A beachfront all-inclusive resort of approximately 300 rooms in Antigua and Barbuda

A letter

Thank you for asking us to propose. What follows is what we understood, the two ways to begin, and where the work could go if you take it further.

The market pages inside are a sample of the book you would receive: the same figures, drawn live from the panel, at proposal length.

Bryan Younge and Daniel Stockhammer

What we understood

a beachfront all-inclusive resort of approximately 300 rooms in Antigua and Barbuda: prospective acquisition.

The support you asked for

• independent valuation
• full acquisition due diligence
• redevelopment advisory, including an evaluation of repositioning options

What this proposal sets out

• the full service offering for an engagement of this type
• which workstreams are delivered in-house and which, if any, with partner firms
• Caribbean transaction credentials
• the proposed team
• a modular fee proposal with indicative timelines
• confirmation of independence and no conflict of interest with any other party currently active in hotel acquisition processes in Antigua and Barbuda

Your request, and the existence of your interest, are held in confidence.

The flow of work

what is built at any stage carries forward into the next if it is taken; nothing here waits on anything else

The two options

60% on countersignature, 40% on delivery, per module; expenses at cost; net 15.

The market preview

Antigua and Barbuda, read against its Caribbean peers. This is the layer the book carries, at proposal length.

The scoreboard

Figures at country grain, as the panel holds this market; trailing twelve months. Click a column head to sort.

By class, where the panel reports it

The panel reports performance for the classes above only; the inventory table below carries every hotel by class.

The hotel inventory

31 existing hotels, 3,503 rooms, as the panel places them, open or with no status stated. Standing but not open, apart from the count: Dian Bay Resort & Spa (50 rooms, permanently closed); Colonna Antigua Hotel (44 rooms, temporarily closed); Coco Point Lodge (34 rooms, permanently closed). The all-inclusive flag is read from the name and brand and is completed by the research.

Caribbean supply

The region's Upper Upscale and Luxury stock, cut five ways, with this island's own row in amber. Upper Upscale, Luxury are the tiers the dissection reads; the performance figures are measured through 2026-07-31, and the hotel census read 2026-09-09.

Hotels and rooms by market and tier

The region is the markets the panel measures: 20 markets. Click a column head to sort.

Outside the measured set, and carrying no row above, the panel does not measure: Cuba, Haiti, Guadeloupe, Martinique, Saint Martin, Saint Barthelemy, Trinidad & Tobago, St Vincent/The Grenadines, Bonaire, Sint Eustatius and Saba.

Counts are of hotels open or with no status stated; closed hotels are shown apart.

Size bands by tier

Where the region's rooms sit by the size of the hotel, and how many of each band stand on this island.

The subject falls in one of these bands, on the count the brief states, about 300 rooms: 151 to 300.

Brand families, independents and the all-inclusive share

The families the panel names, in order of the rooms they hold, with the all-inclusive count each one carries.

The independents and the branded hotels the panel groups as other stand as their own rows above, so the two are read on one measure.

The pipeline by market, status, tier and opening year

Every announced project the panel carries, market by market, and the two tiers together add: 26,393 rooms.

The trailing twelve months beside the stock

The two tiers' twelve months set beside the stock they run on, in order of the rooms they hold. A market the panel does not measure at this grain carries no figure here.

Upper Upscale adds 9,421 announced rooms, 15.8% of its existing stock, while its RevPAR moved a median +11.0% over the twelve months, across the markets the panel measures.

Luxury adds 16,972 announced rooms, 32.7% of its existing stock, while its RevPAR moved a median +7.0% over the twelve months, across the markets the panel measures.

The premise

The announced pipeline in the region's two upper tiers is robust and concentrated. Luxury carries 16,972 announced rooms, 32.7 percent of its standing stock, and Upper Upscale 9,421 rooms, 15.8 percent. Most of that volume sits in the Dominican Republic, Jamaica and Turks and Caicos, not on Antigua, whose own pipeline is 352 rooms, 252 of them Luxury for 2028 and 100 Upper Upscale proposed for 2029. Over the twelve months to July 2026 the two tiers' RevPAR moved a median 7.0 percent and 11.0 percent higher across the measured markets, so the announced rooms are arriving in a period of rising RevPAR rather than of decline. On the tables as they stand, that pipeline reads as momentum in the region's travel industry rather than as a threat to a 300-room beachfront all-inclusive being repositioned; whether it holds for this property turns on the local pipeline, delivery risk, source-market access, tier positioning, operator and distribution fit, phasing, capital cost and hurricane resilience, and those are tested in the valuation and the repositioning work, not assumed here.

