MEDITERRANEAN RESORT & HOTEL REAL ESTATE FORUM
November 2015
1
We are a Leading Global Investor
in high-end residential resorts in emerging markets.
Dolphin is a leading global investor in the residential resort sector
in emerging markets and one of the largest real estate investment
companies quoted on AIM of the LSE.
Dolphin’s assets are located in the eastern Mediterranean,
Caribbean and Latin America and some of the world’s most
recognized architects, golf course designers and hotel operators
are its partners
2
DOLPHIN CAPITAL INVESTORS
Presence in 6 countries and
3 regions
MAJOR PROJECTS
MEDITERRANEAN, CARIBBEAN AND
LATIN AMERICA
57 million m2
LAND OWNED UNDER
DEVELOPMENT
5 Core Projects
LARGE-SCALE LEISUREINTEGRATED
RESIDENTIAL RESORTS
4 hotels in the Core Projects
(1 OPERATING, 1 UNDER
CONSTRUCTION,
2 PLANNED )
2 golf courses in the Core
Projects
(1 FULLY RENOVATED, 1 PLANNED)
12 Major Non-core Projects
9 LARGE SCALE
60+ Aristo projects
3
Core
Non- Core
DOLPHIN CAPITAL INVESTORS
3
OUR PARTNERS
OPERATORS CURRENTLY IN DISCUSSIONS
OPERATORS AND DESIGNERS CURRENTLY IN PLACE
www.aman.com
www.ghmhotels.com
www.nikkibeach.com
www.kempinski.com
www.fourseasons.com
www.sixsenses.com
www.ritzcarlton.com
www.waldorfastoria.hilton.com
www.oberoihotels.com
www.nicklaus.com
www.rosewoodhotels.com
www.tonyjacklin.com
www.garyplayer.com
www.harthowerton.com
www.denniston.com.my
www.banyantree.com
www.oppenoffice.com
www.edsaplan.com
4
DOLPHIN CAPITAL INVESTORS
www.oneandonlyresorts.com
PROJECT LIFECYCLE
Project
theoretical
value
Value growth rate and
timing assumes constant
market conditions
Homes sales
Hotel stabilization
Operation commencement / start villa sales
Leisure element construction
Financing
Zoning / branding / design / permits
Acquisition
0
1
2
3
4
5
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20
years
5
DOLPHIN CAPITAL INVESTORS
HOTELS IN OPERATION
Operating since summer 2012
Operating since summer 2014
Operations start 23 Nov 2015
Keys: 42 (46)
Villas: 15 (34)
Operator: AMAN
Keys: 66
Operator: Nikki Beach
Keys: 26 (36)
Villas: 5 (32)
Operator: AMAN
6
DOLPHIN CAPITAL INVESTORS
AMANZOE CASE STUDY
7
DOLPHIN CAPITAL INVESTORS
The Porto Heli Collection is home to Amanzoe,
Nikki Beach , and Jack Nicklaus Signature Golf
Resort, and offers a range of luxury residential
units, catering to a diverse range of travelers and
buyers. It is engulfed by azure waters and protected
coves, and in close proximity to ancient sites of
cultural and archeological interest and picturesque
islands.
World-Class
COOL
9
DOLPHIN CAPITAL 9
INVESTORS
DOLPHIN CAPITAL INVESTORS
LOCATION: THE GREEK RIVIERA
ATHENS



Within two-hours’ driving distance from
Athens International Airport
25min helicopter ride from Athens
International Airport
Two hours by ferry from Piraeus Port
Kilada Hills Golf Resort
Amanzoe
The Nikki Beach Resort
10
DOLPHIN CAPITAL INVESTORS
THE GREEK RIVIERA
HOME TO SOME OF THE MOST LUXURIOUS HOUSES IN EASTERN MEDITERRANEAN
11
DOLPHIN CAPITAL INVESTORS
Draws its name from the Sanskrit derived word for ‘peace’,
‘aman’, and ‘zoe’, the Greek word for ‘life’. In the realm of
Greek luxury resorts lies a contemporary retreat embracing
Greece’s rich history and culture. Amanzoe offers travelers
an ideal base from which to explore the natural beauty,
coastal pleasures and ancient heritage of the Peloponnese
region.
