A food-first destination, built in phases
The plan follows the Longridge playbook: secure a scarce, nature-set asset, reposition it under a proven culinary brand, add keys, and exit at stabilization. Dates and figures below update with the model.
Restaurant Pearl Morissette
Canada's most decorated restaurant adds a second destination, now with overnight stays. The original restaurant in Jordan Station continues to operate alongside the new Collingwood location.
Sources: Michelin Guide; Canada's 100 Best; North America's 50 Best Restaurants.
How the acquisition and build-out are paid for
Equity and a first mortgage fund the close. A construction line of credit covers the build until the month-60 refinance, and partner equity is sized so that debt reaches the target loan-to-cost by construction end.
Sources & uses at closing
Total project capitalization, close to refinance
Debt outstanding at each year-end
Acquire, develop, operate, exit
Move the milestones to see how timing changes equity needs and returns. Phase 2 is a five-month build ending the month before opening; Phase 3 is a twelve-month cabin build.
Project schedule
Cumulative net cash to equity
Project level, before partner fees
What drives NOI
Revenue comes from eight existing suites, the Phase 3 cabins, and an in-house Pearl Morissette restaurant. Variable costs scale with revenue; fixed costs ramp in over the first three years.
Revenue by stream
Annual, by hold year
Net operating income
NOI margin labelled
Stabilized-year NOI bridge
Operating pro forma
Annual, CAD
Refinance, sale, and the distribution waterfall
Cash is distributed annually above a $750K reserve, with larger events at the refinance and the sale. Partners receive capital back, then an 8% compounding preferred return, then a sponsor catch-up and an 80/20 split.
Returns by party
Net of fees and carried interest
LP cash flows per $100K invested
Annual, net of fees
Where distributions come from
Total cash received, by waterfall tier
Exit summary
Stress the two assumptions that matter most
Each cell re-runs the full monthly model around the current scenario. The outlined cell is the scenario you are viewing.
How to read this dashboard
Model basis
Fee schedule
How the operating assumptions were benchmarked
HPM against the comparable set
Published rate comparables
Nightly rates from property websites