Blvd. Kukulcán Km. 18 Hotel Zone, Cancun
The subject property is a vacant lot located at Blvd. Kukulcán Km. 18, in the Hotel Zone in Cancún, Quintana Roo. The total area of the land is 29,507.5 square meters or 2.95 hectares. The land is regular, with a beachfront of approximately 150 linear meters and irregular topography. The property has all the services (water and electricity).
The land use presented mentions an authorized density of 708 rooms. We were also presented with the financial projections of the project that was intended to be carried out on the property that includes two hotels with 275 and 475 rooms and 150 residential units (which according to current regulations are equivalent to 525 rooms) for a total of 1,275 rooms. For the purposes of this valuation, we consider the 1,275 rooms projected in the analysis prepared by the brand.
The proposed development consists of a 15-18 story hotel with 750 rooms, distributed in two different products and 150 apartments for sale. It has a 1 level underground parking with capacity for 695 cars. Said number of units and construction surfaces was provided by the client according to the project and authorized land use. The price per square meter of each unit was obtained according to market comparables.
PRICE: $117,500,000USD or $3,981 per m2
CADASTRAL VALUE: $131,668,416USD