PPP Business Plan 09 03
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Three P<br />
privilege privacy prestige
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Three P<br />
privilege privacy prestige
Table of Contents<br />
i<br />
Introduction<br />
7<br />
ii<br />
Overview<br />
9<br />
iii<br />
<strong>Business</strong> Concept<br />
19<br />
iv<br />
<strong>Business</strong> Model<br />
29<br />
v<br />
Marketing <strong>Plan</strong><br />
35<br />
vi<br />
Economics<br />
45<br />
Value Of The Company<br />
47<br />
Appraisal<br />
59<br />
Refurbishment Project<br />
107<br />
vii<br />
The Team<br />
145
introduction<br />
We would like to take the opportunity to present a unique business<br />
concept. Having studied the available luxury accommodations in Rome,<br />
it became apparent that there are no real luxurious accommodations<br />
that offer complete privacy and services for the elite Very Important<br />
Person from all over the world.<br />
The business concept is built on:<br />
City: Rome<br />
Location: The Palazzetto, 16th Century Historical Asset<br />
Management Team: Offering Beyond Expectations to Private Guests<br />
Global Networking: Using global outlets for booking.<br />
The exclusivity of the P is key to satisfying Private Guests. Additional<br />
key ingredients will be the architectural modifications and exceptional<br />
management. In evaluating the value of the project in a prudential way<br />
the following factors were considered: Architectural modifications,<br />
appraisals, booking studies, financial projections, management and<br />
economics.<br />
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II<br />
Overview
overview<br />
Virtues Of Rome<br />
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overview<br />
The most well-known<br />
city for art, culture<br />
& history<br />
The Vatican is located<br />
in the middle<br />
of the city<br />
Rome<br />
Is Unique<br />
Capital of the world<br />
in gastronomy<br />
& fashion<br />
International and<br />
cosmopolitan<br />
destination<br />
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overview<br />
Visitors Of Rome<br />
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overview<br />
Kevin<br />
Spacey<br />
Actor<br />
Prince Harry<br />
Of Wales<br />
Public Figure<br />
Robert<br />
De Niro<br />
Actor<br />
Emma<br />
Stone<br />
Actor<br />
Christiano<br />
Ronaldo<br />
Sports Star<br />
Roger<br />
Federer<br />
Sports Star<br />
Brad<br />
Pitt<br />
Actor<br />
The Visitors<br />
Of Rome<br />
Are Unique<br />
Angelina<br />
Jolie<br />
Actor<br />
Queen Mathilde<br />
of Belgium<br />
Public Figure<br />
Matthew<br />
McConaughey<br />
Actor<br />
Leonel<br />
Messi<br />
Sports Star<br />
Salman<br />
Rushdie<br />
Literary Figure<br />
Scarlet<br />
Johansson<br />
Actor<br />
Michael<br />
Caine<br />
Actor<br />
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overview<br />
The Asset<br />
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Private garden<br />
Terraces<br />
Amazing view<br />
From Balconies<br />
& Garden fountain<br />
Hand crafted details<br />
High vaulted cielings<br />
Famous busts<br />
Frescos<br />
Painted ceilings<br />
the<br />
palazzetto<br />
is unique<br />
Historic prestige<br />
Multiple private<br />
entrances<br />
Private internal<br />
staircase<br />
Little chapel<br />
Open spaces<br />
Fireplace<br />
Large windows
overview<br />
Rome<br />
The building within which P. will be established is located in the heart of Rome (Italy), specifically at Piazza Campitelli, 2,<br />
a secluded and intimate part of Rome, which unlike the locations of our competitors, is not subject to the high volume of<br />
tourist and traffic.<br />
According to a 2013 report from Jones Lang LaSalle, Rome remains the most visited city in the world and that the hotel<br />
sector in the Italian capital has experienced steady growth over the years with signs of strong long-term growth to<br />
continue.<br />
Despite the adverse economic environment, tourism to Rome strengthened further over the last few years. Demand continues<br />
to be driven by international guests representing approximately 70% of the total available beds per night, confirming<br />
Rome’s reputation as an established international leisure destination.<br />
Rome is Italy’s largest city and is considered the country’s most important tourist destination, benefiting from a well-diversified<br />
market mix. Rome has an unparalleled archaeological, cultural, artistic and historical heritage, making it one of<br />
Europe’s, and the world’s most visited, famous and attractive capital. Rome can truly be classified as a ‘global city’ and is<br />
also widely recognized for its charming traditions, the unique character of some its neighborhoods, its breath-taking panoramic<br />
views, beautiful parks and growing nightlife scene.<br />
Another strong signal is the fact that over the last 5 years US Film Production companies are producing more and more<br />
films in Europe. Increasingly, film production and post-production are following the tax breaks offered around the world.<br />
In 2007, the Italian government introduced a financial law (244/2007) which included a 25% tax credit on production costs<br />
incurred in Italy. The effort of the Italian Government has been initiated to encourage inward investments and production<br />
film shooting in Italy. As a result, huge mainstream films have been shot in various Italian locations (especially Rome due<br />
to its scenic backdrops) through 20<strong>09</strong> and 2015, bringing the Studios back to Italy after a long period of absence.<br />
According to Price-Waterhouse-Cooper hotel report, although Rome is one of the leading cities in terms of occupancy<br />
rates, Rome has lower RevPAR when compared to cities such as Geneva, London and Zurich. Rome is currently ranked 5th<br />
place (with average earnings of €101 per night behind its competitors). We truly believe that this delta in RevPAR is due<br />
to the lack of ultra-luxurious accommodations and services that could justify higher per night earnings. As represented<br />
below, the supply of luxury suites accounts for only 8% (circa) of the total stock available:<br />
Rome: Hotel Supply<br />
Grade Establishments Rooms % of Total<br />
5-star 27 3,753 7.9%<br />
4-star 238 24,830 52.4%<br />
3-star 338 13,208 27.9%<br />
other* 339 5,619 11.9%<br />
total 942 47,410 -<br />
{ as of march 2013 }<br />
*Other includes 1 and 2-star hotels<br />
Source: Ente Bilaterale Turismo del Lazio<br />
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overview<br />
It’s important to point out that P. intends to fill a niche not represented above nor currently available in Rome, namely<br />
a decidedly higher priced (above €8,000 average daily rate) all-inclusive and Private Accommodations Facility, that is not<br />
part of a hotel structure. Combined with tailored services, private spa and amenities, P shall differentiate itself by becoming<br />
the go-to location for exclusive clientele. The location will attract and retain guests who appreciate such refined-private<br />
accommodations and services.<br />
The Asset<br />
The Palazzetto (the Asset) is located inside the – Palazzo Albertoni Spinola – has been selected by the Developers for the<br />
establishment of P. The Asset, designed by the well-known Italian architect Giacomo della Porta (also known for being<br />
responsible for the completion of St. Peter’s Dome), is recognized as a Historical Residence (1933). The Asset expands over<br />
approximately 2,000 sq. m. (21,000+ sq. ft.) and is currently structured as 1,045 sq. m. (3428 sq. ft.) of residential surface<br />
area and 340 sq. m. (1115 sq. ft.) of Common and Office Space. The Asset also includes 420 sq. m. (1378 sq. ft.) of Garden,<br />
Roof Garden and Terraces.<br />
Specifically the Asset, as it is today, features: Three residences, including an enclosed courtyard garden and rooftop terrace<br />
with large attic room, more than 7 independent and private entrances; five office spaces (located on the Ground Floor); Four<br />
parking spaces (located in the property’s private courtyard area) and a glass elevator overlooking the courtyard.<br />
Overall the structure of the Asset truly reflects the characteristics of privacy and prestige that are unique in itself.<br />
Network<br />
P will focus on consolidating itself as the go-to accommodation for, A-list celebrities and a selected segment of the general-public<br />
who are willing to pay a premium for enjoying the qualities of prestige, privacy and privilege offered by the<br />
Facility.<br />
We truly believe that this unique marketing strategy will set P apart from both local and international competition.<br />
In order to reach the above objective P will be collaborating with Eduardo Verastegui, a growing international movie star<br />
whose personality and reputation is in synergy with the P. concept. Although, Luca Delli Santi will have an oversight role<br />
with the management of the Asset, as well as being an Equity Partner of the Limited Liability Partnership (both structures<br />
are subsequently described) his main task through the sales and booking office to be established in Los Angeles will be to<br />
identify and contact potential guests as well as represent the Asset to anyone interested.<br />
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III<br />
<strong>Business</strong> Concept
usiness concept<br />
Factors Of Importance<br />
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usiness concept<br />
business concept<br />
Three exclusive suites<br />
signed by a star<br />
architect<br />
Private Butlers, Private<br />
chefs, Service Personnel<br />
and Private Limousine<br />
Drivers<br />
Focus on Privacy<br />
& Exclusivity<br />
Each suite benefits<br />
from complete privacy,<br />
comfort and top of<br />
the line services<br />
Private Theater<br />
Private Spa<br />
Private Gym<br />
Customized Services<br />
focus on<br />
privacy<br />
& exclusivity<br />
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usiness concept<br />
The Ambassador<br />
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overview<br />
the utmost<br />
important factor<br />
Eduardo Verastegui<br />
the ambassador is the<br />
founder of this concept<br />
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usiness concept<br />
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business concept
usiness concept<br />
Mission<br />
P’s mission is to provide ultra-luxurious private suites and top-level services to our selected guests in a comprehensive and<br />
cost competitive manner, providing the finest high-end accommodations in Rome.<br />
Ultra Luxury Suites<br />
The P will be the first private, members only, ultra Luxurious Accommodation Destination in Rome designed by a star<br />
architect around pure indulgence and service. Each suite will combine modern furnishings with 16th century architectural<br />
design to focus on member guest’s comfort and experience. These unique qualities are not available anywhere else in Rome.<br />
EXCELLENCE IN SERVICE<br />
Unlike local competitors, P will have services that are individually tailored to each guest. Each suite will have its private<br />
butler, maid/waiter and private driver, and upon request, a private chef and personal trainer. In addition, each suite will<br />
have its own spa and gym area, thus providing the guest with the highest degree of privacy.<br />
Privacy<br />
Privacy is the focal point of P (as reflected by the selection of P for the name). We truly believe, that privacy is one of the<br />
bestselling points, since it is a luxury that cannot be purchased when going to the larger hotels. The layout of the structure<br />
is designed so that each guest can reside in total privacy without the need to encounter other guests. Communal areas (such<br />
as the Private Cinema) will be used only upon reservation, while transfer from the vehicle to the suites will be carried out<br />
within the structure, thus non-visible from the public.<br />
Security<br />
Closely tied to the concept of Privacy is the 24 hr. security provided. Security will greet guests upon arrival at the inside<br />
welcome area to the Palazzetto (i.e. not outside and open to the general public) and will be responsible for the vigilant monitoring<br />
of the facility and guests. Upon request, guests may request a personal bodyguard to accompany them as needed.<br />
Additional Features<br />
Additional features will be made available, such as the Private Cinema in a one of a kind structure, private spas and gym<br />
in each Suite.<br />
Hospitality Management<br />
The Suites will be managed by experts in the field of hospitality who have international backgrounds and are capable of<br />
dealing with the demands of elite clientele. In order to guarantee the highest level of professionalism, day-to-day activities<br />
will be coordinated by a Director who’s CV is rich with extensive experience in some of the most exclusive hotel facilities<br />
throughout the world. The nominated Director will be responsible with the selection of the personnel and auxiliary service<br />
providers for which he will be ultimately responsible for.<br />
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usiness concept<br />
Oversight on behalf of the ownership will be entrusted to General Manager Luca Delli Santi, who has extensive experience<br />
in asset management and facility management, having worked for international private equity groups for several years.<br />
Mr. Delli Santi will be responsible with overseeing that the facility is being managed in accordance with the vision of the<br />
General Partnership and Limited Partnership as well as coordinating and presenting monthly Profit and Loss reports.<br />
Mr. Luca delli Santi with his friend<br />
actor Armie Hammer<br />
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IV<br />
<strong>Business</strong> Model
