Hacienda M aria Delgado

NAT U RE and GOL F CL U B

w w w .M a r i a D e l g a d o.c l
Ta b l e o f C o n t e n t s

I n t r o d u cti o n
Overview
O p e r a ti o n s
Development
Investment
c o n t a ct
I n t r o d u cti o n H a ci e n d a M a r i a D e l g a d o

N at ure a nd go l f C l ub

First Chilean company to develop a commercial concept

in sports and recreation

Combines tourism and convention-center businesses

The pinnacle of luxury in Santiago, exclusively offering an

18-hole golf course, business center, 5-star hotel, luxury
residential apartments, and a conference center
Overview C hi l e

• Stands out in South America for political and economic stability

• Robust economy with high levels of foreign trade: Produces

more than a third of world’s copper, fifth largest exporter of
wine

• Macroeconomic context draws investors from finance, industry,

trade, tourism, and real estate

• One of the best credit ratings in Latin America

• Leads Latin American nations in human development,

globalization, economic freedom, low perception of corruption
and comparatively low poverty rates
Overview L o c a ti o n

• Pleasant four-season Mediterranean climate and abundant

clear skies

• Surrounded by the rolling hills of the Andean piedmont—a

beautiful and unique landscape

• Best neighborhood in Santiago: close to main shopping malls,

the airport, and only 20 minutes away from the Santiago’s
financial district

• Remarkable view of Santiago’s skyline

• Clean air and excellent weather conditions facilitate outdoor

sports, leisure and working activities
Overview L o c a ti o n

• Connects easily with Santiago’s new road system.

• Only 15 minutes away from Costanera Norte, which connects

with the capital city’s financial and historical districts, the
Santiago international airport and the North-South highway

Location Distance Drive to HMD

SCL Airport 45 km 45 min

Historical District 27 km 30 min

Financial District 20 km 25 min

Vitacura 18 km 22 min

Las Conoles 18 km 22 min

Lo Barnechea 12 km 10 min
Overview H a ci e n d a M a r i a D e l g a d o

Chile’s most successful club with aggregate sales of $XX million

in memberships and over X,XXX inducted members to date

Construction of a luxury hotel and a convention center will

distinguish Hacienda Maria Delgado from any competition in
Santiago
Overview H a ci e n d a M a r i a D e l g a d o

Scenic Beaut y 722 hectares of natural scenery, outdoor activities and a Spa-equipped
Club

Excellent facilities Golf course, wave pool, swimming pools, gym, spa, among others, with
state of the art technology

At t r a c t i v e P r i c e Low induction and maintenance fees in comparison to country clubs in

Santiago. Membership system is based on transferable and inheritable
memberships

F a m i ly a n d S e r v i c e HMD is uniquely designed for the entire family with amenities and
offerings for all ages
O p e r a ti o n s H a ci e n d a M a r i a D e l g a d o

Luxury Golf Course

O p e r a ti o n s hA C I ENDA M a r i a D e l g a d o
H M D h a s a t o t a l b u i l t s u r f a c e a r e a o f 7, 1 4 8 m 2 i n a C o l o n i a l- s t y l e b u i l d i n g c o m p l e x . Th e r e a r e s i x

a re a s, compl emen t ed by recre at ion a l a nd sp or t s a re a s:

Area of the Club Land (m2) Description

Restaurant 1,422 This is a two-story building. Lobby, office sector, reception desk, bar,
lounge, game room, kitchen, services, restrooms, and dining rooms

Locker room & Spa 3,644 Spa, locker rooms and swimming pool area

Gym 1,708 Gym with machine room and children’s area on the first level, and
aerobics, yoga and spinning rooms on the second level. Snack bar next
to the swimming pool area

Portal 229 Main entrance to the building complex

Entrance Booth 52 Used to control the access to the Club

Sales Rooms 93 Independent building isolated from the rest, destined for sales and a
conference room
O p e r a ti o n s Club

