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.

Tourism Business Clusters Training

Program Client: African Development Bank

Year: October 2020 – October 2021

Project Overview:

The objective of this assignment is to build the skills capacity within the tourism businesses. Specifically, the consultancy conducted an analysis of the training needs within the selected 5 tourism business sub-sectors; identify training/ skills gaps that can be addressed through short term training, mentoring and/or coaching to ensure that the selected clusters have the right skills set to enhance their effectiveness in the creation of jobs; build a pool of tourism training consultants and develop and deliver capacity building program for 5 tourism sub-sectors based on the recommendations of the training needs assessment.

Scope of Work:

  • Conduct training needs assessment and recommend interventions that will address the business development sector issues;
  • Identify needs of the clusters, including methods based on the recommendations of the training needs assessment;
  • Develop a comprehensive trainer’s manual to be used to build the capacity of trainers;
  • Hold stakeholder workshop (s) to validate the reports (training needs assessment and capacity building program);
  • Develop training materials and tools to be used by trainers and businesses, respectively;
  • Develop training content and training plan for 5 sub-sectors (accommodation, tour operation, event organizers. Tour guides and Crafters).
  • Conduct training of private sector from the selected 5 Tourism Clusters;

Capacity Building for Business Development

Program Client: African Development Bank
Year: April 2019 – October 2020

Project Overview:

The objectives of the Consultancy were to conduct a scoping/baseline survey on tourism MSMEs in Malawi, undertake training needs assessment for the MSMEs, develop training programs and supporting manuals and deploy the business development trainings targeting tourism MSMEs.

Scope of Work: 

  • Conduct the baseline survey of existing reports, studies, strategic plans and documents, policy and regulatory framework for Tourism MSMEs in Malawi
  • Base on the findings of the baseline survey, identify and analyze key tourism value chains, market and business opportunities for MSMEs;
  • Develop a Training needs assessment report;
  • Develop/adapt, translated training materials in cooperation with local training institutes to be selected based on their comparative advantage and ability to continue the trainings on a sustainable basis after project completion;
  • Develop training methodology specifying the relevant training methods to be used, e.g. (but not limited to) group work, cases, presentations, trainer instructions, adaptation of training manuals, handouts for participants and a training curriculum;
  • Review financing modes for MSMEs in the tourism sector and develop a framework for identifying MSMEs for financial and capacity building support;
  • Develop monitoring and evaluation procedures, and accountability systems for MSMEs on the project’s business health checks, incubator and financing program;
  • Develop criteria and guidelines, including credit risk assessment, and model for selecting MSMEs for funding;
  • Deploy various trainings on MSMEs development which includes development of investment proposal and bankable projects;
  • Develop a Tourism MSMEs Sustainable Business Development strategy and plan;
  • Facilitate training of Trainers in Tourism Business Management; and
  • Provide technical support for the establishment of an MSME business incubator and career guidance center.

TA for Institutional and Organizational support

Program Client African Development Bank
Year: June 2020 – October 2021

Project Overview:

Clearly identify weaknesses, gaps, challenges and needs in both the corporate governance and financial management systems in MTC.  Make recommendations on how to address these to enhance efficiency and effectiveness and, propose an Implementation Plan which includes a Resource Plan which is costed to come up with an Implementation Budget. After presentation and approval, the costed Implementation Plan would guide the next phase of the assignment

Scope of Work:

  • Strengthen MTC Corporate Governance and Financial Management
  • Review the existing internal system and processes and oversee implementation of recommended internal financial systems.
  • Transfer know how and build capacity of financial and Administrative staff through on-the job
  • Facilitate and oversee a technical dialogue and collaboration amongst all Public Private Partnerships and stakeholders with a view to enhance PPP in the tourism sector.
  • Provide assistance to tourism sub-sector associations through trainings.
  • Monitor a PP dialogue platform to strengthen the tourism cluster
  • Support MTC marketing and product development through the design of a website, membership database development, and the provision of relevant services to its members to generate resources and attract more members.
  • Enhance MTC visibility in the tourism sector and to various stakeholders through various awareness Television and Radio programs, collaterals, and activities.

Qualification Framework for Tour Guides

Program Client: GIZ
Year: February 2021 – December 2021

Project Overview:

This project aim was to develop a Qualification Framework, International Quality Standards and Assessment Tools for Rwandan Tour Guides. The consultant team developed a detailed qualification framework and licensing system based on benchmarking to international standards. The team provided a set of quality standards with clear competences to be assessed at each certification level.