usiness model<br />
The Target<br />
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usiness model<br />
PROJECT<br />
FUNDAMENTALS:<br />
Location: Rome<br />
Venue: The P<br />
Refurbishment: Famous<br />
Architect & designer<br />
P’s Exclusive Marketing<br />
& Booking Strategy<br />
P’s Ambassador Image<br />
VIP GUESTS<br />
ARE LOOKING FOR:<br />
- Exclusivity<br />
- Privacy<br />
- Convenience<br />
- Service<br />
THE ONLY OTHER<br />
COMPARABLE SUITE<br />
(is not private):<br />
The roman penthouse of<br />
hotel Regina Baglioni<br />
12.000 eur/night<br />
(all services excluded)<br />
THE VENUE<br />
FUNDAMENTALS:<br />
Exclusivity of the<br />
accommodation<br />
Location<br />
Size of Suites<br />
Filling of Niche Market<br />
World Class Management<br />
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usiness model<br />
Target market<br />
Identifying the key requirements of the target guests is essential. Specifically guests involved in the film industry who seek<br />
luxurious accommodations while travelling. The characteristics of Privacy, Luxury and Exclusivity are key. After researching<br />
the Luxury Suites segment of the Hotel Industry, the goal for P is to create a one- of-a kind ultra-luxurious accommodations,<br />
designed by internationally renowned architects and designers, and internationally qualified management.<br />
In order to realize this objective, we believe the following key elements are important:<br />
- a one of a kind environment such as Rome;<br />
- a historical building such as Palazzetto inside Palazzo Albertoni Spinola which provides prestige to the end structure;<br />
- internationally trained and highly qualified management;<br />
- constant flow of tourist across the main Italian cities; and most importantly;<br />
- the Visionary’s well-established Network of celebrities and A-list individuals.<br />
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business model
V<br />
Marketing <strong>Plan</strong>
marketing plan<br />
Benchmark<br />
Many of the world’s most prestigious<br />
and luxurious suites are not in<br />
hotels (with our service)<br />
Based on these facts and numbers<br />
an approximate price of $ 18.000 usd<br />
per night can be asked for<br />
the largest suite<br />
There are no options in rome<br />
For such design of accommodation:<br />
Perfect place and time to create one!<br />
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marketing plan<br />
Competition Features<br />
Differentiation in services<br />
according to specific guests’ needs<br />
The cost of leadership is<br />
much lower than for a hotel<br />
The focus is on<br />
the guests’ wishes and needs<br />
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marketing plan<br />
Competitive Strategies<br />
Customized services for the guests<br />
Beating the benchmark<br />
standard of the only available<br />
suite at this level in Rome (the<br />
Baglioni’s Regina Hotel) for<br />
Privacy, Service & Prestige<br />
Price / Quality: Beating<br />
The Benchmark<br />
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marketing plan<br />
Customer Satisfaction<br />
Booking Company at<br />
a major location in LA<br />
Membership: A Club<br />
membership structure<br />
allowing only members<br />
to participate<br />
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marketing plan<br />
Price Benchmark<br />
The table below is a comparison of the top global luxury suites (sourced through www.elitetraveler.com).<br />
Note: Other Suites which are located in remote vacation or beach areas are not included.<br />
TABLE A<br />
Hotel Structure Suite Name Country City Sq ft Sqm Price Usd Usd/Sq ft Price Euro Euro/sqm<br />
1 W Verbier Extreme WOW Suite Switzerland Verbier 1981 184 $ 11,400 $ 5.75 € 10,354 € 56<br />
2 Jumeirah Chairman Suite China Shangai 3337 310 $ 1,495 $ 0.45 € 1,358 € 4<br />
3 Kampinsky Hotel Presidential Suite China Taiyuan 2336 217 $ 14,814 $ 6.34 € 13,455 € 62<br />
4 Condrad Presidential Suite China Beijing 380 35 $ 9.200 $ 24.21 € 8,356 € 237<br />
5 Waldorf Astoria Presidential Suite China Beijing 2497 232 $ 10,690 $ 4.28 € 9,7<strong>09</strong> € 42<br />
6 The Ritz Carlton Presidential Suite China Chengdu 3477 323 $ 11,050 $ 3.18 € 10,<strong>03</strong>6 € 31<br />
7 Intercontinental Deluxe Harbourview Suite China Hong Kong 1100 102 $ 2,448 $ 2.23 € 2,223 € 22<br />
8 W Guangzhou Extreme WOW Suite China Guangzhou 9558 888 $ 14.275 $ 1.49 € 12,966 € 15<br />
9 Fairmont Nanjing Presidential Suite China Nanjing 2810 261 $ 14,570 $ 5.19 € 13,234 € 51<br />
10 The Peninsula Shanghai The Peninsula Suite China Shangai 4305 400 $ 18,473 $ 4.29 € 16,779 € 42<br />
11 The Ritz Carlton The Ritz Carlton Suite China Tianjin 4411 410 $ 16,000 $ 3.63 € 14,532 € 35<br />
12 Le Bristol Royal Suite France Paris 3229 300 $ 25,000 $ 7.74 € 22,707 € 76<br />
13 Intercontinental Champagne Suite Holland Amsterdam 1100 102 $ 4,300 $ 3.91 € 3,906 € 38<br />
14 Waldorf Astoria Brentano Suite Holland Amsterdam 1324 123 $ 5,000 $ 3.78 € 4,541 € 37<br />
15 The Ritz Carlton The Ritz Carlton Suite India Bangalore 3157 293 $ 3,737 $ 1.18 € 3,394 € 12<br />
16 Regina Hotel Baglioni Roman Penthouse Italy Rome 2906 270 $ 18,015 $ 6.20 € 16,363 € 61<br />
17 Luna Hotel Baglioni San Giorgio Terrace Suite Italy Venice 1615 150 $ 6,130 $ 3.80 € 5,568 € 37<br />
18 Portrait Firenze Ponte Vecchio Suite Italy Florence 1292 120 $ 3,341 $ 2.59 € 3,<strong>03</strong>5 € 25<br />
19 Intercontinental Osaka 3 Bedroom Residence Japan Osaka 1776 165 $ 5,875 $ 3.31 € 5,336 € 32<br />
20 Andaz Tokyo Toranomon Hills Andaz Sky Suite Japan Tokyo 2260 210 $ 10,000 $ 4.42 € 9,083 € 43<br />
21 Hotel Hermitage Diamond Suite Monte Carlo Monte Carlo 1722 160 $ 10,657 $ 6.19 € 9,679 € 61<br />
22 Hotel d’Angleterre Royal Suite Switzerland Geneva 1550 144 $ 8,900 $ 5.74 € 8,084 € 56<br />
23 Intercontinental Geneva The Residence Switzerland Geneva 7000 650 $ 56,000 $ 8.00 € 50,863 € 78<br />
24 Rosewood Royal Suite UAE Abu Dhabi 3864 359 $ 7,399 $ 1.91 € 6,720 € 19<br />
25 Anatara Dubai The Palm Anantara UAE Dubai 2217 206 $ 2,450 $ 1.11 € 2,225 € 11<br />
26 Conrad Dubai The Royal Suite UAE Dubai 3422 318 $ 3,000 $ 0.88 € 2,725 € 9<br />
27 Jumeirah Emirates Towers Royal Suite UAE Dubai 3391 315 $ 3,600 $ 1.06 € 3,270 € 10<br />
28 The Oberoi The Presidential Suite UAE Dubai 2700 251 $ 3,268 $ 1.21 € 2,968 € 12<br />
29 Waldorf Astoria Presidential Suite UAE Jumeirah 4197 390 $ 13,600 $ 3.24 € 12,353 € 32<br />
30 51 Buckingham Gate Suites and Residences Jaguar Suite UK London 1832 170 $ 9,360 $ 5.11 € 8,501 € 50<br />
31 Rosewood London Manor House Suite UK London 1991 185 $ 15,085 $ 7.58 € 13,701 € 74<br />
32 W London Extreme WOW Suite UK London 1615 150 $ 4,725 $ 2.93 € 4,292 € 29<br />
33 The London Edition Penthouse Suite UK London 2077 193 $ 9,600 $ 4.62 € 8,719 € 45<br />
34 The Berkeley Opus Suite UK London 3250 302 $ 16,804 $ 5.17 € 15,263 € 51<br />
35 The New York Palace Jewel Suite USA New York 5000 465 $ 25,000 $ 5.00 € 22,707 € 49<br />
36 Intercontinental Royal Suite USA LA 3300 307 $ 8,000 $ 2.42 € 7,266 € 24<br />
37 Casa Madrona Alexandrite Suite USA San Francisco 3500 325 $ 1,000 $ 0.29 € 908 € 3<br />
38 The Langham Two Bedroom Infinity Suite USA Chicago 2700 251 $ 6,000 $ 2.22 € 5,450 € 22<br />
39 The Cromwell The Cromwell USA Las Vegas 2550 237 $ 2,600 $ 1.02 € 2,362 € 10<br />
40 Mandarin Oriental Suite 5000 USA New York 3300 307 $ 28,000 $ 8.48 € 25,432 € 83<br />
41 The Joule The Penthouse Loft Room 1052 USA Dallas Texas 2500 232 $ 10,000 $ 4.00 € 9,083 € 39<br />
42 The Rittenhouse P5 USA Philadelphia 1300 121 $ 2,200 $ 1.69 € 1,998 € 17<br />
43 The Keating Hotel The Macallan USA San Diego 850 79 $ 1,500 $ 1.76 € 1,362 € 17<br />
44 The Beverly Hills Hotel Suite 100 USA LA 1445 134 $ 3,795 $ 2.63 € 3,447 € 26<br />
Please note that the average €/sq. m. price for the above Suites is €39.<br />
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marketing plan<br />
It’s worthwhile to point out that P is creating a new segment to the hotel market, that of Private Suites, that are not part<br />
of a large hotel structure or chain of hotels. The concept is to create a luxurious destination vacation stay venue capable of<br />
providing the three core fundamentals for what P. stands for Privacy, Privilege and Prestige.<br />
A review of competitors’ marketing strategies reveals that no one is targeting this market segment. This is especially true<br />
when analyzing the local competition where there are just a couple of suites capable of competing against the top suites of<br />
the world. As of today the only two Roman suites that compete on a global level are:<br />
1. Regina Hotel Baglioni – Roman Penthouse<br />
Located in the Via Vittorio Veneto District of Rome, the Suite is comparable in terms of price range and luxury. Recently<br />
refurbished expanding over approximately 2,900 sq. ft. (270 sq. m.). The mid-season price is approximately Euro 10,000<br />
per night. Unlike the P. Suites, services are not included in the price. However, P distinguishes itself from this suite as the<br />
Baglioni’s guests do not have a sense of privacy when it comes to the shared facilities and entrance, thus being subject to<br />
the eyes of the general public on a day-to-day basis.<br />
2. Villa La Cupola<br />
Located on the fifth and sixth floor of the Westin Excelsior Hotel on Via Vittorio Veneto District of Rome, the Suite is<br />
comparable in terms of size. The Suite is enriched with frescoes and classical furniture as-well-as a Private Cinema, Fitness<br />
Room, Jacuzzi, Sauna and 360° view terraces. Although, this suite offers more in terms of facilities when compared to the<br />
second best (Baglioni Hotel) it comes with a higher asking price of € 20,000 (USD 21,771) per night. Also, unlike P guests<br />
would not have the advantage of privacy since they would be exposed to the general public when entering and leaving the<br />
Hotel Structure.<br />
To conclude, it is our assessment that P positions itself in a segment of the market currently non-existing in Rome and as<br />
such would not be subject to the degree of competition that 5star hotel suites have with each other. In turn, this lack of competition<br />
will translate in a greater percentage of occupancy and, in turn, greater operating income generated by P’s business.<br />
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marketing plan<br />
P. Suites<br />
In light of the above, the Suites and attached Average Daily Rate (ADR) offered by P will be the following:<br />
- Garden Suite<br />
ADR: €18,000<br />
- Ambassador Suite:<br />
ADR: € 18,000<br />
- Executive Suite:<br />
ADR: €7,500<br />
Please note that the above ADRs have been computed by multiplying the average €/sq. m. of the 46 suites listed in TABLE<br />
A (above) against the sq. m. of each suite.<br />
Competitive Advantages<br />
Lower Management Cost compared to a Hotel<br />
Due to it’s unique structure, the management cost is dramatically reduced while the personnel/guest ratio is significantly<br />
higher. This will automatically convert in greater customer satisfaction and higher operating income due to lower operating<br />
costs (please see Financial <strong>Plan</strong> for further information).<br />
Tailored Services<br />
Due to the high personnel/guest ratio each guest will benefit from tailored services to fit their needs or requirements. Since<br />
no two guests are the same as the next, we recognize the importance of identifying, before the guest arrives, what their<br />
needs and likes are. By doing so, the Management will consistently “beat” its competition which is incapable, due to the<br />
large number of clients it must serve, of being able to provide this tailored attention.<br />
Due to the great degree of exclusivity, the business behind selling the P suites (as listed above) is largely driven by referrals<br />
and repeat business.<br />
Booking Company at a prestigious LA location<br />
P’s marketing strategy for customer acquisition will be largely based on the establishment of a representative office in a<br />
prestigious location within the greater city of Los Angeles, due to its it’s close proximity to the film industry.<br />
This office will be responsible for the word-of-mouth referrals and bookings among Target Guests with a specific effort at<br />
creating an awareness among a specific sphere of society to build referrals. This will be done also through specific sponsored<br />
social gatherings, events and cocktail parties organized by the Ambassador where potential guests may socialize with<br />
other Potential guests may socialize with other Potential Target Guests and in turn build the aforementioned word-ofmouth<br />
referrals.<br />
P will also consider developing a specific webpage and social network status.<br />
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marketing plan<br />
Club & Membership<br />
P intends to become a private structure designed exclusively for a specific segment of the general public (“Target Guests”). These are<br />
individuals that are either involved in the international film industry, top athletes or any other individuals that satisfy the requirements<br />
associated to their reputation and standing.<br />
As such, a membership program has been designed for the use of the P. In In order to reserve a suite of P each person must be a member<br />
of the P Club. Each new member application will be reviewed by the board members of the P. All requested reservations will be<br />
reviewed to ensure the peace, tranquility and compatibility with another member guest wanting the same time period. The intent is to<br />
create an atmosphere of privilege and exclusivity which is widely sought after by the type of Members P intends to attract. Please note<br />
that although Limited Partners will have access to P on a residual basis (that is, those days made available that our outside the high-mid<br />
season) and they will belong to the P Club.<br />
a service like this<br />