The paragraph above is the repositioning module's premise in our words, written from the supporting research; its figures are those of the tables above, measured through 2026-07-31.

The firm

Seaplane Hospitality Ventures, LLC is the contracting entity: the licensee of the Horwath HTL practice for the United States, through which the network's offices, standards and data stand behind every engagement it signs; the partner office named on the cover delivers with it.

The global leader in hospitality, tourism and leisure consulting. Our focus is one hundred percent on hospitality, tourism and leisure consulting.

The Caribbean office

Since the industry's inception (1971), when the market grew from 1,000 to over 100,000 hotel rooms, Horwath HTL Dominican Republic has been providing professional services and worked on projects in the Dominican Republic, the Caribbean and Central America.

• Four Seasons Hotel feasibility study, Miches
• Benchmark study for Cap Cana destination
• Business plan for a luxury destination development, Punta Cana
• Cabo Rojo destination phase I market study, Pedernales
• Feasibility study for a 10,000-acre destination development, Monte Cristi
• Feasibility study for Hilton Garden Inn La Romana
• Land valuation for eco luxury developments, Samana
• Market entry strategy for a mixed-use development, Las Galeras
• Valuation for Amanera Playa Grande, Rio San Juan

Full service, one standard

The team and credentials

Bryan Younge

Managing Partner, Horwath HTL USA

co-lead

MAIASAFRICS

Bryan Younge serves as Managing Partner for the US market and as a member of Horwath HTL’s global valuation leadership team.

He advises global hotel brands, ownership groups, operating companies, developers, lenders, and institutional investors. His 25 year background in hotel valuation, hospitality real estate analysis, and complex advisory work brings a rare and valuable perspective to high-stakes assignments.

Over the course of his career, Bryan has built and led international hospitality valuation teams, establishing a leadership footprint that extends throughout the Americas and into key international markets. His experience covers a broad range of hospitality and leisure property types including hotels, resorts, stadiums, golf courses, amusement parks, multifamily assets, office properties, industrial facilities, retail centers, and other various large-scale real estate enterprises ($1B+)

Before joining Horwath HTL, Bryan served as Executive Vice President and Specialty Practice Leader for Newmark’s Hospitality, Gaming and Leisure group, where he led a 30+ member team across the United States and India. Prior to Newmark, he was the Managing Director and National Practice Leader for the Hospitality and Leisure group at Colliers International Valuation and Advisory. He also spent 13 years at Cushman and Wakefield, where he served as National Practice Leader for the Sports and Entertainment Group and as a senior member of the Hospitality and Gaming Group.

Bryan holds an MBA from Northwestern University’s Kellogg School of Management, and a BS from Cornell University. As an undergraduate, he earned placement on the National Dean’s List and was a member of the National Honors Society. He also completed the Corporate Finance Summer Program at the University of California, Berkeley. Bryan continues to pursue advanced professional education through programs sponsored by the Appraisal Institute and other accredited organizations.

Certified General Real Estate Appraiser, licensed in multiple U.S. jurisdictions

Daniel Stockhammer

Senior Director, Horwath HTL Dominican Republic

co-lead

MRICSRV

Daniel is a Senior Director at Horwath HTL, bringing extensive expertise in market and financial feasibility studies, property valuations, and asset management. His focus spans mixed-use developments and large-scale tourism projects across the Caribbean, Central America, Europe, and West Africa. Renowned for his strategic acumen, Daniel excels in hotel chain selection, management contract negotiations, and the development of destination strategies, helping clients navigate complex markets with confidence.

Throughout his career, Daniel has contributed to some of the most ambitious tourism developments in the region. His notable achievements include overseeing the land valuation for Cap Cana, a 120-million-square-metre luxury tourism development and one of the Caribbean's premier destinations. Additionally, he led the market study for the 38.6-million-square-metre Cabo Rojo, Pedernales site, a transformative public-private tourism project in the Dominican Republic.

Daniel’s insights into global hospitality trends are enriched by his fluency in multiple languages and his active participation in the industry as a published contributor and panelist. His ability to operate effectively in diverse markets positions him as a trusted advisor to international clients and stakeholders.

