Mira Wok Tum: 14 houses by May 2029

• Two houses are open today; two more open in January. The first four cost about ฿30M (฿7.5M each, over budget). ฿3M of cash remains.
• Restructuring round of ฿9.0M. Pablo puts in ฿2.38M and keeps 19.83%. A new investor puts in ฿6.62M for 18.06%. Álvaro, Néstor, Kiko and Pui declined their ฿6.02M and are diluted accordingly (section 5).
• The land carries 14 houses and we have built 4. Land rent, access, utilities and the brand are already paid for. The next 10 houses cost ฿6.5M each with no land premium, which is why finishing the site is what turns a mediocre 4-house project into a strong one.
• Operating terms: 10% booking-platform commission, 10% management fee on gross revenue to the management company, dividends at 80–90% of net profit.

Funding the ฿65M expansion

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.

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.

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.

• 2027–2029: build years, dividends still paid. ฿3.2M in 2027, ฿6.3M in 2028, ฿11.2M in 2029 (85% of profit each year) while the equity raise and, from 2028, the loan fund the 10 new houses.
• 2030: first full year with 14 houses: ฿12.9M paid out, a 20.8% cash yield on all equity ever invested. ฿14.5M by 2032 (23.3%), ฿17.2M by 2036 (27.7%).
• 2039: loan fully repaid; surplus cash above a ฿6M reserve is released (฿51.6M that year). From then on the company pays out essentially all free cash, ฿32.6M a year by 2046.
• Payout 80% vs 90% moves IRR only from 23.3% to 24.0%, but changes how much equity the build needs (฿27.9M vs ฿30.3M). Recommendation: 85%, with the surplus sweep once debt-free.

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.

• The ฿3M cash is assumed to be the balance after the ฿9M round. If it is before, the company holds ฿12M and the 2027–28 equity need shrinks by ฿9M.
• Pre-round capital of ฿24M allocated by 2025 ownership; replace with the actual paid-in ledger per partner.
• Loan (bank or private): ฿25M, no drawdown before early 2028, 8%, interest-only to 2029, 10-year annuity from 2030. Pending a term sheet; the "10%" row shows the downside, the "฿30M" row the upside.
• Tax simplified to 20% corporate tax, no loss carry-forward; dividend withholding (10% for individuals) not deducted.
• Land-rent schedule assumes model Y1 = contract Y1; shift if the contract clock started earlier.
• Nightly rates are the midpoints of the expected ranges (฿9–12k / ฿6–9k / ฿5–6k); the scenario table shows both ends. Occupancy 70% → 80% is the current view. Replace both with 2027 actuals at the first review.