Hacienda Barú has been protected under Decreto Ejecutivo Nº 24639-MIRENEM since 6 October 1995. Twelve buildings on the property already host guests; ten glamping tents will join them. The numbers below are the model under its Lane A scenario — accredited investors evaluating that entry point will find the structure on this page.
The figures below are outputs from the interactive financial model under its Lane A scenario. Every assumption is a slider in the model itself; what is reported here is what the model reports there. They are not marketing language. They are the model speaking.
Net IRR · year 10
Lane A reference band: 8–15%
DPI
Distributions to paid-in capital, post-debt
Cap Rate · year 3
Yr-3 NOI on $14M acquisition
Payback
Cumulative equity recovery
Mid-scenario · yr-1 occupancy 62% · yr-2+ 80% · opex 36% · F&B food cost 17% · $14M acquisition · $6M owner down + 15% EBITDA residual capped at $10M cumulative. See the model for the full assumption set.
On 6 October 1995, Decreto Ejecutivo Nº 24639-MIRENEM was published in La Gaceta Nº 190, declaring the 330-hectare property a Refugio Nacional de Vida Silvestre — Categoría Mixta. The protection is decree-level, not easement. Forty years of stewardship under Jack Ewing's hand are the substrate the operation rests on.
Six studios at $2,200/week, four two-bed at $2,800/week, two three-bed at $3,500/week. Ten new glamping tents at $1,500/week join them. Year-1 occupancy settles at 55–70%, then steadies at 70–90% from year two. The rates and counts come from the operator, not industry comparables.
Senior debt anchors the bottom of the stack. The seller receives $6M at close and a 15% share of EBITDA after senior service, capped at $10M cumulative. Seller upside compounds with performance; the cap protects both sides. LP and GP equity sizes the remainder — roughly $9.9M against $19.9M in total uses.
Lodging is the anchor. A farm-to-table restaurant, eco tours that grow year over year, a children's park sized for 100 kids a day, and stewardship projects across the greater parcel layer on top. No single line carries the model; each line draws strength from the refuge that contains them all.
The seller takes cash at close and a capped share of EBITDA — the seller's outcome and the project's outcome move together. Senior debt anchors the bottom of the stack. Equity sizes what remains.
Plus: 15% of EBITDA annually to seller (after senior debt service), capped at $10M cumulative. Cap reached typically by year 7-9; remainder waived at exit.
Twelve buildings already stand on the property and will be refurbished, not rebuilt. Ten glamping tents join them. Year-1 occupancy settles at 55–70%; year-2 onward steadies at 70–90%. The rates below come from the operator and are slider-tunable in the model.
| Unit type | Count | Sleeps | Weekly rate |
|---|---|---|---|
| Studios | 6 | 2-4 | $2,200 |
| Two-Bedroom | 4 | 2-4 | $2,800 |
| Three-Bedroom | 2 | 4-6 | $3,500 |
| Glamping Tents | 10 | 3-4 | $1,500 |
| Total · annual potential at 100% occ | 22 | $2.41M |
Yr-3 revenue
Across lodging · F&B · Eco Tours · Kids Park · stewardship
Yr-3 NOI
Pre-debt-service · 59% margin at mid scenario
Terminal Value
At 7× yr-10 EBITDA exit multiple
No investment is free of downside. These are the four the operator and the diligence team return to most often, and the structural reasons each remains within the model's tolerance.
Hospitality demand softens
Lodging is one of five revenue lines. Eco tours, the children's park, and the farm-to-table restaurant carry local-resident and day-visitor catchment that does not depend on overnight occupancy. The refuge itself remains the draw.
Construction runs long on glamping
Glamping is the only new build — $2M against $19.9M in total uses. The twelve existing buildings are refurbished, not rebuilt. The construction envelope is bounded and can be staged across years.
Costa Rica country risk
Costa Rica abolished its standing army in 1949. The refuge decree has been continuously honored since 1995 across every administration since. SINAC and FONAFIFO are the operating counterparts — both long-running, both well-mapped.
Operator continuity
Jack Ewing's forty-year record continues into the reposition as advisor. The lodge has been operated continuously since 1987. Nido Farms layers a family-centered hospitality programme onto an operation that already runs.
The model lets you move every assumption — occupancy bands, the owner residual, the exit multiple, the stewardship expansion — and watch the outputs recompute as you go. The figures on this page sit on the Lane A scenario; one click moves them to Family Flagship or Soft Launch.
When the numbers are useful and you would like the written brief, the investor brief is one email away.
Reg D 506(c) — accredited investors only. This page is illustrative for partnership discussions and is not an offer to sell or solicit any security.