR
16.7%
Net · 10-yr hold
LP Multiple
3.60x
Net · 10-yr hold
Exit Value
$85.5M
Yr 10 NOI / 6.5%
IIBuilding Program & Development Cost
| Component | Area (SF) | Rate / SF | Hard Cost | Construction Approach |
|---|
| Hotel — 60 rooms + BOH + lobby | 49,000 | $440 | $21,560,000 | CMU exterior walls; full Stroik on all visible facades & public areas |
| Event Hall — 180 seated | 3,800 | $900 | $3,420,000 | Full Stroik — vaulted ceiling, arched windows, stone floor, bespoke ornament |
| Kitchen — shared event & restaurant | 1,200 | $325 | $390,000 | Commercial kitchen; market standard; serves event hall and restaurant |
| Full Restaurant + Coffee & Wine Bar | 3,600 | $430 | $1,548,000 | Full Stroik on street-facing facades and dining room interiors |
| Retail Shops — 6 units | 3,600 | $415 | $1,494,000 | Classical shopfront arcade; tenant fit-out at tenant cost |
| Courtyard & Hardscape | 1,800 | $600 | $1,080,000 | Stone paving, fountain, colonnade — full Stroik |
| Total Hard Cost | 63,000 | $468 avg | $29,492,000 | |
| Soft Costs — arch, eng, permits (14% of hard) | | | $4,128,880 | Stroik fee ~10% of hard; engineering & permits ~4% |
| FF&E — hotel, common, retail | | | $3,000,000 | Quality contemporary throughout; bespoke in suites & event hall |
| Land Acquisition — 2.84 acres (123,710 SF) | | | $2,875,000 | Ave Maria Blvd, Collier County, FL · Barron Collier Companies |
| Site Work, Utilities & Parking | | | $2,200,000 | ~77 parking spaces per TC1 shared analysis; I-75 Exit 111 infrastructure |
| Pre-Opening & Working Capital | | | $600,000 | Staff hiring, marketing launch, soft opening events |
| Developer Fee (4%) | | | $1,691,835 | One-time; earned at construction completion |
| Contingency (10%) | | | $4,229,588 | Above industry standard 5–8% |
| Construction Financing | | | $1,100,000 | Bridge to permanent debt |
| Total Project Cost | | | $49,317,303 | |
Full Stroik Execution
Where the craft is seen
- Event hall — structural vaulted ceiling, arched windows, stone floor
- All street-facing and courtyard-facing facades
- Colonnade and covered arcade system
- Courtyard fountain and hardscape
- Restaurant and coffee & wine bar interiors
- Lobby and arrival sequence
- Master Suite and Junior Suite finishes
- Cast stone and bespoke ornamental detail at all public entries
Value-Engineered
Where the savings are taken
- Structural system: CMU exterior walls — natural choice for classical bay geometry
- Limestone columns: precast concrete with limestone veneer
- Hotel room wing exteriors: stucco with brick and stone accents at windows and corners
- Standard room interiors: real materials — porcelain tile, painted millwork
- Brick: standard bond with selective custom coursing
- Kitchen: market-standard commercial fit-out, no Stroik features
- Retail shop interiors: shell only; tenant fit-out at tenant cost
Design strategy: Stroik's architectural vision is fully intact on every surface a guest, visitor, or wedding party will photograph or remember — the event hall, arcade, courtyard, facades, and lobby. Savings are concentrated in the structural system and room wing interiors. CMU construction is the natural structural choice for classical architecture with regular masonry bays and reduces the hotel hard cost from $490/SF to $440/SF.
· · ·
IIIHotel Room Mix & Pricing
Tier 1 of 4
Standard
$310
420 SF · Queen bed · Classical millwork · Tile bath · Courtyard-adjacent
24 rooms40% of inventory
Tier 2 of 4
Courtyard View
$450
500 SF · King bed · Direct courtyard outlook · Stone window sill · Premium linen
20 rooms33% of inventory
Tier 3 of 4
Junior Suite
$680
700 SF · Separate sitting room · Arched window · Stroik-designed interior · Soaking tub
12 rooms20% of inventory
Tier 4 of 4
Master Suite
$920
900 SF · Full suite · Vaulted ceiling · Bespoke Stroik interior · Private plunge pool & hot tub
4 rooms7% of inventory
| Room Type | Count | ADR | SF | Annual Room Rev (85% occ) | % of Room Rev |
|---|
| Standard | 24 | $310 | 420 | $2,308,260 | 26.3% |
| Courtyard View | 20 | $450 | 500 | $2,792,250 | 31.8% |
| Junior Suite | 12 | $680 | 700 | $2,531,640 | 28.9% |
| Master Suite | 4 | $920 | 900 | $1,141,720 | 13.0% |
| Total / Blended | 60 | $471 | 535 avg | $8,773,870 | 100% |
Standard rooms serve the Ave Maria weekday demand base — university families, contractors, and prospective residents. Courtyard View rooms and suites carry the blended ADR, attracting destination visitors, wedding parties, and diocesan retreats. The 49,000 SF hotel block accommodates all 60 keys at original room sizes plus generous BOH; CMU load-bearing construction with regular classical bays supports efficient floor plate utilization.
