# Build-to-hotel JV — RAK Hospitality model — Namou

> Highest target IRR, highest minimum ticket. Full operator partnership with regional hospitality operators in the Wynn corridor.

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## Build a hotel. Operate. Exit on stabilisation

Highest target IRR, highest minimum ticket. Full operator partnership with regional hospitality operators in the Wynn corridor. Run the hospitality cap stack live in our JV Simulator on the call

### Five steps from capital pooled to exit

#### Capital pooled

Investors commit, capital escrowed pending SPV formation

#### SPV formed

Dedicated SPV with formal governance and reporting cadence

#### Asset acquired

Land transferred into SPV, NOC and trustee scheduling

#### Built / operated

Built and operated — operator manages, quarterly performance reports

#### Exited / distributed

Distributions through the preferred-return waterfall

### The numbers

20–24%

Target IRR

1.8×–2.1×

Equity multiple

4–6% during stabilisation

Cash-on-cash

3–5 years

Hold period

All ranges placeholder Actual targets vary by deal

### Three structural protections

#### Preferred return

Capital providers receive preferred return before sponsor promote — typically 8% pref

#### Promote structure

Sponsor promote only kicks in after preferred return is paid in full. Misalignment is structural, not contractual

#### Downside scenarios

Modelled at base, bear, and stress cases. The deck shows what happens if sales slow, costs rise, or exit cap softens

### Who's on the deal

#### Land partner

Beachfront RAK landowner Partner details placeholder

#### Operator partner

Regional hospitality operator with active resort assets in the UAE Partner details placeholder

#### Pre-opening manager

Hotel pre-opening specialist managing FF&E and OS&E Partner details placeholder

### 20 / 40 / 40 schedule

3-tranche call. Tranche timing tied to construction milestones (groundbreaking, structural completion, fit-out)

### Three exit options

#### Option A

Asset sale at stabilised year (year 3–5)

#### Option B

Hold for income with operator

#### Option C

Sale-leaseback to operator parent

### Anonymised numbers from a comparable deal

| Item | Value |
| --- | --- |
| Total raise | AED 35M — |
| Land contribution | AED 12M (appraised) — |
| Build cost | AED 18M — |
| Sponsor promote (above pref) | 20% — |
| Target exit value | AED 52M — |
| Modelled IRR (base) | 20.5% — |

### Want the full deck?

- [Sign NDA on WhatsApp](https://api.whatsapp.com/send?phone=971569636360&text=Hi%20Namou%20%E2%80%94%20I'm%20on%20%2Fv3%2Finvest%2Fhospitality%2F%20and%20I'd%20like%20to%20receive%20the%20full%20deck%20under%20NDA.)