Daniel holds an MBA from the Joseph Schumpeter Institut in Wels, Austria, a Master of Arts in International Relations from the University of Hamburg, and a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University. He is a Registered Valuer (RV) and a Member of the Royal Institution of Chartered Surveyors (MRICS), credentials that underscore his expertise and commitment to excellence.

John Fareed

Global Chairman Emeritus, Horwath HTL

strategic counsel

MScCHMEISHC

John has over 30 years of experience in providing consulting services to a diverse clientele, including Fortune 500 companies, global brands, lenders, developers, REITs, management companies, investors, owners, attorneys, and insurers. His consulting expertise is concentrated in the areas of asset management and strategic market planning, with a particular focus on new openings, repositionings, and turnarounds. Furthermore, John provides expert witness and litigation support services within the hospitality, tourism, and leisure sector.

John's accomplishments have been widely recognized. The Hospitality Sales and Marketing Association International (HSMAI) named him one of the "Top 25 Extraordinary Minds in Sales and Marketing." In 2024, the International Hospitality Institute (IHI) named him among the "100 Most Influential People in USA Hospitality and Travel." Additionally, John serves as Global Chair Emeritus of the International Society of Hospitality Consultants (ISHC) and as a member of the Board of Trustees for HSMAI's International Foundation.

John Fareed holds a Master of Science degree from the School of Hospitality Management and Tourism at the Dublin Institute of Technology (now known as Technological University Dublin) in Ireland. Furthermore, he holds a Hotel Real Estate Investments and Asset Management Certificate from Cornell University and professional designations from both the International Society of Hospitality Consultants and the Hospitality Sales and Marketing Association International.

Biographies as the Horwath HTL consultant pages state them, read 2026-09-09.

Caribbean activity

We advise as an independent consultancy and do not act as a broker in any transaction.

Caribbean project footprint: Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Cayman Islands, Dominican Republic, Grenada, Jamaica, Saint Kitts and Nevis, Saint Lucia, Turks and Caicos.

Independence

Seaplane Hospitality Ventures, LLC confirms, for itself and for the engagement team named in this proposal, that no member of that team is engaged by, or in discussions with, any other party in connection with the acquisition of hotel assets in Antigua and Barbuda, and that none of them holds an interest in the subject resort or its seller. This confirmation is given as of the date of this proposal and will be updated if circumstances change.

Given as of 10 September 2026. Confirmed for Seaplane Hospitality Ventures, LLC by Bryan Younge on 2026-09-09.

Terms and conditions

Contracting entity

Seaplane Hospitality Ventures, LLC

Governing law

Delaware

Partner office

Horwath HTL Dominican Republic

Standard

prepared in accordance with the RICS Valuation Global Standards (the Red Book) and the International Valuation Standards (IVS), and with the Uniform Standards of Professional Appraisal Practice (USPAP), which bind the signing appraiser

Liability

the fees paid under the module in question

Reliance

the client alone; a lender or investor is added as a reliance party only by our prior written consent, naming the party and its purpose, under a reliance letter and any fee then agreed

Expenses

at cost

Language

English, with a Chinese reading of the page; the English text governs

Quote valid for

60 days from the date of this proposal

Commencement

the seller's information pack, or the client's written instruction to proceed on the public record alone

Termination

either party on thirty days' written notice; fees earned to the date of termination on a module in progress, pro rata to the workstreams delivered, and expenses at cost

Currency and taxes

fees in United States dollars by wire transfer; any withholding, sales or value-added tax, and any bank charge, is borne by the client so that we receive the fee stated

Information

information received is held for the engagement, disclosed only to the team and the partner firms named, and retained as the standards require

Professional indemnity

no professional indemnity cover is represented in this letter; our liability is limited as the Limitation of liability clause states

Beyond the modules

USD 650 an hour for written work and USD 950 an hour for testimony, for services beyond the modules of this proposal, agreed in writing before the work

Sign, or download

The signing link appears here once an option is chosen; the engagement letter for that option is then prepared for signature.

Choose an option, then sign. Until then, this page is where the scope is refined together.

The draft letters, for review and not for signature: Draft letter, Option A Draft letter, Option B

Colophon

Market figures

CoStar, through the market record, at country grain, measured through 2026-07-31

Photography

via Unsplash, pinned by frame on the market record

Firm figures

horwathhtl.com, read 2026-09-09

Terms

the engagement terms, read by this page and by the engagement letter

Built

2026-09-10

State

draft, for the partner