has never been seen before<br />
P stands for<br />
privilege privacy prestige<br />
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VI<br />
Economics
Value Of<br />
The Company
value of the company<br />
Valuation criteria<br />
The study, “The assessment of hotel companies”, that we have selected to form the Valuation criteria was made by Professor Roberto Moro<br />
Visconti, chartered accountant, statutory auditor and professor of corporate finance at the Catholic University of Milan.<br />
The assessment of hotel companies<br />
Hotel companies have particular features and peculiarities, which are of great importance in the case of their assessment: compared to typically<br />
relevant real estate assets, hotels have different characteristics (stars, number of rooms, location, seasonality, etc.) that affect their profitability<br />
and market estimation when adapting the traditional methods of assessment.<br />
Hotel companies: characteristics and peculiarities<br />
A hotel (etymologically, hostel), is a company that provides accommodation against payment, usually used on a short-term<br />
basis by tourists or for work. In their different types, hotels are different from motels (normally positioned along arterial<br />
roads, outside of urban centers, with services including parking for cars which is not always available in all hotels); from<br />
residences (where people typically stay for longer time); and from bed and breakfast or youth hostels, usually dedicated<br />
to the young.<br />
In addition to the “hotel” function of hosting guests overnight, often they offer - to varying degrees - complementary services,<br />
such as catering activities (bars and restaurants), sports and recreational activities (swimming pools, gyms, meeting<br />
rooms for conventions and meetings, etc.). Some hotels render tailored hospitality services.<br />
The type of clientele (artistic, natural, religious tourism, etc.; corporate clients for trade shows, conventions, etc.) and<br />
seasonality impact the coverage of fixed costs and the opening times; and thus, indirectly, also impact the assessment. The<br />
quality of the hotels - classified by means of stars (ranging from one to five or even more, depending on their growing<br />
degree of luxury) - contributes as a distinctive feature to determining their value.<br />
In Italy - according to statistics of Federalberghi (http://www.federalberghi.it/) - there are the following structures:<br />
Stars Hotels Rooms Beds<br />
5 393 29.645 64.106<br />
4 5.354 349.701 736.311<br />
3-rta 18.<strong>03</strong>4 560.158 1.159.737<br />
2 6.6<strong>09</strong> 110.327 2<strong>09</strong>.944<br />
1 3.438 43.455 80.606<br />
Total 33.728 1.<strong>09</strong>3.286 2.250.704<br />
The evolution of the hotel industry places an increasing emphasis not only on connecting the hotel with transportation<br />
(airports, stations, highways, public transportation, etc.), but also on intangible services related to internet (Wi-Fi - often<br />
free of charge - is now considered a must) and marketing channels as well as booking increasingly focused on the web (with<br />
several specialized sites, such as booking.com; Expedia, etc.), through reviews of users (Trip Advisor, etc.).<br />
The property estimation of the hotel complex (the “walls” and receptive structures, often with an adjoining park, etc.), the<br />
value of the hotel license, in addition to the performance parameters (employment rate; margin generation and cash flows,<br />
etc.) stand out among the main value components.<br />
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value of the company<br />
The services and hotel infrastructure are traditionally represented by a lobby with an entrance hall, which - on a visual<br />
level - is the “business card” of the hotel (visits are often preceded by online virtual “site inspections”); a reception or a<br />
front office for checking-in (which in more evolved hotels can be done completely online, similarly to online check-in for<br />
a flight); the internal common areas (bar, restaurant, lounge, etc.) as well as the external ones; technical and service areas,<br />
(not accessible to customers); the room-plan, rooms with beds and bath cells. All these parameters affect the evaluation.<br />
The generated revenue per available room is a traditional indicator of the sector, which allows us to carry out comparisons<br />
between different hotels, establishing the economic value of a single room, also taking into consideration the occupancy<br />
rate and the associated number of sold rooms (room nights). Revenue per available room is calculated as the percentage of<br />
occupancy, multiplied by the average room price.<br />
The volumes/margins ratio also takes into account the agreements with companies, which guarantee certain employment<br />
rates by means of a pre-agreed discount scheme. Conventions also constitute an essential element of the hotel’s performance.<br />
The evaluation - which considers performance together with perspective techniques of budgeting, - also takes into account<br />
whether the hotel belongs to a hotel chain (often to an international one), which - among others - has an impact on the<br />
level of brand awareness and reputation, as well as on customer loyalty. The evaluation of the hotel brand and any customer<br />
satisfaction related information (e.g. through sites like Trip Advisor) are also taken into consideration in this context.<br />
About the need to carry out a corporate assessment<br />
The valuation of a hotel company may be appropriate or necessary, for example, in the following cases:<br />
• the sale of the company or a branch of it (e.g. only the management, maintaining the “walls”);<br />
• the sale of investments;<br />
• exit / entry of a partner;<br />
• extraordinary transactions (mergers, divisions, transfers, transformations);<br />
• impairment test of the performance (for the hotels companies applying the IAS / IFRS);<br />
• appropriateness of the rentals of business units and of the redemption price,<br />
• as part of bankruptcy proceedings;<br />
• hereditary divisions / donations;<br />
• bankruptcy proceedings / arbitration proceedings;<br />
• performance evaluation.<br />
Evaluation methods of companies:<br />
systematic classification<br />
Here below we succinctly illustrate the different methodologies for assessing companies, partly in order to identify the<br />
peculiarities related to hotel companies , related to each method. As to the research on the market value of a company, over<br />
time both the most reliable theories and the practices have developed their generally accepted set of criteria and evaluation<br />
methods applied (subject to the particular character of each estimate). The most known and most widely adopted methods<br />
for evaluating companies can basically be divided into five different macro-groups:<br />
• financial methods;<br />
• income-based methods;<br />
• equity-based methods;<br />
• mixed methods of equity-income;<br />
• sintetic methods (e.g. comparable transactions).<br />
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value of the company<br />
The financial method<br />
The financial method is based on the principle that the market value of a company is equal to the discounted cash flow generation<br />
value of the property. The determination of the extent of such cash flow is of primary importance when applying<br />
this method, as well as the consistency of the adopted discount rates.<br />
Theoreticians (especially in the Anglo-Saxon world) surmise that the financial method is the ‘ideal’ solution for estimating<br />
the economic value for limited periods; although in fact it is also possible to make reliable estimates of cash flows for longer<br />
periods. One can then proceed to the estimation of expected cash flows through a projection of the normalized flows (F.C.),<br />
using alternatively:<br />
• unlimited capitalization:<br />
• limited capitalization:<br />
where W1 and W2 represent the present value of future cash flows.<br />
Once the current value of cash flows is determined, the calculation of the economic value (W) of the company to be valued<br />
equals to the following:<br />
a) with the unlevered cash flow method:<br />
b) with the levered cash flow method:<br />
where:<br />
CF0 / WACC = the current value of operative cash flows<br />
CFn / Ke = the current value of net cash flows<br />
VR = the current value of the residual value (terminal value)<br />
D = net financial position (cash + financial receivables, minus borrowings)<br />
The difference between the two methods is derived from the different interpretation of cash flows associated with the debt<br />
and with capital repayments. The residual value - if it is subject to appreciation - is the result of discounting the value<br />
attributed to the capital of the functioning company at the ‘n’ time (prior to this, cash flows were estimated analytically).<br />
It is often a significant component of the total value - ‘W’ - and tends to zero if the time horizon of the capitalization is<br />
infinite (VR / ∞ = 0).<br />
The income-based method<br />
The income-based method uses the principle that the value of a company is not derived so much from the value attributed<br />
to the net balance sheets, but rather from the future average incomes that the company is expected to generate. In the case<br />
of time-limited income (R), incomes are capitalized for a defined period (n) of years (from 3-5 up to 10) according to a<br />
capitalization rate (an opportunities rate which is equivalent to the yield offered by alternative investments, running the<br />
same risk level), while the market value (W) can be determined as follows:<br />
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value of the company<br />
In recent years the recourse to the hypothesis of unlimited duration of income generation has gradually become more<br />
widespread (with n ∞), because beyond a certain number of years, the value difference between definite and indefinite rent<br />
becomes negligible. The formula for the evaluation of companies for an unlimited period of income over time is as follows:<br />
W = R / i<br />
Replacing the expected income with a net cash flow, W can be determined using the financial methods.<br />
As per the case of hotel companies, profitability may refer to either the specific management (income from overnight stays,<br />
from catering, from the use of the meeting rooms, catering...) or the quota generated within a given period of time, from<br />
the appreciation of the value of the real estate component.<br />
The equity-based method<br />
According to the equity-based method, the value of a company is determined by assigning a value of individual assets and<br />
liabilities registered in the balance sheet, at the historical cost. The sum of the values that have been analytically attributed<br />
to assets and liabilities show an asset value called “adjusted net assets”.<br />
In addition to the “simple” method there are also “complex” equity methods, consisting of the value of intangible assets,<br />
including those that have not been accounted for, registered with or - in some cases - without market value. The theoretically<br />
proposed formula is as follows:<br />
W = K + (K’ - t)<br />
where:<br />
W = market value of the company;<br />
K = shareholders’ equity (equity book value);<br />
K’ = adjustments made to shareholders’ equity;<br />
K + (K’ - t) = Adjusted net assets;<br />
t = (possible) tax effects of the adjustments.<br />
As per the evaluation of the hotel companies, this method appears to be of little use, because it does not adequately valorize<br />
profitability.<br />
mixed methods of equity-income<br />
These methods - mediating between the asset and income methods - are defined mixed. The application of these methods is particularly<br />
suitable for the assessment of hotel companies, because of the significant equity component that is typical of such cases<br />
– obviously not neglecting the income component, either.<br />
The most basic mixed method is the so-called method of average value, which takes into account the average of the asset value (K)<br />
and the income value with unlimited capitalization (R/i):<br />
W = 1⁄2 (R/i + K)<br />
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value of the company<br />
The synthetic methods of the market<br />
Alongside the above methods (also called “analytical”), the doctrine and practice identify estimation methods called “synthetic”,<br />
based on market indicators and multiples, which are used for determining the value based on the observation of<br />
certain parameters (e.g. Price / Earnings) identified within companies, and primarily used on regulated markets, providing<br />
the basis for their entire sector.<br />
Sometimes these are used in the evaluations of inter-relations, in negotiations (comparables) in case of companies operating<br />
in the same sector, bearing similar characteristics (relative to cash flow, sales, costs, etc.).<br />
Among the empirical methods the EBITDA multiplier is also a widely applied method, in which the net debt must be added<br />
algebraically, in order to switch from the estimated enterprise value (total value of the company) to the equity value (net<br />
asset value, which expresses the adequacy of the compensation for the sale to members of the company that are selling the<br />
business unit).<br />
With specific reference to hotel companies, when choosing the multiplier or comparable transactions, among others the<br />
following items need be taken into account:<br />
• the type of clientele;<br />
• the value of the structures;<br />
• the services offered;<br />
• the location;<br />
• the state of maintenance;<br />
• the unit price per room / bed;<br />
• the employees;<br />
• the quality of the kitchen;<br />
• average period of accommodation.<br />
- 52 -
- 53 -<br />
value of the company
value of the company<br />