COMPOSITION
PARTNERS
Opened in summer 2012, Amanzoe is probably the most up market, chic and elegant destination
in South East Europe offering the best in hospitality, residences and leisure activities. Amanzoe
has the following composition and facilities:
TOTAL UNITS
BUILD TO
DATE
TO BE
BUILD
UNIT SIZE
(m2)
The Aman Hotel & Spa
38 pavilions
38
--
100
The Aman Beach Club
Cabanas
8 pavilions
4
4
65
The Aman Hilltop Villas
30 villas
7
23
300 – 5,000
The Aman Seafront Villas
4 villas
--
4
550 - 750
COMPOSITION
13
DOLPHIN CAPITAL INVESTORS
FACILITIES
• The Aman Beach Club
• The Aman Spa
• Restaurants
• Boutique
• Art Gallery
• Function room
• Swimming pools
• Tennis Court
• Yoga Pavilion
• Gym
• Lounge bar
• Library
• Helipad
14
DOLPHIN CAPITAL INVESTORS
MAJOR MILESTONES
2007
2008
2009
2010
2011
2012
2013
1. Site Acquisition
2. Entitlements
3. Design & Value
Engineering
4. Tendering
5. Financing
6. Construction
7. Sales, Marketing & PR
8.Villa Sales
9.
15
DOLPHIN CAPITAL INVESTORS
Operations
2014
2015
FINANCIAL PERFORMANCE
Financial performance of the Amanzoe hotel for 2015 was in line with budget, with occupancy almost reaching
100% on many days during peak season
2014
2015
AVERAGE OCCUPANCY
(for months of operation)
41%
57%
AVERAGE ROOM RATE
€1,260
€1,299
TOTAL AVERAGE SPENDING
(average spent per room /day)
€1,900
€2,250
AVERAGE LENGTH OF STAY
4 days
4 days
305
214
€5,200 to €10,600
€5,200 to €10,600
DAYS OF OPERATION
AMAN VILLA ADR
16
DOLPHIN CAPITAL INVESTORS
Villa 20
Villa 20 represents the largest Aman villa in the entire
global Aman portfolio.
Due to its uniqueness it is expected to generate
significant rental and other revenues for Amanzoe.





4,992 of covered m2
10 bedrooms
a 30 metre and a 40 metre swimming pool
a full spa and gym inclusive of an indoor pool
multiple sitting areas all with stunning sea views
17
DOLPHIN CAPITAL INVESTORS
18
19
GENERAL TERMS AND CONDITIONS
The information in this presentation, which is for background and informational purposes only, is preliminary in nature and subject to
change. This presentation has not been issued for circulation to the general public. This presentation does not constitute an offer or
invitation to enter into any contract or commitment with Dolphin Capital Investors (‘DCI’).
Neither DCI nor its subsidiaries nor any of their respective officers, employees, managers, agents or shareholders have verified any
of the information or opinions set out in this presentation and do not represent or warrant their accuracy or completeness. Nothing in
this presentation is, or should be relied upon as a promise or a forecast and no representation or warranty is given as to the accuracy,
achievement or reasonableness of any future projection, forecast or other statement.
All statements are based on future expectations rather than on historical facts and are forward looking statements that involve a
number of assumptions, risks and uncertainties. The Company and the Investment Manager cannot give any assurance that such
statements will prove to be correct. Any forward looking statements made by or on behalf of the Company are made only on a best
estimate basis as of the date they are made and they do not constitute future earnings, revenues or profits forecasts or guidance.
Neither the Company nor the Investment Manager undertake to update forward looking statements to reflect any changes in
expectations, events, conditions or circumstances upon which such statements are made.
DCI and its subsidiaries as well as their respective officers, employees, agents or shareholders disclaim to the fullest extent permitted
by law any and all liability for representations, either express or implied, whether contained in or omitted from the presentation in
any other written or oral communication made in connection with this presentation.
This presentation is confidential and neither it not any of its contents may be reproduced in whole or in part or passed on to any
person without the consent of Dolphin Capital Partners (‘DCP’). This presentation is not intended to be an inducement to a contract,
no is it intended to form the basis of an investment decision. Receipt of this document does not constitute the giving of the
investment or other advice by DCI or DCP and recipients are recommended to consult their own independent advisers.
23
DOLPHIN CAPITAL INVESTORS