IVStabilized Revenue Model
| Revenue Stream | Basis (at 85% occ) | Annual Revenue | % of Total |
|---|
| Hotel — Room Revenue | 60 rooms · $471 blended ADR · 85% occ | $8,773,870 | 76.5% |
| Hotel — Ancillary (F&B, amenities) | 20% of room revenue | $1,754,774 | 15.3% |
| Total Hotel Revenue | | $10,528,644 | 91.8% |
| Full Restaurant (2,400 SF @ $42/SF) | 5% vacancy allowance | $95,760 | 0.8% |
| Coffee & Wine Bar (1,200 SF @ $40/SF) | 5% vacancy allowance | $45,600 | 0.4% |
| Retail Shops — 6 units (3,600 SF @ $35/SF) | 5% vacancy allowance | $119,700 | 1.0% |
| Event Hall — hall rental fees | 38 wknd × $8,000 + 40 wkdy × $2,500 | $404,000 | 3.5% |
| Event Hall — preferred caterer commission | 20% of food spend · 150 avg guests · 75% capture | $113,400 | 1.0% |
| Event Hall — hotel bar (net of COGS & labor) | $45/head · 72% margin · 75% capture | $155,310 | 1.4% |
| Total Revenue — Stabilized (85% occ) | | $11,462,414 | 100% |
| Operating Cost | Amount | Basis |
|---|
| Rooms Dept (incl. laundry) | $2,193,468 | 25% of room rev |
| F&B Department | $965,126 | 55% of ancillary |
| G&A + Sales & Marketing | $1,579,297 | 15% of hotel rev |
| Property Ops & Maintenance | $526,432 | 5% of hotel rev |
| Insurance & Property Tax | $739,760 | 1.5% of total cost |
| FF&E Reserve + Mgmt Fee | $916,993 | 4% rev each |
| Tenant CAM & hall ops | $221,901 / $60,600 | 85% of tenant rev / 15% of hall fees |
| Total Operating Expenses | $7,203,576 | 62.8% of revenue |
| Net Operating Income (85% occ) | $4,258,838 | 37.2% margin |
Revenue by stream (85% occ)
Hotel rooms$8.77M · 76.5%
Hotel ancillary$1.75M · 15.3%
Event hall (all)$673K · 5.9%
Event revenue includes hall rental fees ($404K), preferred caterer commissions ($113K), and hotel-operated bar net revenue ($155K). Caterer commission and bar income require no additional opex beyond bar staff labor ($15.6K already deducted). At 70% occupancy, total revenue is $9.60M and NOI is $3.48M. ADR is held constant across both scenarios.
Event model: The hotel maintains a list of 2–4 preferred caterers with exclusive access to the event hall. In exchange, each pays a 20% venue commission on food contracts. The hotel operates bar service independently — extending the restaurant bar into the hall — capturing the full bar margin without operating a kitchen.
· · ·
| Capital Structure | Amount | % |
|---|
| Senior Debt — 6.5% fixed, 25-yr amortization | $29,590,382 | 60% |
| LP Equity — accredited investors | $19,726,921 | 40% |
| Total Capitalization | $49,317,303 | 100% |
Debt 60% — $29.6M
Equity 40% — $19.7M
Annual debt service: $2,397,557 (6.5% fixed, 25-yr amortization). Debt balance at Year 10: $22,935,907.
