Cap Cana Destination


Horwath HTL was tasked with appraising a total site area of approximately 29,735 acres (120 mill sqm) in the east of the Dominican Republic, including approximately 8.5 kilometers (5.28 miles) of seafront, with about 4 kilometers (2.5 miles) of beachfront, bordered to the East by the Caribbean Sea and to the North, West and South by undeveloped land.

Solution (Scope of Work)

Horwath HTL conducted a valuation of project development land exceeding 120 million square meters. Among others, the study included a market area analysis, site description and analysis, accessibility, zoning and valuation per land segment, size and topography, project description, and estimate of value. This was followed up by a destination benchmark involving projects in North America, Central America and the Caribbean, in the development phase of the Tourist Destination Cap Cana, a master-planned, gated, multi-use luxury resort and real estate community, one of the most renowned in the Caribbean.


A portion of the appraised site became the Cap Cana Mixed-Use Development, ranking among the top luxury touristic developments and residential communities in the Caribbean.

Cabo Rojo Destination Phase I


The Cabo Rojo project is a privately and publicly funded destination development in Pedernales Province, advancing through four (4) phases over 11 years. Spanning approximately 38.6 million sqm (9,538 acres) of land owned by the Dominican State, the final phase will encompass 12,000 upscale hotel rooms, a golf course, villa lots, a new international airport, cruise port, and a variety of recreational and leisure activities, including a water park.

Solution (Scope of Work)

Horwath HTL researched and examined the general market conditions of hotel resort supply, demand, and comparable average room rates for existing destinations in the Dominican Republic, the Caribbean, and Central America, as a base for the underlying performance projections of the hotel resort components of the Proposed Cabo Rojo Destination as described in the Master Plan. The Market Study also involved the evaluation of the proposed destination site, its features and surrounding area, culminating in the operational cash flow projections.


Development phase I components are currently under construction and are anticipated to commence operations by 2025.

La Tortuga Island




The study was submitted to the Venezuelan government.


Horwath HTL studied a new hospitality destination, an uninhabited island of Venezuela, in terms of location, tourist market and product segmentation aiming at the identification of the ideal hotel portfolio and additional touristic facilities.​

Hard Rock Hotel & Resort Fortaleza, Ceará, Brazil

Category: Market Analysis, Financial Feasibility Study, Assistance in Concept Design and Assistance in Negotiations

Project description: Our Client took an option to acquire a large incomplete construction site near the beach in Fortaleza. He needed to show Hard Rock the existence of potential demand as to support a resort of 220 hotel suites and 175 attached residences. He also needed to convince Hard Rock to accept the ownership structure he has designed with his investment Fund (residential fractional with them keeping a share and the general control).

Horwath HTL solution: We conducted market research that showed the consistent demand of the Fortaleza area which served for Hard Rock understanding the potential of the location. We developed a model describing the financials of the project divided in (1) The sales of fractional units, (2) The operation as resort. We helped our Client to negotiate a business model with Hard Rock providing information, models, scenarios and different calculations.

Project status: Our Client signed the agreement with Hard Rock and his Fund approved the structure of the operation. He bought the asset which is currently under construction and expecting to open in Summer 2019.

Portfolio Valuation

Overview: Our Client is one of the main hotel chains in the world and is negotiating the acquisition of a portfolio of management contracts of currently operating hotels and some others in pipeline. Our Client wanted a professional valuation of the portfolio, some keys to improve his power of negotiation and the design of a new corporate structure to manage them.

Solution: We conducted market research in each of the 21 cities, where the hotels were operating or under construction, forecast the P&L for every hotel, defined the strategic commercial approach and designed a corporate structure to manage them. The P&Ls together with a risk evaluation of every hotel were shared with Crowe Rio de Janeiro, Corporate Finance Division, who made the official valuation following Brazilian rules and laws. We provided the main information, in 4 weeks, to support our Clients negotiations.