Proyecto Vulcano: Introducing a hassle-free investment
Introduction
Due to Lanzarote’s fine year-round climate, the destination enjoys a steady rate of tourist arrivals throughout the year. However, there is currently no ‘internationally-branded’ hotel offering in Lanzarote that can attract the affluent individual traveller. The hotel market is controlled by tour operators offering all-inclusive holiday packages at bargain rates. Our client, a well-established Spanish development company, intends to develop the island’s first internationally-branded upscale resort.
The Site
A 40-hectare parcel of land on the outskirts of Puerto del Carmen, five-minutes drive from Arrecife International Airport. The area has been zoned for commercial and ‘touristic’ development.
Our Assignment
Although there is a prevailing moratorium on new hotel development in Lanzarote, our client has engaged Hotel in a Box to prepare a business plan for a condohotel to compliment a 200-key hotel to be located on the site. We have researched the market and recommended the development of a 160-unit condohotel that will offer buyers the opportunity to own an upscale holiday apartment whilst reaping the benefits of a hassle-free investment. We also prepared the business plan for a 2,800 square meter spa club to serve hotel and condohotel guests as well as local residents.