Project name
What would 10 cabins have to earn? A cash-flow model for building a licensed tourism development. Every assumption is editable, and the URL is your saved scenario.
Revenue targets are not one number. These three are genuinely different bars, and most feasibility studies quietly report only the first.
EBITDA equals the annual debt service. You own a business that pays its own bank and returns you nothing. This is the bar most feasibility studies stop at.
At a 7% exit yield the finished operation is valued at €544.441 against €1.542.540 spent. Below this line you have destroyed capital by building.
Debt covered plus €69.414 a year on the €694.143 you put in. This is the point at which the project competes with simply owning something else.
Tourism construction pays the standard 23%, but a licensed empreendimento turístico makes taxable supplies, so the input IVA on the works is recoverable through the normal regime. That turns a six-figure tax into a float you carry for months. Get the company IVA-registered before the first invoice, not after.
Between signing for land and the first paying guest sits a licensing route, the architecture and specialties, the permit, the build itself, then tourism classification. Three years is optimistic; five is normal where a plan-level route is needed. Every year of that is interest, professional fees and no revenue — and none of it is in the figures above.