| Waterfall Structure | Term |
|---|
| Preferred return — LP | 8.0% per annum |
| Return of LP capital | At exit, before promote |
| Accrued preferred return true-up | At exit, 100% to LP |
| Residual split — LP / Sponsor | 70% / 30% |
| Developer fee | 4% of subtotal · at completion |
| Asset management fee | 1.5% of gross revenue |
| Property management fee | 4.0% of gross revenue |
Year 1 ramp at 65% occupancy both scenarios · 3% annual revenue growth from Year 2 · event revenue fixed · disposition at Year 10
Investor Base Case — 70% Occupancy · 7.0% Exit Cap Rate
Optimized Case — 85% Occupancy · 6.5% Exit Cap Rate
Base — Exit Value (Yr 10)
$64.8M
Yr 10 NOI ÷ 7.0%
Base — Equity at Exit
$41.9M
After $22.9M debt paydown
Optimized — Exit Value
$85.5M
Yr 10 NOI ÷ 6.5%
Optimized — Equity at Exit
$62.6M
After $22.9M debt paydown
· · ·
| Occupancy | Stabilized NOI | DSCR | Going-In Cap |
|---|
| 60% | $2,958,000 | 1.23x | 6.0% |
| 70% — base case | $3,478,000 | 1.45x | 7.1% |
| 80% | $3,999,000 | 1.67x | 8.1% |
| 85% — optimized | $4,259,000 | 1.78x | 8.6% |
| 90% | $4,519,000 | 1.88x | 9.2% |
| DSCR breakeven | $2,398,000 | 1.00x | ~49% occ |
The DSCR breakeven of ~49% occupancy reflects the significant contribution of fixed event revenue — caterer commissions and hotel bar income are independent of room occupancy and provide a meaningful floor under NOI. At 60% occupancy, DSCR remains a healthy 1.23x.
| Exit Cap Rate | Exit Value (Yr 10 NOI) | Equity Proceeds |
|---|
| 5.5% | $82.5M | $59.6M |
| 6.0% | $75.6M | $52.7M |
| 6.5% — optimized | $85.5M | $62.6M |
| 7.0% — base case | $64.8M | $41.9M |
| 7.5% | $60.5M | $37.6M |
Exit values shown on Yr 10 NOI ($4.54M base / $5.56M optimized) reflecting 3% annual growth from stabilization. The strong NOI floor from event revenue supports exit valuation across a wide range of cap rate scenarios.
VIIIInvestor IRR Analysis
Investor Base Case · 70% occ · 7.0% exit cap
11.7%
LP IRR · net, post-waterfall · 10-year hold
Optimized Case · 85% occ · 6.5% exit cap
16.7%
LP IRR · net, post-waterfall · 10-year hold
Base case (70% occ): Cash flow clears debt service from Year 1 with meaningful headroom — the fixed event revenue ensures positive cash flow even at the ramp year. LPs receive distributions in every year of the hold. The preferred hurdle is met from Year 2 onward.
Optimized case (85% occ): Strong cash flows from Year 2. LPs receive the 8% preferred return plus a 70% share of surplus from Year 3 through exit. The Year 10 exit at $85.5M produces LP proceeds of $52.4M from the exit alone.
LP IRR Matrix — Occupancy × Exit Cap Rate
Net LP IRR, post-waterfall, 10-year hold · 70/30 LP/GP residual split · 8% preferred return. Base and optimized cases highlighted.
| Occ \ Exit Cap | 5.5% | 6.0% | 6.5% | 7.0% | 7.5% |
|---|
| 60% | 11.1% | 10.2% | 9.3% | 8.5% | 7.7% |
| 65% | 12.6% | 11.7% | 10.8% | 10.0% | 9.2% |
| 70% — base | 14.3% | 13.4% | 12.5% | 11.7% | 11.0% |
| 75% | 15.8% | 14.9% | 14.0% | 13.3% | 12.6% |
| 80% | 17.1% | 16.2% | 15.4% | 14.7% | 14.0% |
| 85% — optimized | 18.4% | 17.5% | 16.7% | 16.0% | 15.3% |
| 90% | 19.6% | 18.7% | 17.9% | 17.2% | 16.6% |
LP Equity Multiple Matrix
Net LP equity multiple, post-waterfall, 10-year hold.
| Occ \ Exit Cap | 5.5% | 6.0% | 6.5% | 7.0% | 7.5% |
|---|
| 60% | 2.58x | 2.37x | 2.20x | 2.04x | 1.91x |
| 65% | 2.85x | 2.62x | 2.43x | 2.27x | 2.12x |
| 70% — base | 3.18x | 2.94x | 2.73x | 2.56x | 2.40x |
| 75% | 3.51x | 3.25x | 3.03x | 2.84x | 2.67x |
| 80% | 3.83x | 3.55x | 3.31x | 3.11x | 2.93x |
| 85% — optimized | 4.15x | 3.85x | 3.60x | 3.38x | 3.19x |
| 90% | 4.47x | 4.15x | 3.89x | 3.66x | 3.46x |
Floor scenario: Even at 60% occupancy and a 7.5% exit cap, the LP IRR is 7.7% on a 1.91x multiple — above the preferred return threshold. The DSCR breakeven of ~49% occupancy is meaningfully below any realistic scenario, driven by the fixed event revenue base that does not depend on hotel occupancy.