The method we deem appropriate to adopt is the mixed approache because it is the most widespread model:<br />
“mixed method of equity-income”<br />
Application of the method<br />
Market Value of the Asset<br />
As of March 2015 the Asset has been valued by an independent appraiser at: Euro 30,000,000.00 (euro thirty million).<br />
It is noteworthy to point out that the Asset has a benefit from Historical Tax Relief such as extremely low Annual Property<br />
Taxes (approximately $15,000 per annum).<br />
Refurbishment project<br />
(See Refurbishment project chapter, page 1<strong>03</strong>)<br />
Summary of the cash investment:<br />
• Architect and Designer Project:<br />
• All Refurbishment costs, Including Improvement, Build-Out and Furniture:<br />
• Development Start Up Expensive<br />
• Five months Working Capital<br />
• Total<br />
$1.5 MM<br />
$2 MM<br />
$1 MM<br />
$1.5 MM<br />
$6 MM<br />
Value of the <strong>Business</strong><br />
Based on the method adopted which foresee the average of the Asset Value (K) and the income value with unlimited capitalization<br />
(R/i):<br />
W=1/2 (R/i+K)<br />
An additional reason why this method has been used is based on the fact that the Asset (Palazzo Albertoni Spinola) is<br />
not changed in a way to be transformed into accommodation/touristic/hotel activities; instead it remains from a cadastral<br />
standpoint a private residence with a simple authorization provided, in accordance with the following regional regulations:<br />
• Regional Regulation, October 24/2008 n. 16<br />
• BUR November 7, 2008, n. 41, S/130<br />
• Regulation for non-hotel Accommodation Facilities:<br />
• The urban requirements of residential type remain completely unaltered, and so are the destination and the use of individual<br />
residential apartments, as well as the independence of the individual real estate units.<br />
• Thus even if we adopted it here in a conservative manner, the following assessment shows an unmotivated halving in value<br />
of the transferred asset.<br />
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value of the company<br />
In light of the above, below is the formula adopted for the evaluation of the P.<br />
EURO 8,000,000(R)/0,080= EURO 100,000,000+EURO35,000,000= EURO 135,000,000/2= EURO 67,500,000<br />
Please note that we have estimated the capitalization rate at: 8%.<br />
It is also noteworthy to point out that the alternative methods to the Mixed Approach are the following:<br />
• Financial Methods;<br />
• Equity-based Methods;<br />
• Income-Based Methods,<br />
• Empirical Methods (eg. Comparable Transactions).<br />
It is also noteworthy to point out that we have adopted the most conservative approach when evaluating the business since,<br />
if other approaches were used, a higher market value would have resulted. In turn, this should provide a greater incentive<br />
for new investors since it automatically converts in a higher equity percentage.<br />
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value of the company<br />
Financial <strong>Plan</strong><br />
Projected Profit and Loss<br />
Operating Assumptions Year 1<br />
[1] Revenues Assumptions<br />
Number of Suite s 3<br />
Revenue from Suites sold seperately - $/Day* 43,500<br />
Garden Suite 18,000<br />
Ambassador Suite 18,000<br />
Small Suite 7,500<br />
Revenue from Suites sold together - $/DayD 40,000<br />
Occupancy Rate (280 days x year ) 77%<br />
Occupancy made available for LPs 23%<br />
Scenario 1 - Days all Suites sold together 100<br />
Scenario 2 - Days Suites sold seperately 100<br />
Scenario 3 - Days Small Suite + Ambassador Suite sold together 80<br />
[2] Other Revenues 0<br />
Operating Expense Assumptions<br />
Number of Staff ** 29<br />
Fixed Costs 2,250,000<br />
Other Expenses*** 1,250,000<br />
Profit and Loss Proform a<br />
REVENUES<br />
[1] Revenues from Suites<br />
Revenue from Scenario 1 (100 out of 280 days @ €40,000 x day) 4,000,000<br />
Revenue from Scenario 2 (100 out of 280 days @ €43,000 x day) 4,350,000<br />
Revenue from Scenario 3 (80 out of 280 days @ €40,000 x day) 3,200,000<br />
Total Revenue from Suite 11,550,000<br />
[2] Other Revenue Percent 0<br />
Other Revenues 0<br />
TOTAL REVENUES 11,550,000<br />
EXPENSES<br />
1 Fixed Costs 2,250,000<br />
2 Other Costs 1,250,000<br />
TOTAL EXPENSES 3,500,000<br />
EBITA 8,050,000<br />
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value of the company<br />
Services Included in the Price<br />
Services not included in the Price<br />
Staff Required<br />
Extra Personnel on Request<br />
Other Expenses<br />
Gym with Personal Trainer<br />
SPA with Sauna<br />
Personal Butler<br />
Security<br />
Maid<br />
Driver and Car<br />
Bell Boy<br />
Concierge<br />
Welcome package (drinks and other)<br />
Food and Beverages<br />
Chef<br />
Personal Tour Guide<br />
Driver and Car outside Rome<br />
Laundry<br />
Extra Spa Services<br />
Additional Personal Trainer<br />
1 Director<br />
3 Secretaries (Italian Based)<br />
2 Personal Trainers<br />
4 Service Wellness<br />
3 Butlers<br />
6 Security Services<br />
5 Maids<br />
3 Drivers<br />
1 Bell Boy<br />
1 Accountant<br />
3 Chefs<br />
4 Wellness and Beauty Services<br />
3 Tour Guides<br />
Utilities<br />
Condominium<br />
Property Taxes: €15,000<br />
Insurance<br />
Fuel<br />
Uniforms<br />
Body Care Products<br />
Welcome Packages<br />
Cutlery and Tableware<br />
Kitchenware<br />
Linen<br />
Stationary<br />
Administrative Costs<br />
Legal Services<br />
Accountant Services<br />
IT Services (Booking, website)<br />
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Appraisal
appraisal<br />
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appraisal<br />
TABLE OF CONTENTS<br />
1<br />
2<br />
3<br />
4<br />
5<br />
6<br />
7<br />
8<br />
9<br />
10<br />
11<br />
12<br />
13<br />
14<br />
15<br />
– INTRODUCTION<br />
– OBSERVATIONS ON THE BUILDING IN GENERAL AND ON THE<br />
RESTORATION WORKS<br />
– OVERVIEW OF THE REAL ESTATE PROPERTIES SUBJECT OF EVALUATION<br />
– MARGINAL NOTES ON THE CRITERIA OF DESCRIPTION AND<br />
MEASUREMENT<br />
– DESCRIPTION OF EACH REAL ESTATE PROPERTY<br />
– DESCRIPTION OF THE INTERVENTION OF REDEVELOPMENT<br />
– ADDITIONAL REMARKS ON THE LOCATION OF THE REAL ESTATE<br />
PROPERTY<br />
– SUMMARY OF SURFACES<br />
– SEARCHING FOR THE EVALUATION CRITERIA<br />
– SEARCHING FOR THE EVALUATION PARAMETERS FOR DIRECT<br />
PROCEDURE<br />
– VERIFICATION OF THE NOMISMA OBSERVATORY ON ‘’EXCLUSIVE<br />
RESIDENCES IN ROME’’<br />
– SEARCHING FOR THE MARKET VALUE:FEATURES IN COMMON<br />
– SEARCHING FOR THE MARKET VALUE:EXTRAORDINARY FEATURES OF<br />
THE PROPERTY<br />
– THE AVERAGE OF VALUES<br />
– LIST OF ANNEXES<br />
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appraisal<br />
1 – Introduction<br />
First of all It is necessary to clarify that considering the historical significance, the absolute uniqueness and<br />
the value of the property, any economic assessment object is considered very difficult.to reach also due to<br />
the absence of benchmarks with the features of these kind of building projected and built by two of the<br />
most important architects of the italian Reinassance: Giacomo Della Porta (https://<br />
en.wikipedia.org/wiki/Giacomo_della_Porta) and Girolamo Rainaldi (https://en.wikipedia.org/wiki/<br />
Girolamo_Rainaldi )<br />
The task entrusted to us is to complete the rough estimation of the property, considering an overall<br />
intervention of functional redevelopment with the ‘turn-key’ formula.<br />
This preliminary technical assessment is the culmination of a series of investigations, analyses and processing<br />
the collected data. These enabled us to conclude findings and results of value hereby referred to,<br />
at the issue date of this document.<br />
The preliminary technical assessment was conducted on the basis of the available documentation and<br />
information received from the client, which we considered to be true.<br />
In some cases, it was necessary to find some information or documents otherwise not being available. In<br />
particular, the land registry records and the hypocadestral records of the complex were traced through a<br />
computer search, and preliminary investigations were carried out in order to identify the types of intervention<br />
that are compatible with the governing town-planning regulations.<br />
Therefore, in this document we have also indicated - in relation to the main topics discussed - the source<br />
documents that have led to the conclusions presented here.<br />
The state of affairs of the property is represented by the processed planimetric data that were available to<br />
us from information we received and from what was established during the site visit.<br />
The owners’ intention is to carry out a redevelopment, aimed at establishing three interdependent, yet at<br />
the same time autonomous, luxury suites, each equipped with fitness, wellness, and relaxation areas. The<br />
three residences will be equipped with shared security services, an office and a movie-theatre for private<br />
screenings.<br />
The decision to carry out this redevelopment – a rather simple one, for that matter, given the current<br />
structure of the property – was made with the aim of alienating the property, taking exclusively the foreign<br />
demand into consideration, from the ultra-high-net-worth (uhnw) segment.<br />
As shown by the most renowned research of the sector conducted by credit suisse (https://www.Worldwealthreport.Com),<br />
over the last five years there has been a steady increase in this segment, putting the<br />
increase between 2000 and 2014 at no less than +300 percent.<br />
Obviously, one may not get the meaning of the above statements without considering the unique features<br />
of the property, its prestigious location in the very center of the capital of italy, and especially rome itself<br />
– being the foremost city in the world as to the presence of monumental and historical-artistic treasures,<br />
and global center of Christianity due to the presence of the Vatican City and the Apostolic See of the Pope.<br />
In addition, there is the ‘network’ represented by the main characters of international show-business as well<br />
as of public or private institutions, regularly visiting this city to enjoy its features as described above. Their<br />
presence offers a live and global advertisement of such features, and it keeps spreading - within the UHNW<br />
segments - a potential desire to possess a jewel of this kind.<br />
In this regard, it is also necessary to remark on some important investments that in 2014-2015-2016<br />
(ANN.14 press review) took place in Rome by Mid-Eastern and USA-based hotel chains, as well as on the<br />
North American commitment towards the most important soccer club in Rome (A.S. Roma).<br />
Lastly, the ever growing appeal for products ‘made in Italy’ and the Italian way of life in the ‘luxury brand’<br />
and ‘luxury food’ segments also played a role in strengthening this determination of the owners. In fact, this<br />
appeal confirms that those who can afford to appreciate the use and consumption of Italian products and<br />
services incurring high-end costs, want to experience these sensations themselves.<br />
A proof of the above said, as well as a further confirmation of the ‘appeal’ experienced by buyers is the<br />
comparison between the amounts of property taxes collected by the Italian tax authorities and those collected<br />
by Anglo-Saxon countries, and in particular in the United States of America, where tax revenues on<br />
properties of such value are at least 10 - or even 20 - times higher.<br />
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appraisal<br />
PALAZZO ALBERTONI SPINOLA - PIAZZA CAMPITELLI, 2 - ROME<br />
HISTORICAL NOTES ON THE EVENTS SURROUNDING THE CONSTRUCTION OF THE PALACE<br />
AND ITS RESTORATION<br />
A detail of the cross vault of the first mezzanine: the lion passant over the niche, the Albertoni coat-of-arms.<br />
Prepared by:<br />
Architect Vincenzo Berardi<br />
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appraisal<br />
Historical-critical report<br />
The Albertoni Spinola Palace, with an entrance in Campitelli square n. 2, is located in the 10th District<br />
(Rione Campitelli).<br />
The facade of the palace towards Piazza Campitelli was built between 16<strong>03</strong> and the years immediately<br />
following (Fig. 1), with some interventions in late 1616.<br />
Fig. 1 – Front of the Paluzzi Albertoni Palace from an engraving by Giovan Battista Falda (ca. 1675)<br />
(Spinola 1995, tav. I)<br />
The work was commissioned by Marquis Baldassarre Paluzzi Albertone initially to Giacomo della Porta (ca.<br />
1540-1602), then continued and completed by Girolamo Rainaldi (1570-1655), in an area likely to be rebuilt<br />
between the buildings De Rossi (later Cavalletti) and Capizucchi.<br />
The work of Della Porta involved the project and the construction of the bearing structures and the internal<br />
partitions of the big building, in the years between 1560 and 1580 (Fig . 2).<br />
Particularly:<br />
A) He integrated the new construction into the ancient preexisting Palazzetto, allowing this unit to extend<br />
and merge into the new construction without being able to recognize that you are in one side or in the other<br />
part of the Palazzo;<br />
B) He created and maintained a direct view of the entry of Santa Maria (which is the Campitelli Church located<br />
in front of the Palazzo Albertoni Spinola) from the original door of the Palazzetto, despite having built<br />
the great Palazzo in front of what preexisted building; In fact, the entrance gallery of the building forms a<br />
diagonal connection between the square and the inner courtyard.<br />
C) He has made possible the use of the old roof secret garden of the Palazzetto with the first floor of the<br />
Palazzo, making this unit a unique property of its kind.<br />
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appraisal<br />