Hacienda Maria Delgado • 722 hectares of natural • Multipurpose courts hydro massages
offer s recre at ion, a musemen t scenery • Computerized gym • Service areas
and fun while encour aging • Lakes and Ponds • Wave pool • Service lockers
the integr al development of
• Gardens • Restaurant and bar • Laundry area
t h e b o d y, m i n d , a n d s p i r i t,
• Horseback riding • BBQ area • Beauty Center
t hrough con tac t w i t h n at ure,
• Kayaking • Dining areas • Spa Solarium
outdoor activities, sports,
• Golf course • Locker rooms • Sales room
and social inter ac tion.
• 8 tennis courts (4 clay • Kitchen • Offices
courts) • Snack bar • Heated pools

• 2 synthetic grass • Gym

soccer courts • Exercise rooms

• 2 paddle tennis courts • Sauna, steam, and

O p e r a ti o n s Club

• Members purchase a family Club registration; memberships

can be sold, transferred or inherited
• Option does not grant rights over property or facilities or
management.
• The cost for a family of two adults and two children is
approximately $XX,XXX
• Monthly Member Maintenance Fee is approximately $XXX-
XXX per family
• Once the membership fee is paid, a monthly maintenance
fee is charged, entitling members to use the facilities and
participate in Club activities
O p e r a ti o n s Golf Course

6.5 hectare Golf Practice Course

16 hectare 9-hole Golf Course

Remaining 9 holes on 20 hectares of land are under

construction and will be completed December 20XX

Rated in the top five golf courses in Latin America by

the Discovery Travel channel
O p e r a ti o n s cORPORA T E MEE T I NGS

Convention Center Corporate meetings and events make up a significant portion of

HMD’s total business.

Demand for business meetings exceeds current capacity and

requires the use of temporary expansion facilities.

The construction of a convention center is envisaged with

X,XXX m2 built-up area, out of which X,XXX m2 are rooms
and the remainder are taken up by offices, support areas, access
halls, etc. and versatile rooms with capacities for XXX people.
O p e r a ti o n s cORPORA T E m EE T I NGS

Convention Center Selec t business clients from 20 09:

• 3M Chile • Nestle • Avon

• Accenture • Nike • Banco de Chile
• BBVA • Nokia • Banco Santander
• Bridgestone • Procter & Gamble • Movistar
• Caterpillar • Shell • Lan Chile
• Ericsson • General Electric • Remax
• Ernst & Young • ING • Telefonica
• General Motors • Motorola / Claro • Unilever
• IBM • Pepsico • Mitsubishi
• Johnson & Johnson • Whirlpool • Claro Chile
O p e r a ti o n s I n f r a s t r u ct u r e

Access Road The access road is 2.7 miles long from Pies Andrade Avenue.
The road has a 2.75 in thick asphalt surface and is 33 ft wide,
including shoulders and gutters. It has rain water drains,
reinforced concrete retaining walls, and lighting.

W a t e r S u p p ly The water is mainly used for the swimming pools, the Club
House, garden and golf course. Irrigation is obtained from
five deep wells. These have registered water rights over 147.8
liters per second. The Club House has a reservoir tank with a
500 m3 capacity. In addition, the Club has three tanks and four
ponds from which water is distributed to the golf course by an
automated pump system.
O p e r a ti o n s I n f r a s t r u ct u r e

Elec tricit y The electrical network runs overhead at the Club entrance, and
underground in the facilities. The power supply is delivered by
Chilectra.

Sewers Hacienda Maria Delgado has its own sewage treatment plant.