Scope of Work:

  • Review of existing tourism plans and other relevant documents
  • Comparison of guide certification programs
  • Design a unique certification program for Rwandan Tour guides with clear competences to be assessed at each level (Bronze, Silver and Golden).
  • Design the assessment tools
  • Develop the tourism repository for Rwanda
  • Draft the qualification framework and licensing system based on benchmarking to relevant international standards

Hotel van Oranje

Horwath HTL was asked to perform a feasibility study and determine the investment value for Hotel van Oranje in Noordwijk after renovation. The study contains analysis of the market, both supply and demand. Furthermore, the concept is described in detail after renovation. To determine the likely future value of the renovated hotel, a financial analysis was carried out. Historical results were analysed, and the results of the market study were included in the expected results of the hotel in the first five years after renovation. The Horwath HTL Netherlands team is fully licensed to prepare such valuations.

This project was carried out to establish the feasibility of the renovated hotel and to provide an investment value.

Amrâth Hotels Portfolio

Horwath HTL was asked to perform a valuation for Grand Hotel Amrâth in Amsterdam. The order was given by the bank, and it involved a full appraisal of the market value in its current condition. Based on the outcomes of the market analysis and historical results of the hotel, expected results in the coming years were determined, whereby the market value of the property was calculated. The Horwath HTL Netherlands team is fully licensed to prepare such valuations, by both RICS and NRVT.

This project was carried out to determine the current market values of the hotels.

Loretoklooster Simpelveld

Horwath HTL was asked to assess the feasibility of converting a former monastery into a hotel and to carry out a valuation of the real estate. Vitalization is central to this concept, partly because of the surroundings of the monastery, but also because of the concept of the hotel. The hotel will provide treatment rooms and there will be no televisions in the rooms.

Hotel Development IJsselstein

Horwath HTL was asked to determine the market space for a hotel development in the municipality of IJsselstein. Various analysis of the market has been carried out to determine the space in the municipality. The project includes a new public recreation and nature area including a four-star hotel with a minimum of 140 and a maximum of 200 rooms.

Park Hyatt and Andaz Taipei

Description of the Project

The client planned to build a super high-rise complex, Taipei Sky Tower, with two luxury Hotels, a modern theatre and experiential retail concepts in Xinyi District, Taipei, China. Anticipated to be one of the new landmarks in Asia and the second-tallest building in Taipei, the 56-floor Taipei Sky Tower is designed by Italian architect Antonio Citterio. The Project is a dual-brand development.

Scope of Work

Working alongside with the client’s legal counsel, Horwath HTL assisted the client in the management company selection process and helped review and facilitated negotiation of commercial terms in MOU and management contracts for both Hotels.

Hotel Villa Orselina


The proprietor of this luxury boutique hotel overlooking Lago Maggiore in Ticino intended to re-position the hotel as a Medical Wellness Hotel in order to extend the season or allow for a year-round operation. Horwath HTL was instructed to review the proposed concept including medical centre, spa and treatment areas, and to carry out a Feasibility Study to test the economic sustainability of such a re-positioning.


We undertook an in-depth analysis of the Swiss Medical Wellness sector, thoroughly screened the competitive hotels, target markets and groups as well as market trends. In our study we provided facility recommendations and we listed potential government aids available for health projects. A profit and loss forecast based on the above completed this instruction. Lastly, we were able to procure a new General Manager for the hotel.


The new GM assumed his position in January 2017.

Savoy Hotel Baur en Ville turns Mandarin Oriental Hotel


After three decades in office, the hotel manager went into retirement. The owner Credit Suisse Group AG took this opportunity to plan a comprehensive restructuring of the hotel, so they could position it in the international luxury segment. The property should undergo a substantial refurbishment programme and the operation should be managed by an internationally reputed hotel management company, thereafter. Both measures should serve to notably increase the real estate value. Horwath HTL’s expertise was called upon to help understand and evaluate the consequences of several scenarios.


Horwath HTL Switzerland provided a comprehensive documentation which served as a basis for decision-making. Therein we detailed several possible scenarios, we prepared the relevant financial projections and their expected impact on the real estate value. In a first phase Horwath HTL was able to support the restructuring process by sourcing a new hotel manager who was able to markedly improve the hotel’s performance. Parallel, negotiations with global leading hotel management companies were conducted with regard to the future operation and refurbishment planning. Horwath HTL Switzerland has continually lent their expertise to the negotiation process. Finally, Credit Suisse Group AG has decided to sign a management agreement with Mandarin Oriental Hotel Group.


