Investor memo · October 2026 · all figures in Thai baht · 30-year leasehold

Mira Wok Tum: 14 houses by May 2029

Restructuring, the over-budget reset, the full build-out of the land, and what each partner gets back over the life of the contract.
23.7%Equity IRR, 30 yrs
13.1xCash multiple on equity
฿38.5MRevenue at stabilisation (2032)
฿14.5MDividends 2032 (23% yield)
฿25M + ฿25MEquity raise + loan (bank or private)
2033Equity payback

1. Where we are

2. The build-out

Oct 20262 housesopen now
Jan 20274 housesphase 1 complete
Sep 20276 houses+2 · ฿13M
Jul 202810 houses+4 · ฿26M
May 202914 houses+4 · ฿26M · site full

Funding the ฿65M expansion

฿25.0M loan (bank or private)
From a bank or a private lender, realistically available from early 2028, drawn against the 2028 and 2029 builds; interest-only while building, then a 10-year annuity from 2030 at 8%. The 2027 houses are not loan-funded.
฿25.0M equity raise
50/50 with the loan: ฿9.0M in 2027, ฿10.0M in 2028, ฿6.0M in 2029, pro-rata to the new cap table or from a new partner.
฿10.9M retained proceeds
Dividends keep flowing through the build at 85% of profit; only the retained 15% plus depreciation goes into construction.
Gap: ฿4.1M. With dividends paid every year, ฿25M + ฿25M + proceeds falls ฿4.1M short in 2028–29 (฿0.9M in 2028, ฿3.1M in 2029). Three ways to close it: lift the equity raise to ฿29.1M; lift the loan to ฿30M (equity stays at ฿25M, IRR 24.1%); or pay 80% instead of 85% during the three build years (gap shrinks to ฿2.9M).

How the returns are measured

Equity IRR is computed on the partners' own money only: ฿33M already in, plus the ฿29.1M raise, against the dividends they receive. The loan is not partner money. Interest and principal are paid out of the company's cash flow before any dividend, and the partners keep 100% of the equity while the project grows from 4 to 14 houses. Project IRR is the same project with no debt at all (unlevered). Equity IRR above project IRR means the loan at 8% is accretive: the houses earn far more than the debt costs.

Why finishing the site matters. Keeping only the 4 existing houses gives an equity IRR of 15.9% and 7.0x with payback in 2033. The full 14 houses give 23.7%, 13.1x and payback in 2033, because the fixed costs and the phase-1 overrun are spread over 3.5× the revenue.

3. Economics at stabilisation (2032, 14 houses, 81% occupancy)

฿38.5MGross revenue
฿3.9MManagement fee (10%)
฿26.3MEBITDA (68% margin)
฿17.0MNet profit after 20% tax
฿14.5MDividends (23.3% on equity)
Gross revenueEBITDANet profit
฿0M฿21M฿42M฿63M฿85M2026: ฿1.0M2026: ฿0.5M2026: ฿0.2M20262027: ฿9.5M2027: ฿5.8M2027: ฿3.8M2028: ฿17.9M2028: ฿11.7M2028: ฿7.4M20282029: ฿30.9M2029: ฿20.9M2029: ฿13.2M2030: ฿35.7M2030: ฿24.3M2030: ฿15.2M20302031: ฿37.4M2031: ฿25.5M2031: ฿16.3M2032: ฿38.5M2032: ฿26.3M2032: ฿17.0M20322033: ฿39.7M2033: ฿27.1M2033: ฿17.8M2034: ฿40.9M2034: ฿27.9M2034: ฿18.6M20342035: ฿42.1M2035: ฿28.8M2035: ฿19.4M2036: ฿43.3M2036: ฿29.6M2036: ฿20.2M20362037: ฿44.6M2037: ฿30.5M2037: ฿21.1M2038: ฿46.0M2038: ฿31.5M2038: ฿22.1M20382039: ฿47.4M2039: ฿32.4M2039: ฿23.0M2040: ฿48.8M2040: ฿33.4M2040: ฿24.0M20402041: ฿50.3M2041: ฿34.4M2041: ฿24.9M2042: ฿51.8M2042: ฿35.4M2042: ฿25.7M20422043: ฿53.3M2043: ฿36.5M2043: ฿26.5M2044: ฿54.9M2044: ฿37.6M2044: ฿27.4M20442045: ฿56.6M2045: ฿38.7M2045: ฿28.3M2046: ฿58.3M2046: ฿39.9M2046: ฿29.3M20462047: ฿60.0M2047: ฿41.1M2047: ฿30.2M2048: ฿61.8M2048: ฿42.3M2048: ฿31.2M20482049: ฿63.7M2049: ฿43.6M2049: ฿32.2M2050: ฿65.6M2050: ฿45.0M2050: ฿33.3M20502051: ฿67.5M2051: ฿46.3M2051: ฿34.4M2052: ฿69.6M2052: ฿47.7M2052: ฿35.5M20522053: ฿71.6M2053: ฿49.2M2053: ฿36.7M2054: ฿73.8M2054: ฿50.6M2054: ฿37.8M20542055: ฿76.0M2055: ฿52.2M2055: ฿39.1M2056: ฿78.3M2056: ฿53.7M2056: ฿40.3M2056