WiFi / Fiber- optics WiFi and Fiber Optics in all its facilities, as well as cellular phone
service.
De velopmen t H a ci e n d a M a r i a D e l g a d o

Ma ster Pl an
De velopmen t L a n d U s e

L and

Lot F-1 entrance. . . . . . . 91.4 hectares

Enabled . . . . . . . 62 Lots (163.7 hectares)
Not enabled area. . . . . 163 Lots (466.9 hectares)
Total land. . . . . . . . 722.0 hectares

Buildings

Built. . . . . . . . . . . 7,452 m2
Available. . . . . . . . . . 24,168 m2

To t a l

Total Permit . . . . . . . . . 31,620 m2

De velopmen t P e r m it s

Favorable evaluation by the Ministry of Housing and City

Planning and the Department of Urban Development and
Infrastructure on August 13, 2001 authorizes the construction of
XX,XXX m2 of new development

All permits concerning development have been issued

De velopmen t C o n v e n ti o n c e n t e r
De velopmen t C o n v e n ti o n C e n t e r

Low cost Land is already paid off, licenses paid, permits and studies
already approved,

M a r g i n a l O p e r a t i o n a l The Club covers XX% of the fixed costs and logistics costs for
Costs the Hotel and Convention Center

E xcl u si v e L o c at i o n In Santiago, yet giving the feeling of being out of the city for
greater privacy and security
De velopmen t C o n v e n ti o n C e n t e r

C urren t o per at i o n s Conventions and events supply an existing client portfolio.

Exclusive Ac tivities A unique opportunity for combining conventions with golf,

pool and outdoor activities, as well as with the entire Club
infrastructure
De velopmen t H o t e l
De velopmen t h o t e l

The construction of a five-star hotel with XXX rooms (430-650

sq ft) is planned
• An essential complement to the Convention Center

• Average nightly rate $XXX

• Projected Income from food and beverages equivalent to XX% and

from other services equivalent to XX% of the occupancy revenue

• The average occupancy rate is expected to reach XX% during the

first year of operation, and to stabilize at XX% during the 4th year
De velopmen t h o t e l

Low Initial Building It is possible to start by only building bedrooms without

Costs additional facilities, as the Club can contribute with the other
services

Flexibilit y in Hotel will be built in phases with luxury villas. It is possible to

Construction build only one building or complexes of 20 to 40 bedrooms

Exclusivit y The only hotel in Santiago with a golf course, and no other
course has the exclusive amenities provided by HMD (only 7
other courses in all of Santiago)

O per ato r S ecured HMD has an agreement signed with a major European operator
to run the hotel
De velopmen t h o t e l

O t her pl ay er s Description of deluxe hotels in Santiago

Hotel Total Rooms

The hotel industry has seen
Intercontinental 296
its occupancy rate grow by
Hyatt 310
about 10% per annum. This
Marriott 280
year it is expected to grow
Ritz Carlton 205
by 11%.
Radisson 159

Sheraton 379
At present, the 5-star hotel
Crown Plaza 300
market in Santiago is made
W Hotel 196
up by the following players
Total 2,125
De velopmen t L u x u r y A p a r t m e n t s
De velopmen t L u x u r y A p a r t m e n t s

The construction is expected to take a period of X years

Total of XX apartments

• 95 m2 , 185 m2 and 307 m2 plus terraces

• Arranged in blocks of nine apartments each (four measuring 95

m2 , four measuring 185 m2 , and one measuring 307 m2)

• Each block will be approximately 2,200 square meters

Although the construction pace will depend on demand, it is

expected that one block will be built and sold per year
De velopmen t Team Building & Equistrian Center
De velopmen t Team Building & Equistrian Center

Te a m B u i l d i n g C e n t e r Equestrian Center

State of the art team building • 40 brand new stables

facility to satisfy the demand • Stadium and riding ring
for corporate retreats and • Guided horse back rides
conferences
• Ropes Course
• Canopy zip line
• Kayaking
• Team objectives course
De velopmen t R e a l E s t a t e
De velopmen t R e a l E s t a t e

• Sale of macro lots for housing construction purposes within a

period of XX years
• Based on an application for a sectional plan similar to
the existing one in the Cordillera ski centers in the same
municipality.
• This application should be submitted once the Hotel is in
operation and at least one of the blocks of apartments has
been built

Expec ted Profit: $X X-X X million

Investment Offering

B a l a nce S hee t Summ a ry (USD)