Fig. 2 Piazza Campitelli in an engraving by Giovan Battista Falda (1665) (Spinola 1995, tav. II)<br />
In fact, in 16<strong>03</strong> Knight Baldassarre Paluzzi Albertoni requested a permit to build the new facade, widening<br />
the area of the existing property towards the square and aligning the new wall with the corner of the adjacent<br />
Capizucchi palace. In 1616 he required an additional permit to construct, over the back door of his<br />
palace and over the alley, an archway to allow passage to his “nearest neighbors” who were carrying out<br />
further restructuring at that time (this is the archway built in the back, in the outside of the building, at the<br />
height of the first floor).<br />
So it is possible that the two buildings belonged to the same owner from the beginning, and then passed<br />
from one family to another. Moreover, it is plausible that the facade was created at another time – on an<br />
already existing renovated building – as witnessed by cartographers of the era: Cartaro, Du Peràc, and<br />
Tempesta, whose maps indicate already existing houses in that area.<br />
In addition, what also possibly indicates these two phases is the different alignment of the interior: it is orthogonal<br />
to the courtyard and to the sides of the adjacent palaces, but it is off-axis with respect to the front<br />
of the square. In fact, the entrance gallery of the building forms a diagonal connection between the square<br />
and the inner courtyard.<br />
The presence of the Albertoni family is recorded in Campitelli square: the family’s coat-of-arms, the lion<br />
passant (Fig. 3) is to be found on the old fountain (1587-89) as well as in the palace, above the entrance,<br />
over the lintels and niches along the stairs and in the frieze below the cornice of the main facade where we<br />
see lions passant with roe deer.<br />
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appraisal<br />
Fig. 3 – The Albertoni coat-of-arms<br />
(Rendina 1993, p. 244)<br />
Some of the minor palaces of the Paluzzi Albertoni family in Margana square, as well as under n. 36 of Via<br />
de’ Delfini, were connected to the larger palace, both structurally and functionally.<br />
The heirs of the Paluzzi Albertoni family adopted on October 21, 1671 the surname and the arms of the<br />
Altieris together with the title of Princes by desire of Emilio Altieri (1590-1676) elevated to the Papacy in<br />
1670 under the name of Clement X. Thus all the riches of the Altieris passed on to the descendants of the<br />
Paluzzi Albertoni family renamed as Altieri. In fact, the Palace of Piazza Campitelli turned out to be a less<br />
prestigious residence than the palace built by the Altieri al Gesù family which, together with the villa at the<br />
Lateran, was to host the works of art of the family.<br />
The Palace in Piazza Campitelli, remaining at the hands of the renewed offspring of the Altieris for more<br />
than a century (Fig. 4), was elevated with a fourth floor on top of the attic, and was sold in 1808 approximately<br />
by Prince Paluzzo Altieri to a famous Spanish General, Manuel Godoy y Alvares de Faria Ríos<br />
Sánchez Zarzosa, Prince of Paz de Basano (1767-1851). Somewhat later, the building was handed over to<br />
Cardinal Bartolomeo Pacca (1756-1844) who lived there from time to time at least from 1819. Upon Pacca’s<br />
death, the palace of Piazza Campitelli belonged to his grandchildren for about fifty years, who rented<br />
parts of it out to their acquaintances, including Cardinals Giacomo Piccolomini and Giacomo Antonelli.<br />
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Fig. 4 – Piazza Campitelli on a map from 1731 (ASR, Maps and Drawings, 80, n. 239)<br />
(Spinola 1995, tav. III, Fig. 4)<br />
Subsequently, in 1886 the building was sold by the descendants of Pacca to Countess Carolina Portalupi<br />
(1852-1891), who restored it, leaving it to her direct descendants, the Genoese Marquis Spinola [Maria<br />
Antonietta Spinola was later to marry the well-known politician Mario Cingolani (1883- 1971), while Bonifacio<br />
Spinola married his second cousin, Countess Marina Baldeschi (1895-1983)]. The restoration of the<br />
Palace could not be postponed further since the complex was in a poor state of repair as a result of years<br />
of neglect: the works concerned mainly parts of the courtyard, the stairs, and the interiors. Walls were<br />
consolidated; arches, vaulted ceilings, and floors were reinforced or rebuilt; the eaves, roofs and terraces<br />
were repaired; the stairs and the floors of the landings of the main staircase were completely renewed;<br />
and many ceilings were renovated – especially the decorated ones – as were the upholstery of the interior<br />
walls, with doors and windows. There are also some interventions documented in relation to a more proper<br />
distribution of water and the renovation of the bathrooms. This period also witnessed the construction of<br />
the new glass-covered gallery on the south-east, and probably the cant of the third floor towards Palazzo<br />
Cavalletti. The work was substantial, but left the structure of the building unchanged.<br />
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In the Palace there is still a small collection of six portrayed heads – one in the entrance hall past the courtyard<br />
and the other five over the stairs – which were part of the collection of the Albertoni Paluzzi family,<br />
collectors of ancient artwork. The Paluzzi Albertoni collection was merged in the 1600’s with the remarkable<br />
Altieri collection, enriching the family mansion and other properties including villas on the Esquilino<br />
and at Porta Salaria. The busts to be found today in the Albertoni Spinola palace are “two ancient marble<br />
heads – one of a young woman and one of Antinous – mended in part; another ancient marble head – a<br />
priest of Isis – reworked in the Renaissance era as a portrait of Publius Cornelius Scipio Africanus; two<br />
marble portraits reconstructed during the Renaissance era – one of Julius Caesar and another probably of<br />
Hesiod or Zeno of Elea –; and a plaster cast of the head of Julius Caesar (probably of the Pacca and not<br />
of the Paluzzi family) taken from the statue preserved in the Senatorial Palace on the Capitoline Hill” (G.<br />
SPINOLA 1995, p. 15) (Fig. 5, 6, 7).<br />
Fig. 5 – Renaissance bust of Greek (Palazzo Albertoni Spinola): front view and profile<br />
(Spinola 1995 TAV. V)<br />
Renaissance bust of either Greek poet Hesiod or philosopher Zeno of Elea.<br />
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appraisal<br />
Fig. 6 – Head of Antinous (Palazzo Albertoni Spinola): front view and profile<br />
(Spinola 1995 tav. IX)<br />
Fig. 7 – Head of a priest of Isis reworked as “Publius Scipio Africanus”<br />
(Palazzo Albertoni Spinola): front view and profile (Spinola 1995 tav. VII)<br />
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REFERENCES:<br />
AMAYDEN T., 1910, Storia delle famiglie romane (History of Roman Families), Rome.<br />
BENEDETTI S., 1995, Il ghetto di Roma. Progetto di recupero urbano e edilizio<br />
(The Ghetto of Rome. A Project of Urban Renewal and Housing), Rome.<br />
BENEDETTI S., 1992, I palazzi romani di Giacomo della Porta, in Roma e lo studium urbis. Spazio urbano<br />
e cultura dal quattro al seicento (The Roman Palaces of Giacomo Della Porta in Rome and the Studium<br />
Urbis. Urban Space and Culture From the Fourteenth to the Sixteenth Centuries), Rome.<br />
BENOCCI C., 1981, Palazzetto Palazzi Albertoni: un interessante esempio di architettura romana minore<br />
degli inizi del XVII secolo (The Albertoni Palaces: An Interesting Example of Lesser Roman Architecture of<br />
the Early Seventeenth Century), in Alma Roma, September-December, pp. 37-51.<br />
CARPANETO G., 2004, I palazzi di Roma (The Palaces of Rome), Rome, pp. 23-24.<br />
HIBBARD H., 1967, Di alcune licenze rilasciate dai mastri di strade per opere di edificazione a Roma<br />
(About Some Licenses Issued by Road Masters for Construction Works in Rome), 1586-’89, 1602-’34, in<br />
Bollettino d’arte, LII, p. 1<strong>09</strong>.<br />
FASOLO F., s.d., L’opera di Hieronimo e Carlo Rainaldi (The Work of Hieronimo and Carlo Rainaldi), Rome.<br />
FINELLI L., INSOLERA I, MARCIANO’ A.F., 1986, Il ghetto (The Ghetto), Rome.<br />
GAVALLOTTI CAVALLERO D., 1989, I palazzi di Roma dal XIV al XX secolo (The Palaces of Rome From<br />
the Fourteenth to the Twentieth Century), Rome.<br />
PIETRANGELI C., 1992, Guide Rionali di Roma. Rione X Campitelli (District Guides of Rome. The Campitelli<br />
10th District), I, Rome.<br />
RENDINA C., 1993, I Palazzi di Roma (The Palaces of Rome), Rome, pp. 244-45.<br />
SPINOLA G., 1995, Le sculture nel palazzo Albertoni Spinola a Roma e le collezioni Palazzi ed Altieri (The<br />
Sculptures in the Albertoni Spinola Palace in Rome and the Palazzi and Altieri Collections), Rome.(Annex<br />
n.2).<br />
TIBERIA V., 1974, Giacomo della Porta, Rome.<br />
TORSELLI G., 1965, Palazzi di Roma (Palaces of Rome), Milan.<br />
ZANDER G., 1990, L’arte di Roma nel secolo XVI (The Art of Rome in the Sixteenth Century), Bologna.<br />
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Recent restoration work<br />
In 1996 we assessed the state of deterioration of the building caused by a prolonged lack of maintenance<br />
over the years and - while after the project preparation, some conservative restoration work was carried<br />
out. These mainly concerned:<br />
– Controlling the disposal of rainwater by replacing eaves gutters and drainpipes;<br />
– Controlling the maintenance conditions of the roof, replacing broken tiles and supplying the missing ones;<br />
– Structural fortification of balconies and galleries;<br />
– Verifying the stability of the decorative elements of the cornice and replacement of the protecting slate<br />
elements in the upper part of the facade;<br />
– Centralization of the water, gas, and electricity systems with the removal of pipelines and appliances in<br />
disuse;<br />
– Updating of the electrical system of the condominium according to current standards;<br />
– Removal of the asphalt paving of the courtyard of the hallway and recovery of the cobblestone pavement<br />
below;<br />
– Conservative restoration of internal facades paying attention also to the Western facade;<br />
– Cleaning the travertine door-posts of the entrance;<br />
– Conservative restoration of the exterior facade;<br />
– Restoration of the main staircase with the upgrading of the related facilities.<br />
(Technical report entitled Situazione di rischio e priorità emerse dalle analisi effettuate. Proposta di massima<br />
degli interventi di restauro conservativo / Risk and Priorities Assessment resulting from the analyses.<br />
Tentative proposal for a conservative restoration, Engineer G. Carluccio, Architect A. Cerroti, Architect C.<br />
Tantillo, May 2006.Annex 1)<br />
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appraisal<br />
Before and after the works: comparing photos of the state of the building<br />
General view of the facade as seen from Piazza Campitelli before the works<br />
(photo: Cerroti, May 2006)<br />
Detail of the facade as seen from Piazza Campitelli after completing the restoration works<br />
(June 2012)<br />
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appraisal<br />
General view of the courtyard before the completing the restoration works<br />
(photo Cerroti May 2006)<br />
Partial view from the courtyard after the works (June 2012)<br />
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appraisal<br />
Left: a view from Piazza Capizucchi before the works (photo: Cerroti, May 2006).<br />
Right: a view from Piazza Capizucchi after the works (June 2012).<br />
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A view from Piazza Capizucchi, a detail of the facade before the works (photo: Cerroti, May 2006)<br />
A view from Piazza Capizucchi, a detail of the facade after the works (June 2012)<br />
A view from Piazza Capizucchi, a detail of the facade before the works (photo: Cerroti, May 2006)<br />
A view from Piazza Capizucchi, a detail of the facade after the works (June 2012)<br />
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appraisal<br />
Left: main staircase, a detail before the works (photo: Cerroti, May 2006)<br />
Right: main staircase, a detail after the works (June 2012)<br />
Left: main staircase, a detail before the works (photo: Cerroti, May 2006)<br />
Right: main staircase, a detail after the works (June 2012)<br />
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appraisal<br />
Gallery entrance to the courtyard, the left wall before the works<br />
(photo: Cerroti, May 2006)<br />
Gallery entrance to the courtyard, the left wall after the works (June 2012)<br />
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appraisal<br />
3-GENERAL OVERVIEW OF THE UNITS OF REAL ESTATE PROPERTY, SUBJECT TO AS-<br />
SESSMENT<br />
In addiction to the point 2 firstly, one needs to set forth an overall description of the individual units<br />
of real estate property in order to understand the interdependence - and at the same time the autonomy<br />
- between them.<br />
The three residential units occupy the entire ‘Palazzetto’ as well as the entire second mezzanine<br />
floor of the great ‘Palazzo.’<br />
They are connected but still independent, and they may be accessed either through the main monumental<br />
staircase or through other independent entrances from Capizucchi alley, from Capizucchi<br />
square, or from the entrance hall of the Palace through the spiral staircase that starts right in entrance<br />
hall and leads up to the rooftop of the Palace.<br />
This staircase separates two of the three above mentioned apartments, having direct access to it.<br />
The ground floors of the building with an entry point on the left after the main entrance - and thus<br />
accessible from the entrance hall - could also be reached from the same spiral staircase mentioned<br />