How revenue is calculated

For each house and each season: nights booked × nightly rate, modelled as weeks × 7. Expected nightly rates: high season ฿9,000–12,000, mid season ฿6,000–9,000, low season ฿5,000–6,000; the base case uses the midpoints ฿10,500 / ฿7,500 / ฿5,500 (฿73,500 / ฿52,500 / ฿38,500 per week). Rates grow 3% a year from 2028. Occupancy starts at ~70% in 2027 (36 booked weeks per house), reaches 80% in 2030 and holds ~81% (42 weeks) after that. Houses that open mid-year count for the months they are open.

YearHouse-yearsHigh wks × rateMid wks × rateLow wks × ratePer houseOccupancyGross revenue
20274.6714 × 73,50012 × 52,50010 × 38,500฿2.04M69%฿9.54M
20288.0015 × 75,70513 × 54,07510 × 39,655฿2.24M73%฿17.88M
202912.6716 × 77,97614 × 55,69710 × 40,845฿2.44M77%฿30.85M
203014.0016 × 80,31514 × 57,36811 × 42,070฿2.55M79%฿35.71M
203114.0016 × 82,72514 × 59,08912 × 43,332฿2.67M81%฿37.39M
203214.0016 × 85,20714 × 60,86212 × 44,632฿2.75M81%฿38.51M

Example 2027: 4.67 house-years × (14 wks × ฿73,500 + 12 × ฿52,500 + 10 × ฿38,500) = 4.67 × ฿2,044,000 = ฿9.54M. 10% goes to the booking platform and 10% to the management company before any operating cost. Costs: maintenance, utilities and cleaning per house, fixed admin and marketing, land rent per the contract (5% step every 3 years), 3% of revenue reserved for refurbishment; all inflate 3% a year.