The contracts were signed in November 2020; the last and final details of refurbishment will be decided on in the very near future. Construction works shall start as soon as building approvals have been received.

Looking for information on Hotel Asset Management Services? You want to brand your hotel? Contact us for a free quote!

Serviced Apartments Project


One building in prominent location within the Eaux-Vives district of Geneva was offered for acquisition to a Swiss investor. The investor required advice on the feasibility of having this property operated as Serviced Apartments by an affiliated management company.


Horwath HTL was instructed to undertake a Feasibility Study. We have performed an in-depth review of the location and Serviced Apartment market in Geneva, identified opportunities and risks involved with the project and developed recommendations with regard to the planned concept. This concept should finally serve as a matrix for Europe-wide roll-out of the brand.


The project is currently under negotiation.

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Adina Serviced Apartments


In the coming years a former industrial park in the size of 11 hectares in the municipality of Vernier, near Geneva, will be transformed into a new urban district called «Quartier de l’Étang». In addition to more than 1,000 dwelling units, office areas, administrative buildings and a medical centre, there will be three new hotels. Furthermore, a school, pre-school and sports facilities will be realized.


Adina Apartment Hotels was offered the opportunity to rent one of these three new hotel areas. Since the hotel group lacked experience on the Swiss market, the engaged Horwath HTL to support them in the preparation of their business plan and at arriving at a sustainable rent in line with the market. Further to delivering information relevant to the market and industry, we provided in-depth information on the Swiss labour market, the industry’s CBA and salary schedules.


The lease contract was signed; opening is planned for early 2022.

Rugby World Cup

Project Overview: Horwath HTL was commissioned to prepare a high level pre-event economic impact estimate to demonstrate the potential incremental expenditure in the Auckland Region and New Zealand which would be attributable to hosting the Rugby World Cup 2011 (RWC).

Scope of Work: Horwath HTL developed estimates of activity levels (numbers of visitors, average length of stay, average daily spend) for team members, international and domestic supporters, and associated media in the Auckland Region.

We developed an indicative tournament schedule for Auckland matches and estimates of average visitor attendance (international and domestic) at RWC matches, estimates of expenditure in the Auckland Region by Rugby NZ 2011, assessed potential displacement of regular visitor activity due to a shortage of commercial visitor accommodation during the final two weekends of RWC.

Consideration of expenditure outflows resulting from Aucklanders purchasing match tickets and travelling to attend matches elsewhere in New Zealand, consideration of retained expenditure associated with reduced overseas travel by Aucklanders due to attendance at RWC matches in New Zealand.

We utilised our economic impact model to identify incremental expenditure for Auckland as a result of the above activity and assess the indicative contribution to GDP.

Horwath summarised the work undertaken and presented the economic impact estimates in a form that could readily be used by the client as part of discussions with key stakeholders.

Project Status: New Zealand won the Rugby World Cup!

Contact for project: Stephen Hamilton

SkyCity Horizon Hotel

Project Overview: Horwath HTL was engaged by SkyCity to prepare market demand including business case and revenue projections for a proposed new 5-star hotel.

Scope of Work: In addition to the Sky Tower, the existing SkyCity complex includes a 700-seat theatre, a convention centre, 12 bars and restaurants, two hotels and casino. The new hotel will comprise 302 rooms over 11 floors, be connected to the New Zealand International Convention Centre by a sky bridge and to the existing SkyCity complex by a second sky bridge. The hotel will include a restaurant and bar as well as a gymnasium.

Horwath HTL Solution: Horwath HTL’s hotel market and revenue projections assisted SkyCity in its decision to invest in the hotel.

Project Status: Work is underway, the Horizon hotel is expected to open in 2021.

Contact for project: Stephen Hamilton

Wellington Convention Centre

Project Overview: Wellington City Council commissioned Horwath HTL to prepare indicative operating and financial projections for the proposed Wellington Convention Centre development.

Scope of Work: Council was considering three alternative project schemes on two parcels of land:

  • single level convention centre (top floor only of multi-storey development)
  • single level convention centre (ground floor, single purpose development)
  • two level convention centre (ground and second floor of a split development scheme)

Council was also considering options for the management of the venue.

Horwath HTL Solution: Independent market analysis, event projections and financial operation projections.

Project Status: The convention centre development is under construction and will be completed mid-2023.

Contact for project: Stephen Hamilton

Hotel Lease Expert Witness Representation

Project Overview: Owners of this strata-titled serviced apartment hotel were seeking expert witness representation in relation to the alleged underperformance of the hotel’s lessee which affected the financial returns to the owners.