above, if they were given access by simply opening the pre-existing door.<br />
The rooms on the ground floor of the ‘Palazzetto’ are also contiguous with the apartment on the<br />
ground floor which has a garden, and therefore this apartment could also be accessed by simply<br />
opening the pre-existing door.<br />
This way one could see a real estate property that is absolutely unique in its kind: not only with of<br />
garden in the center of Rome, but also with a rooftop and adjoining attic rooms with view on the<br />
city of Rome.<br />
The owner - thanks to the options determined by the multiplicity of access points - can decide<br />
which adaptations and uses are more suited to his needs at any time: whether to establish connections<br />
within the whole property or to keep it divided.<br />
In fact, the urban and land registry status would allow for the identification of thirteen totally autonomous<br />
real estate units.<br />
The whole ‘Albertoni Spinola’ Palace - with all internal and external decorations - represents historic<br />
and artistic value attested by a decree of the Ministry of Culture and the consequent tax<br />
benefits (Annex n. 3).<br />
he project and the built were made from two of the most important architects of the italian<br />
Reinassance:<br />
Giacomo Della Porta (https://en.wikipedia.org/wiki/Giacomo_della_Porta)<br />
and<br />
Girolamo Rainaldi (https://en.wikipedia.org/wiki/Girolamo_Rainaldi ).<br />
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4-MARGINAL NOTES<br />
a) The following criteria were applied for the measurement of the areas of the property:<br />
UNI 10750 standard on Real Estate Services. Requirements of Service.<br />
4.4 Criteria for property appraisal<br />
The UNI 10750 standard contains the following criteria for calculating “the surface of commercial<br />
areas”. For further information we suggest considering to purchase the documentation of UNI<br />
standards.<br />
Calculating the surface of the commercial area, depending on whether the real estate it is intended<br />
for residential use or for commercial use (offices, industrial or touristic use) the following should<br />
be considered:<br />
– the sum of passable covered areas including the surfaces occupied by interior and perimeter<br />
walls;<br />
– the weighted averages on surfaces for the exclusive use of terraces, balconies, patios and<br />
gardens;<br />
– the weighted surfaces of appliances (basements, indoor and outdoor car parking areas, boxes,<br />
etc.).<br />
The calculation of the covered surfaces must be based on the following criteria:<br />
a) 100% of the passable surfaces;<br />
b) 100% of the areas within internal non-bearing walls providing separation;<br />
c) 50% of the areas within internal bearing walls and perimeter walls.<br />
In the case of detached and / or single-family buildings, the percentage of point c) should be considered<br />
as 100%. The calculation of the areas referred to in point c) shall not, however, exceed<br />
10% of the sum referred to in points a) and b).<br />
For the calculation of uncovered surfaces, the following weighting criteria are to be used:<br />
25% of uncovered balconies and terraces;<br />
35% of covered balconies and terraces (by covered we mean closed on three sides);<br />
35% of patios and porches;<br />
60% of verandas;<br />
15% of apartment gardens;<br />
10% of villa and cottage gardens.<br />
The indicated percentages may vary according to the particular location of the real estate property,<br />
and to its external surfaces which may be roughly at the same level as the overall external<br />
sur-faces, and which may never exceed 30% of the covered surfaces - except for all those<br />
incremental or decreasing factors that characterize their particular level of environmental quality.<br />
biously the property subject to estimation belongs to the category that would determine a<br />
strong ariation of the aforesaid percentage uotas. oweer the prudential and conseratie<br />
criteria suggested by the property to the professional in charge hae not allowed for timely<br />
adoption.<br />
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appraisal<br />
5-DESCRIPTION OF EACH REAL ESTATE PROPERTY NUMBERED CONVENTIONALLY IN<br />
THE FOLLOWING SECTION OF THE REPORT AS CADASTRAL SUBORDINATES (hereinafter<br />
referred to as ‘SUB’) #1–13 IN ACCORDANCE WITH THE FLOOR PLANS AVAILABLE AT THE<br />
LAND REGISTRY (ANNEX 4 )<br />
PLEASE NOTE THAT THE PROPERTIES HAVE N.4 CAR PARKING AREAS AT THE ENTRANCE<br />
HALL OF THE PALACE<br />
SUB #1 (today GARDEN APARTMENT)’’FOGLIO 492 PART.25-29-29’’<br />
An apartment on the first floor of the ‘Palazzetto’ with entrances on the first floor of the monumental<br />
scale of the ‘Palazzo’ and a separate entrance from Capizucchi alley.<br />
The apartment extends over three floors connected by a circular staircase located between the<br />
dining room and a bedroom on the first floor.<br />
The first floor consists of an entrance hall, three living rooms, a dining room, three bedrooms,<br />
three bathrooms and a hallway.<br />
The garden is accessed from the living room with a central fireplace, which is covered – on its<br />
outer part – by pinewood.<br />
The garden is rectangular in shape and extends over a total of 177.65 m2.<br />
Downstairs there are the premises for the kitchen, a working room, a utility bedroom, a pantry and<br />
a closet. Finally, there is a cellar on the ground floor with the boiler room, a small bathroom and<br />
another utility room. In total, there are 351.77 m2 of covered commercial areas of which 234.34 is<br />
on the first floor, while 44.19 and 73.22 is on the middle floor and on the ground floor, respectively.<br />
The ceilings of the entrance are made of walnut wood, painted in light green and cream colors.<br />
The ceiling of the passage room between the ‘Palazzo’ and the ‘Palazzetto’ is decorated with<br />
simple relief patterns. The ceilings of the living rooms and the large bedroom with windows overlooking<br />
Capizucchi square are made of walnut and maple with cornices adorned with embossed<br />
inlay imitations of roses and golden coats-of-arms.<br />
The hallway, on the other hand, has a false ceiling, which hides a decoration similar to the one<br />
present in the passage room, referred to above.<br />
The floors of all rooms - except for the bathrooms on the first floor - are made of wide planks of<br />
light wood parquet.<br />
All doors of the rooms are made of light wood - dating back to the late 1800’s - featuring nine<br />
original doors.<br />
The condition of the small bathroom of the third bedroom does not adequately reflect the recent<br />
renovations.<br />
All windows have inner sash windows with glass panels.<br />
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appraisal<br />
The apartment is heated with a gas boiler, with radiators installed in the 90’s.<br />
It is to be highlighted that a staircase leads from the second bedroom to the apartment of the<br />
‘Palazzetto’ above, its features we will describe later (SUB #4).<br />
Major renovations were carried out in this real estate in the years 1961–1963, and most recently<br />
in 2010.<br />
The two main bathrooms were restructured while the ceiling of the passage room as well as the<br />
decorations of the fireplace were restored.<br />
The garden has undergone a complete redevelopment process too.<br />
The electrical and plumbing systems have been brought into compliance with governing control<br />
measures.<br />
SUB #2(today OFFICE)’’FOGLIO 492 PART.25 , S. 5<strong>03</strong>’’<br />
Premises on the ground floor of the ‘Palazzetto’ with entrance from Capizucchi alley n. 12.<br />
This apartment is currently intended for office use, and it extends over a commercial area of 43.71<br />
m2.<br />
It includes a bathroom, it has travertine floor, and has recently undergone some restructuring.<br />
The ceiling is 5.2 m high.<br />
This apartment is adjacent to the premises of the ground floor, the apartment with the garden, as<br />
well as SUB #3 that is described as follows.<br />
SUB #3(today WHAREHOUSE)’’SCHEDA N.8872520’’<br />
Premises on the ground floor of the ‘Palazzetto’ with entrance from Capizucchi alley n. 13.<br />
This apartment is currently used as storage space, and it has been recently renovated. It has<br />
travertine floor.<br />
This apartment extends over a commercial area of 42.3 m2, and is contiguous to the premises<br />
already described as SUB #2.<br />
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appraisal<br />
SUB #4(today LARGE APARTMENT AT SECOND FLOOR)’’FOGLIO 492, PART. 25 , S. 502’’<br />
An apartment on the second floor of the ‘Palazzetto’ and the first mezzanine floor of the Palazzo,<br />
with access from the monumental staircase and the spiral staircase that starts in the entrance hall<br />
of the ‘Palazzo’.<br />
The property extends over a commercial area of 325.75 m2 and 70 m2 of terraces: the terrace<br />
above the master bedroom covers 41.9 m2, while the other one over the property referred to as<br />
SUB #1, covers 28.05 m2.<br />
This apartment is divided into three parts: the first one was originally intended as an entry hall, the<br />
second one as a bedroom, and the third one as a kitchen, a dining area and as the premises for<br />
servants, which is accessed through a gallery.<br />
The apartment is accessed through a door in the middle of the fifth flight of the monumental staircase<br />
and consists of an entrance hall, a lounge, a dining room and a study, completed by a bathroom<br />
and another smaller toilet.<br />
From the entrance, three steps to the left lead to the sleeping area preceded by a hallway that<br />
connects the ‘Palazzo’ with the ‘Palazzetto’. This hallway has windows overlooking both Capizucchi<br />
square and Delfini street.<br />
The sleeping area is thus composed of the master bedroom, two other bedrooms and another<br />
bathroom.<br />
A wooden staircase leads from the master bedroom to the terrace overlooking the urban area of<br />
the building, with the Altar of the Fatherland and the Capitol. From the bedrooms in this area one<br />
has access to a terrace which corresponds to the ceiling of the apartment presented in SUB #1.<br />
One gains access, to the right of the above mentioned main entrance, through another hallway, to<br />
a bright gallery with iron cover and opaque glass which leads to the service area.<br />
This area consists of a dining-ironing area, a large kitchen, and a room for servants with its own<br />
bathroom.<br />
From the dining room - through a door - one has access to the spiral staircase that starts in the<br />
entrance hall of the ‘Palazzo’, and leads to the terrace with the adjoining attic which we will describe<br />
as SUB #6.<br />
The ceilings of the representative rooms are coffered in a simple manner, without the usual painted<br />
decorations with light green and cream colors.<br />
The floors are made of nailed oak parquet laid in a herringbone pattern.<br />
The coffered doors are painted with the same light green and cream colors. They go back to the<br />
restructuring in the late 1800’s, and are typical of the era.<br />
The electrical and plumbing systems were fully implemented during the latest restoration, in<br />
2002–2004.<br />
The three main bathrooms are covered in travertine whereas earthenware floor tiles were laid in<br />
both the bathroom for the servants and the small toilet with a sink feature majolica tiles.<br />
The gallery has an antique red brick floor while the dining room, the kitchen, and the room for the<br />
servants have recently laid ceramic floor tiles.<br />
As already indicated in this description, the total renovation of the property took place in 2002–<br />
2004, and was supervised by the architect Berardi.<br />
It is worth noting that one can not access real estate SUB #1 from this area because the bathroom<br />
of the master bedroom gets in the way.<br />
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appraisal<br />
SUB #5(today SMALL APARTMENT AT SECOND FLOOR)’’FOGLIO 492, PART.29, S. 513’’<br />
An apartment on the mezzanine floor of the ‘Palazzo’ with an entrance from the second floor of<br />
the monumental staircase and from the spiral staircase that starts in the ‘Palazzo’s’ entrance hall.<br />
The property extends over a commercial area of 159.79 m2.<br />
One can access these premises from the second floor landing of the monumental staircase of the<br />
building, and one gets immediately to the gallery built with sheet brick wall and supported by six<br />
brackets of masonry.<br />
On the right side of the entrance there is a closet room, currently used as a kitchen.<br />
Walking the nine meters of the gallery one gets to a hallway that ends in three stair steps; these<br />
lead to a living room with a window overlooking Piazza Campitelli. Immediately on the left, there<br />
is a door that leads to a first bedroom.<br />
Also on the left of the steps just mentioned, there is a passage that leads to a first bathroom and<br />
another door leading to the second bedroom. There is then a second bath which belongs to the<br />
latter bedroom.<br />
Another hallway leads to the spiral staircase that starts from the Palazzo’s entrance hall.<br />
The two bedrooms, as well as the living room have windows overlooking Piazza Campitelli.<br />
The property was recently renovated in 2013. The two bathrooms are covered with travertine; the<br />
floors of the living room and the bedrooms are covered with floor tiles while the coffered ceilings<br />
are painted in white. The doors are also white and go back to the aforementioned restructuring of<br />
the late 1800’s.<br />
It has to be noted that in the living room, once one goes down three steps, there is a visible iron<br />
beam supporting the ceiling of the building, installed during the renovation work, mentioned before.<br />
The owners decided to adopt this original, aesthetic solution.<br />
SUB#6(today ROOFTOP TERRACE,LITTLE CHAPEL,S. STAIRCASE)<br />