4. Cash to partners, year by year

Ordinary dividend (85% of net profit)Special distribution (surplus cash once debt-free)Equity raise
฿0M฿9M฿19M฿28M฿37M2026: ฿0.0M2026: ฿0.0M2026: ฿0.0M20262027: ฿3.2M2027: ฿0.0M2027: ฿0.0M2028: ฿6.3M2028: ฿0.0M2028: ฿0.9M20282029: ฿11.2M2029: ฿0.0M2029: ฿3.1M2030: ฿12.9M2030: ฿0.0M2030: ฿0.0M20302031: ฿13.8M2031: ฿0.0M2031: ฿0.0M2032: ฿14.5M2032: ฿0.0M2032: ฿0.0M20322033: ฿15.1M2033: ฿0.0M2033: ฿0.0M2034: ฿15.8M2034: ฿0.0M2034: ฿0.0M20342035: ฿16.5M2035: ฿0.0M2035: ฿0.0M2036: ฿17.2M2036: ฿0.0M2036: ฿0.0M20362037: ฿18.0M2037: ฿0.0M2037: ฿0.0M2038: ฿18.8M2038: ฿0.0M2038: ฿0.0M20382039: ฿19.6M2039: ฿32.0M2039: ฿0.0M2040: ฿20.4M2040: ฿6.9M2040: ฿0.0M20402041: ฿21.1M2041: ฿7.1M2041: ฿0.0M2042: ฿21.8M2042: ฿7.2M2042: ฿0.0M20422043: ฿22.6M2043: ฿7.3M2043: ฿0.0M2044: ฿23.3M2044: ฿7.5M2044: ฿0.0M20442045: ฿24.1M2045: ฿7.6M2045: ฿0.0M2046: ฿24.9M2046: ฿7.7M2046: ฿0.0M20462047: ฿25.7M2047: ฿7.9M2047: ฿0.0M2048: ฿26.5M2048: ฿8.0M2048: ฿0.0M20482049: ฿27.4M2049: ฿8.2M2049: ฿0.0M2050: ฿28.3M2050: ฿8.3M2050: ฿0.0M20502051: ฿29.2M2051: ฿8.5M2051: ฿0.0M2052: ฿30.2M2052: ฿8.7M2052: ฿0.0M20522053: ฿31.2M2053: ฿8.8M2053: ฿0.0M2054: ฿32.2M2054: ฿9.0M2054: ฿0.0M20542055: ฿33.2M2055: ฿9.2M2055: ฿0.0M2056: ฿34.3M2056: ฿9.4M2056: ฿0.0M2056
Loan balanceCash in the company
฿0M฿9M฿19M฿28M฿37M2026: ฿0.0M2026: ฿3.4M20262027: ฿0.0M2027: ฿1.0M2028: ฿12.5M2028: ฿1.0M20282029: ฿25.0M2029: ฿1.0M2030: ฿23.3M2030: ฿4.9M20302031: ฿21.4M2031: ฿8.8M2032: ฿19.4M2032: ฿12.7M20322033: ฿17.2M2033: ฿16.5M2034: ฿14.9M2034: ฿20.3M20342035: ฿12.3M2035: ฿24.0M2036: ฿9.6M2036: ฿27.6M20362037: ฿6.6M2037: ฿31.2M2038: ฿3.4M2038: ฿34.7M20382039: ฿0.0M2039: ฿6.0M2040: ฿0.0M2040: ฿6.0M20402041: ฿0.0M2041: ฿6.0M2042: ฿0.0M2042: ฿6.0M20422043: ฿0.0M2043: ฿6.0M2044: ฿0.0M2044: ฿6.0M20442045: ฿0.0M2045: ฿6.0M2046: ฿0.0M2046: ฿6.0M20462047: ฿0.0M2047: ฿6.0M2048: ฿0.0M2048: ฿6.0M20482049: ฿0.0M2049: ฿6.0M2050: ฿0.0M2050: ฿6.0M20502051: ฿0.0M2051: ฿6.0M2052: ฿0.0M2052: ฿6.0M20522053: ฿0.0M2053: ฿6.0M2054: ฿0.0M2054: ฿6.0M20542055: ฿0.0M2055: ฿6.0M2056: ฿0.0M2056: ฿6.0M2056
YearHouses (end)House-yrsOcc.RevenueMgmt feeEBITDANet profitCapexLoan drawnEquity raiseDividendsYield on equityLoan balance
2026 Y020.5069%฿1.0M฿0.1M฿0.5M฿0.2M————0.0%฿0.0M
2027 Y164.6769%฿9.5M฿1.0M฿5.8M฿3.8M฿13.0M——฿3.2M5.2%฿0.0M
2028 Y2108.0073%฿17.9M฿1.8M฿11.7M฿7.4M฿26.0M฿12.5M฿0.9M฿6.3M10.1%฿12.5M
2029 Y31412.6777%฿30.9M฿3.1M฿20.9M฿13.2M฿26.0M฿12.5M฿3.1M฿11.2M18.1%฿25.0M
2030 Y41414.0079%฿35.7M฿3.6M฿24.3M฿15.2M———฿12.9M20.8%฿23.3M
2031 Y51414.0081%฿37.4M฿3.7M฿25.5M฿16.3M———฿13.8M22.3%฿21.4M
2032 Y61414.0081%฿38.5M฿3.9M฿26.3M฿17.0M———฿14.5M23.3%฿19.4M
2034 Y81414.0081%฿40.9M฿4.1M฿27.9M฿18.6M———฿15.8M25.4%฿14.9M
2036 Y101414.0081%฿43.3M฿4.3M฿29.6M฿20.2M———฿17.2M27.7%฿9.6M
2039 Y131414.0081%฿47.4M฿4.7M฿32.4M฿23.0M———฿51.6M83.1%฿0.0M
2040 Y141414.0081%฿48.8M฿4.9M฿33.4M฿24.0M———฿27.4M44.1%฿0.0M
2041 Y151414.0081%฿50.3M฿5.0M฿34.4M฿24.9M———฿28.2M45.4%฿0.0M
2046 Y201414.0081%฿58.3M฿5.8M฿39.9M฿29.3M———฿32.6M52.5%฿0.0M
2051 Y251414.0081%฿67.5M฿6.8M฿46.3M฿34.4M———฿37.7M60.7%฿0.0M
2056 Y301414.0081%฿78.3M฿7.8M฿53.7M฿40.3M———฿43.7M70.3%฿0.0M

Every one of the 30 years, every formula and every assumption is in the Excel model that accompanies this memo.