Scope of Work: Horwath HTL assisted the barrister representing the claimant/owners by:

  • reviewing and commenting on affidavits from all parties concerned
  • conducting market research and supplying market insights
  • assessing the lessee’s performance based on available evidence, market knowledge and operational expertise
  • providing an affidavit under the rules of the High Court with an independent expert assessment of the arguments from both parties.

Project Outcome: Based on the arguments put forward, the lessee was ordered to implement several business improvements that would enhance the accountability to the owners and financial returns. Failure to implement these improvements would strengthen the owners’ position to terminate the lease.

Contact for project: Wim Ruepert

Operational Due Diligence for Fund Manager

Project Overview: Assist an overseas listed real estate funds manager and developer with the due diligence on a 200+ room hotel managed by an international operator.

Scope of Work: Horwath HTL was engaged to:

  • prepare an independent review and assessment of the operational aspects of a hotel
  • including market and financial performance, products and facilities, human resources, existing contracts, etc
  • assess the implications of the existing hotel management as they may relate to the fund’s future ownership review and assess the likely requirement for operational CAPEX in the immediate future advise and comment on potential value enhancing improvements.

Outcomes: Horwath HTL found a range of value enhancing opportunities, including operational improvements variations to assumed capital requirements and further enhancements to the preliminary development scope.

The fund subsequently acquired the hotel and, with the assistance of the existing operator embarked on a major improvement program.

Contact for Project: Wim Ruepert

Hamilton Airport Hotel & Conference Centre

Project Overview: To assist Waikato Regional Airport Limited with the development and execution of a long-term strategy for the company’s land holding with a Hotel and Conference Centre.

Scope of Work: Horwath HTL was engaged to:

  • inform WRAL of the issues and options in relation to the hotel’s ownership, competitive market position and future trading, following the end of the existing lease
  • give advice about the future operating structure and best market positioning of the hotel
  • conduct a search and selection process for a hotel operator and brand
  • lead the contract negotiations on behalf of the owners
  • advise on an upgrade strategy for the facilities
  • assist with the asset management of the hotel during the repositioning, rebranding and ongoing operation

Horwath HTL Solution: Supported by our analysis and advice, WRAL have acquired full ownership of the hotel business and real estate.  The hotel has been repositioned from a below average three-star accommodation facility to a recognised four-star branded hotel with quality facilities and management. The hotel now supports and runs alongside the airport facilities, creating operating synergies and a greatly improved operating performance.

Project Status: Completed

Contact for Project: Wim Ruepert

Māori Battalion Museum Business Case

Project Overview: Horwath HTL was engaged by the Waitangi National Trust to prepare a Business Case for the Māori Battalion Museum development on the Waitangi Treaty Grounds at a standard that meets national government requirements.

Scope of Work: The Business Case includes the following content:

  • Strategic Case (investment objectives, key strategic risks, high level objectives alignment)
  • Economic Evaluation (cost benefit analysis, including any benefits for regions other than the applicant)
  • Project Plan (procurement process, key project requirements to be used in the procurement, project timeline, key project risks)
  • Operational Budget (including capital expenditure and operating expenditure, any secured co-funding, capital and operational funding required, and any funding shortfall)
  • Management Plan (project management process, governance and management of the project, and ownership / management of the Museum / Trust Board)

Project Outcome: Within two years after submission of the business case, Te Rau Aroha, a new museum honouring Māori who fought in conflicts in New Zealand and overseas, opened in February 2020 at a cost $14.6 million.

Contact for Project: Stephen Hamilton

Resort Repositioning

Project Overview: Horwath HTL was selected by the overseas owners of a resort to assist them with the development and execution of a performance improvement plan.

Scope of Work: 

  • Business operations review with recommended actions for improvements in areas such as:
    • strategic business planning
    • sales, marketing & revenue management
    • customer experience
    • market / competitive performance
    • property operations and maintenance
    • organisational structure
    • financial performance and budgeting
    • capital expenditure planning
  • Resort repositioning and capital planning
  • Operator search and selection

Project Outcome: In progress.

Contact for Project: Wim Ruepert

Lifestyle Hotel Brand Expansion Advisory and Market Study, IHG

Description: Horwath HTL was engaged by IHG to support their market entry of its lifestyle brand to Japan.
Scope of work: Our work scope or this project included research on millennial-targeted lifestyle markets in Japan as well as search on existing boutique hotel market in major Japanese cities.
Status: The project was completed on time.