‘’FOGLIO 492, PART.29, S. 507’’<br />
A terrace with an attic on the same level, placed at the front of the ‘Palazzo’, and accessed from<br />
a spiral staircase that starts in the entrance hall, with three doors of which two entrances to the<br />
premises indicated as SUB #4 and SUB #5, as well as an additional third door leading to a small<br />
frescoed chapel.<br />
This real estate unit consists of a spiral staircase that leads from the entrance hall to the terrace<br />
overlooking Campitelli square, and also provides access to units SUB #4 and SUB #5.<br />
The terrace and the adjoining attic are part of the front structure of the ‘Palazzo.’ These can be<br />
accessed from the spiral staircase and extend over a total commercial area of 102.3 m2 and 86.88<br />
m2, respectively.<br />
The attic has recently undergone some restructuring and consolidation. It has a bathroom with a<br />
shower as well as an American-style kitchen.<br />
The floor consists of rustic wooden parquet, while the terrace has been completely repaved.<br />
As described above, the spiral staircase leads to a small oratory chapel that has undergone recent<br />
restoration works.<br />
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appraisal<br />
SUB #7(today OFFICE)’’FOGLIO 492, PART.29, S.2’’<br />
A unit on the ground floor of the property under n. 1, with two entry points from the entrance hall<br />
of the ‘Palazzo,’ adjoining the above mentioned spiral staircase.<br />
This real estate unit extends over a commercial surface of 123 m2, and it consists of four rooms<br />
as well as a bathroom with a closet.<br />
The first and the second door to the left from the entrance hall provide access to the first two<br />
rooms of this real estate unit.<br />
One can also access - from the second door of the hallway, through a spare room - some marble<br />
steps with a wooden balustrade that, in turn, provide access to a bathroom with a shower belonging<br />
to these premises.<br />
On the right of the marble steps, there is a door which is currently closed, through which one could<br />
have direct access from these premises to the said spiral staircase.<br />
The two main rooms have Venetian-style terrazzo floors with recently restored colorful bands and<br />
cornices.<br />
The ceilings are decorated with stucco ornaments and painted in chiaroscuro.<br />
A fresco was hidden underneath the ceilings and revealed during restoration. When it was discovered,<br />
the superintendent of the cultural heritage at Rome requested that it remain uncovered.<br />
The doors of the two entry points are made of Norway spruce with copal designs while the interior<br />
doors are painted in a dark color and equipped with locks and metal door handles.<br />
The windows of the facade have glass panels and inner sash windows of Norway spruce.<br />
The restoration of this property required some strong artistic and architectural commitment and<br />
was completed only in 2012.<br />
The electrical installations of heating and cooling are newer and in good condition.<br />
SUB #8(today OFFICE)’’FOGLIO 492, PART.29, S.5<strong>09</strong>’’<br />
A property unit with a loft and with a large entrance from the hall of the ‘Palazzo,’ adjacent to the<br />
premises presented as SUB #7.<br />
This unit, extending over a commercial area of 61 m2, was assigned to be used as an office. Half<br />
of its surface is lofted, making the unit 4.50 m and 2.6 m high, respectively.<br />
The unit has no windows, yet it gets light through the large entrance door made totally of glass that<br />
allows for a complete illumination.<br />
This unit is also equipped with facilities found past the entrance, on the right.<br />
The floor is made of faux wood.<br />
It was also recently restored, including its utilities.<br />
SUB # 9(today SMALL OFFICE)’’FOGLIO 492, PART.29, S.510’’<br />
A frescoed ground floor unit with a single entry point from the entrance hall of the building.<br />
This unit extends over a commercial area of 32 m2, and was assigned to be used as an office. It<br />
consists of a single room with a recently restored fresco at the center of the ceiling, it has travertine<br />
floors and its walls are equipped with a sink, now dismantled, but still with regular authorization<br />
obtained in 2012. The height of the ceiling is 3.70 m.<br />
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appraisal<br />
SUB # 10(today OFFICE) ’’FOGLIO 492, PART.29, S.512’’<br />
A unit on the ground floor of the property with two entry points from the entrance hall of the ‘Palazzo’,<br />
and with a basement.<br />
As one enters the ‘Palazzo’, it is the third and fourth doorways on the right that give access to this<br />
property. It consists of a first unit that takes light from the alley at the back of the ‘Palazzo’, which<br />
is the private property of Sigma-Tau, an Italian pharmaceutical company.<br />
From this unit one has access to three other rooms that are lit only by a French door opening onto<br />
the same alley.<br />
This property extends over a commercial area of 92 m2 excluding the basement which is accessed<br />
via a steep staircase that is located in the entrance hall.<br />
The underground consists of three rooms and a bathroom.<br />
The floor of the ground floor is made of faux wood.<br />
The vaulted ceiling is 5.20 m high in the first unit, and 4 m in all the other premises.<br />
The electrical, plumbing and heating systems have been recently renovated.<br />
SUB # 11(today OFFICE)’’FOGLIO 492, PART.29, S.508’’<br />
A ground floor unit of the property with entry points from Capizucchi square and from the entrance<br />
hall of the ‘Palazzo’.<br />
This large unit extends over a commercial area of 114 m2, and it consists of a central space connected<br />
to the services, which are doubled by means of a staircase and a loft of a second bathroom.<br />
The entrance from Capizucchi square allows the use of this property independently from the doorway<br />
and the entrance hall of the ‘Palazzo’ itself.<br />
The height of the large room is 5.25 m.<br />
It has marble floors, vaulted ceilings, and its outside door is rather large.<br />
In the future, one might even want to bring a car through the front doorway if it is deemed necessary.<br />
However, this unit, as of this day, is an elegant office restored in 2013.<br />
SUB # 12(today STORAGE) ''FOGLIO 492 PART.29, S1''<br />
A storage unit pertaining to the ‘Palazzo’, with an entrance from Capizucchi alley.<br />
This small unit, with a small fresco inside, extends over a commercial area of 12 m2, and is used<br />
today as a warehouse.<br />
The entrance leads to Capizucchi alley and is part of the great ‘Palazzo’.<br />
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SUB # 13 (today STORAGE)’’FOGLIO 492, PART.29, S.506’’<br />
A storage unit on the ground floor of the ‘Palazzo’ with an entrance from the inside doorway of the<br />
‘Palazzo.’<br />
This small storage unit consists of two floors, each extending over a commercial area of about 12<br />
m2, and is used today as a warehouse.<br />
It belongs to the inner structure of the ‘Palazzo’.<br />
SUMMARY<br />
VALUABLE COMMERCIAL AREA IN SQUARE METERS,THE SUITES:(SUB 1,2,3,4,5,7,8)1221,32<br />
COMMERCIAL WAREHOUSE SURFACE IN SQUARE METERS:(SUB 12,13) 24<br />
SURFACE OF GARDENS:(SUB 1) 177,65<br />
SURFACE OF ROOFTOP & TERRACES WITH VIEW:(SUB4,6) 259,19<br />
SURFACE OF SUITE'S EXTERNAL UNITS:(SUB 9,10) 124<br />
CAR PARKING AREAS AT THE ENTRANCE HALL OF ‘’THE PALAZZO’’: 4<br />
Certification and cadastral floor plans<br />
The cadastral status of all units appear to have been recently updated and are compliant with the<br />
current state of affairs (ANNEX 4).<br />
Compliance certification of utility systems<br />
The appropriate certification has been obtained for all housing units (ANNEX 5).<br />
Documentation on compliance with town-planning regulations<br />
The works carried out on all the buildings were in conformity with the authorizations received from<br />
the competent bodies of the Ministry of Culture and the Council of the City of Rome (ANNEX 6).<br />
Other permissions for conducting various activities<br />
The property referred to as SUB #5 received authorization to perform touristic activities (in line<br />
with Regional regulation of October 24, 2008, n. 16 BUR; and of November 7, 2008, n. 41, S/130,<br />
“Directives for accommodation facilities,” see ANNEX 7).<br />
Documentation certifying the origin of the property<br />
As evidenced by the attached proceedings, the full ownership is legitimately represented by<br />
Filippo Bartolotta Cingolani for the properties referred to as SUBS #1, 2, 3, 4, 7, 8, 9, 10, 11, and<br />
12; as well as by<br />
Margherita Montefusco for SUBS #5, 6, and 13 (ANNEX 8).<br />
Building regulations and tables<br />
The new regulations on condos have been recently altered and enhanced by the addition updated<br />
millesimal tables (ANNEX 9).<br />
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Dossier of the conditions of the building prior to the renovations<br />
During the renovation of the building, a dossier was drawn up, highlighting the structural and infrastructural<br />
shortcomings to be urgently rectified (ANNEX 10).<br />
Floor plans and maps of the entire property<br />
During the renovation of the entire building new maps and floor plans were issued that minutely<br />
reflect the property in its entirety (ANNEX 11).<br />
Photographic documentation (ANNEX 12).<br />
6- DESCRIPTION OF REDEVELOPMENT<br />
Total amount: Euro 2 MM. All redevelopment included, considering the detailed design and construction<br />
supervision. (ANNEX 13)<br />
The intervention involves the construction of three luxury suites, following criteria of high-end<br />
finish. The luxury suites are equipped with fitness and wellness facilities, and public areas that<br />
include: private security, private business office, and a theater with a projection room.The<br />
owners published also a book and a video that show the property after the<br />
redevelopment(ANNEX 12)<br />
GARDEN SUITE<br />
The Garden Suites is developed on three floors, featuring Sub 1, Sub 2 and Sub 3. The ground<br />
floor of the Garden Suite are going to became private gym and wellness directly connected with<br />
the apartment at the first floor of the Garden Suite, through a spiral staircase. Between the ground<br />
and the first, there is an intermediate/mezzanine floor.<br />
The ground floor of the apartment sub.1 will be connected with sub.2 and that connected with<br />
sub.3. Sub.2 and sub.3, today contiguous, will be made communicating through the opening of a<br />
simple door.<br />
AMBASSADOR SUITE AND EXECUTIVE SUITE<br />
The Ambassador and the Executive Suites are located at the second/mezzanine floor of the Palazzetto,<br />
at the Sub 4 and Sub 5, respectively.<br />
These areas will be connected to sub.6, spiral staircase, simply restoring the functionality of an<br />
existing door, The connection with Sub.7 will take place by restoring an old existing door, while the<br />
connection with Sub.8 will take place opening a new door.<br />
In this way, the Ambassador and Executive Suites will have a big fitness and wellness area that<br />
can be stunning and fascinating because original frescos and ceiling with vaults. The same spiral<br />
staircase, equipped with motorized seat, will also connect the two suites to a little chapel and the<br />
stunning rooftop terrace, Sub. 6.<br />
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COMMON AREAS<br />
Common areas feature Sub 9, Sub 10 and Sub 11 respectively as a Management Office, the Private<br />
Entrance from p.za Capizucchi and the Theater; at the ground floor of the Palazzetto.<br />
The Office, Sub.9, consists of a single room with a recently restored fresco at the center of the<br />
ceiling, it has travertine floors and its walls are equipped with a sink, now dismantle. It will be necessary<br />
to install the heating and air conditioning system.<br />
The Private Theater, Sub.10, consists in a specious unit of three rooms and a bathroom. The floor<br />
of the ground floor is made of faux wood. The electrical, plumbing and heating systems have been<br />
recently renovated. Install a cutting-edge movie projector, a security system, refurbishment of the<br />
bathroom in the basement, and other adjustments.<br />
The Private Entrance. Sub.11, the entrance from Capizucchi square allows using it independently,<br />
becoming a private and securing entry for the guests. It needs to be equipped.<br />
CONCLUSION:<br />
Implementation of security and home automation systems for all premises, according to the latest<br />
technological standards. As well as the development of a sophisticated “landscape” and a botanical<br />
and architectural intervention at the garden of the first floor and the rooftop terrace.<br />
7 – ADDITIONAL REMARKS ON THE LOCATION OF THE REAL ESTATE PROPERTY<br />
The property in question is located in Rome, in the historic Rione Campitelli, the tenth district, between<br />
Via dei Fori Imperiali, Via di San Gregorio, Via dei Cerchi, Via San Teodoro and the stretch<br />
of streets and squares near the Theatre of Marcellus. The small size of the area and, above all, its<br />
richness in prominent archaeological sites and museums make it the least populous district of the<br />
City: with very few residential buildings and less than one thousand residents.<br />
The coat of arms of the District bears a black head of a dragon against a white background: it goes<br />
back to the medieval legend of an evil monster which in the fourth century was threatening to the<br />
Roman Forum until it was driven out through the intervention of Pope Sylvester I, also renowned,<br />
by tradition, to be an exorcist. There are conflicting opinions about the origin of the name of the<br />
district, ‘Campitelli’: some say it derives from Capitolium, the highest of the seven hills, on top of<br />