5. Who owns what, who puts in what, who gets what

PartnerOwned 2025Declined to putPuts in nowOwns after roundPaid in to dateExpansion raise (pro-rata)Total invested30-yr distributionsMultipleIRR
Pablo19.83%—฿2.38M19.83%฿7.14M฿5.77M฿12.91M฿161.5M12.5x22.7%
Álvaro19.83%฿2.38M—12.69%฿4.76M฿3.69M฿8.45M฿103.3M12.2x22.3%
Néstor19.83%฿2.38M—12.69%฿4.76M฿3.69M฿8.45M฿103.3M12.2x22.3%
Kiko9.10%฿1.09M—5.82%฿2.18M฿1.69M฿3.88M฿47.4M12.2x22.3%
Pui1.40%฿0.17M—0.90%฿0.34M฿0.26M฿0.60M฿7.3M12.3x22.3%
Alberto15.00%——15.00%฿3.60M฿4.36M฿7.96M฿122.2M15.3x27.2%
Stefanos15.00%——15.00%฿3.60M฿4.36M฿7.96M฿122.2M15.3x27.2%
New investor0.00%—฿6.62M18.06%฿6.62M฿5.25M฿11.87M฿147.1M12.4x22.5%
Total99.99%฿6.02M฿9.00M99.99%฿33.00M฿29.08M฿62.07M฿814.3M13.1x—
Reading the table. "Paid in to date" allocates the ฿24M of pre-round capital by 2025 ownership plus the new money. Alberto and Stefanos show a higher multiple because they keep 15% on original terms without dilution. The new investor puts in ฿11.9M in total (฿6.62M now, ฿5.3M across the 2027–29 raise) and receives ~฿147M over the lease. A partner who does not follow the raise is diluted again; alternatively the raise can be taken by a new partner at a valuation to be agreed.

6. What if we are wrong

ScenarioEquity IRRProject IRRMultipleEquity incl. gap30-yr dividendsPaybackAvg yield Y5–30
Base case (85% payout)23.7%24.0%13.1x฿29.1M฿808M203348.0%
Payout 80%23.3%24.0%13.4x฿27.9M฿807M203349.0%
Payout 90%24.0%24.0%12.9x฿30.3M฿810M203247.0%
Top of your rate ranges (฿12k / ฿9k / ฿6k)27.3%27.6%15.6x฿28.2M฿950M203257.1%
Bottom of your rate ranges (฿9k / ฿6k / ฿5k)20.0%20.4%10.7x฿30.0M฿667M203439.1%
Rates −15% (฿8.9k / ฿6.4k / ฿4.7k)20.0%20.4%10.7x฿30.0M฿667M203439.1%
Occupancy −15%20.2%20.6%10.9x฿30.0M฿678M203439.8%
Build cost ฿7.5M/house (same overrun as phase 1)21.7%22.3%11.4x฿38.8M฿810M203341.6%
Loan ฿30M instead of ฿25M24.1%24.1%13.9x฿25.0M฿802M203251.0%
Loan available already in 202723.6%24.0%13.1x฿29.2M฿808M203347.9%
Loan at 10% instead of 8%23.4%24.1%13.0x฿29.2M฿805M203347.8%
Everything one year late23.2%24.0%13.0x฿28.9M฿797M203347.9%
No expansion: keep 4 houses only15.9%18.5%7.0x฿0.0M฿226M203324.5%

7. Decisions we need from the partners

  1. Approve the restructuring round (฿9.0M: Pablo ฿2.38M, new investor ฿6.62M) and the resulting cap table.
  2. Approve the management agreement at 10% of gross revenue, and the dividend policy at 85% of net profit with a surplus sweep once the loan is repaid.
  3. Commit to the build-out schedule (6 houses by Sep 2027, 10 by Jul 2028, 14 by May 2029) with fixed-price contracts at ≤ ฿6.5M per house.
  4. Commit the equity raise of ฿25.0M across 2027–29 (pro-rata or a new partner) and decide how to close the ฿4.1M gap: larger raise, ฿30M facility, or 80% payout during the build.
  5. Start the lender process now, bank or private, so the ฿25M facility is in place by early 2028, when the first 2028 drawdown is needed.

8. Assumptions to verify before this goes out