Current Assets X,XXX,XXX Current Liabilities X,XXX,XXX

Fixed Assets XX,XXX,XXX Long-term Liabilities XX,XXX,XXX

Other Assets X,XXX,XXX Total Liabilities XX,XXX,XXX

Total Assets XX,XXX,XXX

Shareholder’s Equity XX,XXX,XXX
Investment Offering

U se o f C a pi ta l

Investment in the Club $X.X million

Investment in the Convention Center $X.X million

Investment in the Hotel $XX.X million

Payment of bank liabilities $X.X million

Payment of shareholder loans $X.X million

To t a l C a p i t a l R e q u i r e m e n t $X X.X million
Investment Offering

O per at i o n a l C o s t s

XX% of all operational costs are covered by the current

operations of the club. Therefore the start-up of the new
projects will not generate significant additional costs

Permits and Studies

Approval of all of Hacienda Maria Delgado’s permits and studies

have been granted
Investment Offering

Consumer Demand

Hacienda Santa Maria is a unique business model in Santiago

Affordable, transferable club membership (X,XXX memberships

still to be sold)

The only resort property in Santiago with adjoining golf course,

conference center, hotel, team building area, and restaurants

20 minutes from major business sector of Santiago

Investment Offering

Return on Investment

Conservative XX-XX% IRR projection

Chileans have the highest GDP per capita in South America,
affording them the disposable income to attend the club

Unida d de Fomento (UF)

Ensures that inflation is accounted for in any given transaction

Provides a predictable Real Rate of Return
Inflation risk is eliminated
Investment Offering

Minimum of $X million will move the project forward

(Convention Center)

$XX million will ensure the hotel is also completed

$XX million is ideal

Investment Offering

Va l u a t i o n

Future flows of the various activities and projects under

development were taken into account, considering in each of
them a basic or minimum return on investment of 15% per year
(NPV cutoff rate)

In every case a conservative criterion was used for income

raising calculations and cost estimations
Investment Offering

Club

The investment amount is $X.X million

The project’s Net Present Value at 15% is $XX.X million

The project’s internal rate of return is XX.XX%

Investment Offering

Convention Center

The total investment amounts to $X.X million

The occupancy rate is expected to start at XX.X% the first year

and stabilize at XX% during the fourth year of operation

The evaluation of the project envisages a discount rate of XX%

per year

The Net Present Value amounts to $X.X million and the Internal
Rate of Return is XX.XX%
Investment Offering

Hotel

The total investment amount reaches $XX.X million

This project’s NPV, considering an annual rate of 15%, is $XX.X

million

The project’s internal rate of return amounts to XX.XX%

Investment Offering

Luxury Apa rtment s

The investment cost of each block is $X.XX million; however,

this is not put forward as a capital requirement because
construction will be undertaken based on XX% presales and will
be funded through the financial system

Profits per block, using a conservative criterion, amount to

$X.XX million

The project’s NPV, considering X blocks (X per year) at 15%,

amounts to $X.X million with an IRR of XX.XX%
Investment Offering

Current Economic Club $ XX.X million

Va l u a t i o n Hotel $ XX.X million
Convention Center $ X.X million
Real Estate (Apt’s.) $ X.X million
Additional Lands $ XX.X million
Sub Total $ XX.X million

Bank Liabilities $ XX.X million

Other Creditors $ X.X million
Company Value $ XX.X million

Note The NPV of developing and selling the XXX unzoned macro lots (XXX hectares)
is not included. If development permission is granted, this project has an aditional
NPV of approximately $XX million (at 15%) and an IRR of XX.XX%.
Investment Conclusions

Company’s net economic value is on the order of $XX million

A capital contribution of up to $XX.X million would mean an

interest of XX%; this should also involve joint management
through signing a shareholder agreement

It should be pointed out that the net present value of the real
estate project involving the sale of macro lots has not been
considered
h t t p : // w w w. m a r i a d e l g a d o . c l /

Greg Rockwell
Excend Capital Group