Feasibility and Operator Evaluation, Oakwood Premier

Description: Horwath HTL was engaged by Tekko Building Co. to evaluate best and highest use of the floor area of the client’s project right in front of Tokyo station, one of the busiest train stations in the world.
Scope of work: Horwath’s focus was on evaluating competitive landscape for the surrounding luxury lodging market, and we concluded that the project will be highly feasible as a high-end serviced apartment ideally with a hotel license being able to accommodate nightly guests.
Status: The subject property was opened as Oakwood Premier Tokyo in December 2015 and now caters to both business and leisure demands for the capital city of Japan.

Feasibility and Operator Evaluation, Luxury Resort in Niseko

Description: Horwath HTL was retained by a Hong Kong property to undertake a feasibility study for a resort development project in Hanazono resort, Niseko including hotel and condotel components.
Scope of work: Horwath HTL’s work scope included to provide opinion of value of proposed resort including residential portion. We undertook analyses of the local hotel market, hotel condominium market study in Asia pacific area, the proposed location of the property, reviewed the site as well as the master plans, and produced prospective financials for the proposed hotel and condominium components.
Status: This project is scheduled to open in 2019 as a globally-known luxury branded resort.

Feasibility and Operator Evaluation, Hyatt Centric/Hyatt House

Description: Horwath HTL was retained by Orix Corporation to undertake a feasibility study for a mixed-use development project including hotel and service apartment components in Kanazawa, Ishikawa. This is a call-for-bid public work offered by the Kanazawa city.
Scope of work: Horwath HTL provided an understanding of the key parameters affecting the positioning of the future project and its anticipated financial performance. In preparing this study our team undertook analyses of the local hotel market, hotel branded service apartment market across multiple cities in Japan. As per Horwath HTLʼs commissioned report, the owner selected Hyatt for the operating company to manage the two proposed hotels in the subject project.
Status: Our Market and Feasibility Study was used as professional review for the developer and the developer was the winning bidder for the project. The two hotels are scheduled to open in 2020 as dual-branded properties of Hyatt Centric and Hyatt House.

Property Due Diligence, Kiroro Resort

Description: Horwath HTL was engaged as an independent consultant for Thai Properties to conduct market research and analyses needed to provide estimates of the future.
operating performance and cash flows and the economic value of Kiroro Resort.
Scope of work: Horwath’s projection is based on that the two hotels within the resort would be operated and rebranded to Marriottʼs top-tier brands. We have conducted market research, management interviews, competitive analysis, and benchmark study for the value generated by international branded hotel.
Status: The project was completed on time. The two hotels are now in operation under Marriott’s two major brands – Sheraton and Tribute Portfolio.

Property Due Diligence and Operator Selection, Hilton Niseko Village

Description: Horwath HTL was retained by Citi Group to conduct a thorough due diligence of Higashiyama Prince Hotel in Niseko, Hokkaido. After its acquisition of the resort, Horwath HTL was continuously retained by Citi Group to select appropriate operator to maximize the resort’s mid- to long-term value.
Scope of work: We have conducted due diligence on existing hotel property, provided strategic repositioning advice for Citi Group which helped the Owner to rebrand the domestic facility into an international upscale resort, the detailed operator selection process helped maximizing the owner’s interest over the contract.
Status: After detailed selection process, Hilton was selected as the operator and the newly-rebranded hotel, namely Hilton Niseko Village, which is now recognized as the leading hotel in the globally-known Japanese ski resort market.

Condominium Hotel, Onna Village

Description: Horwath HTL has been retained since 2012 to provide full operational asset management services to the developer-owners of a condominium hotel located in Okinawa operated under long-term management agreements with a major Japanese domestic operator. Our primary remit was to act as the client’s representative in dealing with the operator, using our specialist and informed understanding of hotel operations to challenge performance, drive revenues and increase profit conversion.
Scope of work: Horwath HTL’s focus has been on working closely with the properties to help them better understand their own businesses through in-depth analysis of both internal and industry benchmark data and on supporting them in developing and implementing clear strategies to drive their respective businesses forward. We have also provided very hands-on assistance including pricing strategy, yield management, and product and service improvement.
Status: The hotel has been performing above the average of comp set and was able to deliver high yield for the condotel owner. Because the success of the first phase development, the owner has built a new wing and sold out all 84-unit inventory before the completion of the hotel. Horwath HTL was able to renew the contract, retained as the asset manager for the condotel.