which stood the most important ancient Roman temple dedicated to the worship of the triad of<br />
Jupiter, Juno and Minerva. Another opinion attributes the etymology to the Latin name Campus<br />
Telluris (‘dirt field’), in consideration of the fact that the name ‘Campitelli’ is also found in other cities.<br />
Before the founding of Rome, until the ninth century BC, the area was only a marshy valley:<br />
only later, when some tribes settled on the surrounding hills, did the area begin to function as a<br />
meeting place for commercial purposes. Then, it became the throbbing heart of the public life of<br />
the ancient agglomeration.<br />
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The very name ‘Foro’ probably comes from archaic Latin ‘Foras’, meaning “outside, away from<br />
home”, indicating the neutral character that the place had for strangers who came here merely to<br />
visit the marketplace here. During the Middle Ages and the Renaissance, ruined Ancient sculptures<br />
and religious buildings remained submerged underneath the debris, and thus the area remained,<br />
until the nineteenth century, devoted to the sale of livestock, taking the name of Campo<br />
Vaccino.<br />
In 1921, a part of the original area of the Campitelli was detached to form the newly constructed<br />
Celio district. Nonetheless, since it contains the Capitol, the Palatine Hill and the Roman Forum,<br />
it has certainly preserved its greatest touristic importance among the districts of the capital city.<br />
Moreover, it can be said that up to Vittorio Emanuele II, Rione Campitelli was consecrated by<br />
tradition to the Founding Fathers: just think of Romulus on the Palatine, Camillus on the Capitol,<br />
the emperors in the Forum, and Cola di Rienzo. Moreover, one could also evoke the legendary<br />
memories of the patron saints of Rome, all connected to this district: Saints Peter and Paul, Santa<br />
Francesca Romana, San Sebastian, and St. Michael the Archangel. The remaining one of the<br />
seven hills included in Campitelli, the Palatine, and it is indeed the soul of the oldest trades and<br />
settlements that led to the founding of the city. Unlike the Capitol, the Palatine is not adjacent to<br />
the Tiber: with its maximum height of 51 meters above sea level, it is located between the Roman<br />
Forum and the Circus Maximus, and welcomes visitors as an authentic open-air museum. Walking<br />
along the Via Sacra that starts near the Arch of Constantine is a unique experience every single<br />
time. But the essence of the city, the center of prominent political life, trade and rites, as well as religious<br />
practices was the Forum, which we now call the ‘Roman’ Forum but at the time was known<br />
as Forum Magnum.<br />
The Piazza del Campidoglio is still considered - just like it was two millennia ago - the geographical<br />
center of Rome, the reference point to count all road distances with respect to the city. One goes<br />
up there from Piazza Ara Coeli, via a staircase designed by Michelangelo in the mid-sixteenth<br />
century: the square is surrounded by a number of buildings of great historical and institutional<br />
prestige. The square itself was built following the design of Michelangelo, in terms of both its layout<br />
and the geometric pattern of the pavement. Moreover, the current structure of the Capitol is the<br />
result of a complex series of projects, constructions, conversions and renovations that took place<br />
between the fifteenth and the seventeenth centuries. On the northern side of the hill - impressive<br />
in its dazzling whiteness - emerges the Vittoriano, built between 1885 and 1911, and dedicated to<br />
Vittorio Emanuele II and the unification of Italy in 1870. Designed after the First World War also as<br />
a military memorial and home to the Tomb of the Unknown Soldier, it receives constant attention<br />
from tourists, and indeed precisely for this reason, nowadays it has been the target of heated criticism:<br />
since its visual impact is too massive and aggressive compared to the Antique monuments<br />
behind it, some have labeled it with allusive nicknames like ‘the typewriter’, ‘the wedding cake’, or<br />
‘the inkpot’. A few years ago some even came up with the idea to demolish it; but the outcome of<br />
the controversial debates arising was to finally accept the bulky monument as an entity adopted<br />
on its own right into the urban landscape of the capital.<br />
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However, the real architectural distortion in that area was due to the opening of the Via dei Fori<br />
Imperiali - in the beginning called Via dell’Impero - according to the fascist project of modernizing<br />
monuments and celebrations. It was inaugurated in 1932 by erasing entire historic streets, demolishing<br />
church buildings, gutting hills and pulling down old structures and statues of the Roman<br />
republican and imperial age. So what was built in the early days of the city, and what was designed<br />
and built in recent times, coexist in Campitelli more than in any other location in Rome. It took ten<br />
months’ work to change all of the features of the area: the new large gap emerged between Piazza<br />
Venezia and the Colosseum – beyond any possible ideological consideration – presented itself<br />
from the start, on the aesthetic, functional, urban levels, as the most visible symbol of the eternal<br />
conflict that seems to caress the soul of those who live or pass through the walls of the City. That<br />
intermittent and arcane dilemma, which is ultimately impossible to solve, inextricable, and for this<br />
reason darkly fascinating; that doubtful hesitation between the admiration of the ancient and the<br />
need for modernization – that dilemma lingers and spreads in Rome in a unique way within the<br />
whole world. And that is not a limit, but rather a continuous source of new vitality – like the needle<br />
of an imaginary compass of time, vibrating between the remains of the early days, the recent<br />
echoes of the day before yesterday, and the deafening calls of today.<br />
8 – SUMMARY OF SURFACES IN SQUARE METERS<br />
VALUABLE COMMERCIAL SURFACE SUITES 1221,32<br />
COMMERCIAL STORAGE SURFACE 24<br />
SURFACE OF GARDENS 177,65<br />
SURFACE OF ROOFTOP & TERRACES WITH VIEW 259,19<br />
SURFACE OF SUITE'S EXTERNAL UNITS 124<br />
CAR PARKING AREAS AT THE ENTRANCE HALL OF THE ‘PALAZZO’ 4<br />
9 - A SEARCH FOR THE EVALUATION CRITERIA<br />
According to a general definition, “evaluation is the discipline that aims to provide the methodological<br />
tools for the assessment of those assets that can not be assessed in an unambiguous fashion”<br />
(“Estimo. Teoria, procedure di valutazione e casi applicativi” / “Appraisal. Theory, assessment and<br />
case studies”, Grillenzoni Maurizio, Grittani Giovanni – Calderini – 1994).<br />
For the proper preparation of an estimate, it is necessary to establish, in the first place, the principle<br />
of ‘objective assessment’ whose absence will inevitably make the estimate depart from market<br />
realities – which, in fact, is a substantial and determining feature when seeking to ascertain a<br />
value.<br />
In the present case, the purpose of the estimative report is to identify “the most probable maximum<br />
market value” to be allocated to the building, taking into consideration the optimum conditions resulting<br />
from a radical functional redevelopment as described in the previous chapter.<br />
Having said that, we have been focusing - as per our mandate - on establishing the Market Value<br />
applying the processes of direct and indirect estimates.<br />
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10 – A SEARCH FOR THE EVALUATION PARAMETERS FOR DIRECT PROCEDURE<br />
As Prof. Famularo stated as early as in 1942, as to the general principles of estimation: “from the<br />
logical point of view there is only one method to estimate the value of all goods, and that is the<br />
recognition that the given goods belong to a class of similar goods of a known price, based on a<br />
parameter which is common to all those goods” (Famularo, “Ancora sul concetto di dipendenza<br />
del valore dallo scopo della stima” / “Still on the concept of dependence of the value on the purpose<br />
of the estimation”, in Riv. Cadastre and SS.TT. EE., n. 2, 1942).<br />
These claims were, in principle, reformulated and shared by Prof. Marcello Orefice, who wrote:<br />
“Therefore, any estimative operation consists of the synthetic comparison between the goods being<br />
assessed and one or more groups of functionally similar goods, for which we have historical<br />
data about the prices that have already been applied in exchange operations.” (Orefice, Estimo /<br />
Appraisal, Utet, 1984).<br />
The retrieval of objective historical data to use for a comparison, can sometimes be tricky due to<br />
the constant habit of the persons involved in economics to reduce (often for taxation purposes)<br />
the actually agreed upon prices, although this phenomenon is declining as a result of the 2006<br />
Budget (Act 266 of December 23, 2005, Art. 1, par. 497) that introduced the requirement of the<br />
declaration of the ‘real’ value of the transaction, supported with the documentary evidence and<br />
verifying means of payment.<br />
In the estimative practice though, a search for sales offers in the so called ‘homogeneous<br />
area’,considering the units with the same featuresand uses,still remains a good reference point;<br />
which, in case of scarcity of data, may also extend to similar areas; so that one may actually<br />
‘assimilate’ the examined reality into the potential ‘price’ to offer in the course of free bargaining.<br />
As is known, the offer does not always match the demand in the market and, in any case, the<br />
“time” factor is inversely proportional to the entity of the offer. In fact, the more time passes by<br />
after some goods are launched onto the market, the more the financial claims of the tendering<br />
party decrease. In our case, since the area is of absolute value, the time factor has a very limited<br />
impact on the offer, given that prestigious economic goods remain unaffected by the usual market<br />
crises and, in contrast, experience even greater demand in periods like the present one, in which<br />
investors are looking for solid bases precisely in the property sector.<br />
For these reasons, in order to identify the parameter of estimation, we will refer to properties<br />
placed on the market in the area (or the wider area) for the same features and purposes of use,<br />
by applying - whenever applicable - “correction coefficients”, by reason of possible major and<br />
minor advantages of the goods we are comparing with the one being assessed.oweer<br />
considering the prudential and conseratie criteria that the property suggests such coefficients<br />
were not adopted.<br />
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In the course of our research we identified the following properties offered for sale:<br />
1. Villino Giulia<br />
Villa at Piazza di Spagna Advertised by Christies Real Estate<br />
Surface:<br />
Interior:<br />
Garden:<br />
Cellar:<br />
Asking Price:<br />
Price/m2:<br />
Price/sq ft:<br />
7.911 sq ft/735 m2<br />
3.444 sq ft/320 m2<br />
1.937 sq ft/180 m2<br />
25.000.000 Euro<br />
20.226 Euro/m2<br />
1.881 Euro/sq ft<br />
2. Luxury Penthouse in the Heart of Rome<br />
Penthouse over Piazza Venezia Advertised by Christies Real Estate<br />
Surface:<br />
Asking Price:<br />
Price/m2:<br />
Price/sq ft:<br />
5.220 sq ft/485 m2<br />
15.000.000 Euro<br />
30.927 Euro/m2<br />
2.873 Euro/sq ft<br />
3. Apartment in Via dei Condotti<br />
Advertised by Christies Real Estate<br />
Surface:<br />
Asking Price:<br />
Price/m2:<br />
Price/sq ft:<br />
3659 sq ft/340 m2<br />
7.000.000 Euro<br />
20.588 Euro/m2<br />
1.913 Euro/sq ft<br />
4. Apartment in Ludovisi<br />
Advertised by Sotheby’s International Realty<br />
Surface interior:<br />
Terraces (100% of the value)<br />
Asking Price:<br />
Price/m2:<br />
Price/sq ft:<br />
5.489 sq ft/510 m2<br />
2.325 sq ft /216 m2<br />
20.000.000 Euro<br />
27.548 Euro/m2<br />
2.559 Euro/sq ft<br />
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Considering these four units of real estate property, one may conclude that our parameter is<br />
25,993 Euros per square meter.<br />
However, one should not overlook the fact that the measurements of these units of property are<br />
certainly not as rigorous as the measurements adopted for the present report of assessment. One<br />
may notice, in fact, that in most cases cellars or terraced surfaces are included in full to the<br />
square meter values.<br />
n addition is ery important to consider that the aforesaid properties are not comparable to the<br />
property in estimation in terms for the formers indiidual combinations of features.<br />
11 – A VERIFICATION OF THE NOMISMA OBSERVATORY ON ‘’EXCLUSIVE RESIDENCES<br />
IN ROME’’<br />
Since 20<strong>03</strong>, Nomisma has been publishing a monitoring report on the most exclusive segments of<br />
the residential market. The Observatory of Exclusive Residences - a rather unique publication in<br />
Italy of its kind – is published twice a year, and is intended to provide an economic outlook and a<br />
perspective on the quantities, values, trends and the opinions expressed by professionals of Nomisma/Tirelli<br />
& Partners regarding a segment that presents characteristics and trends being<br />
very different from the rest of the residential market.<br />
The Observatory is published in late February and in late September of every year at a press<br />
conference to which the major Italian newspapers are invited.<br />
You can download all issues of the Observer published to date, by clicking on “Download” on the site:<br />
http://www.tirelliandpartners.com/showPage.php?template=download&search=Categoria2<br />
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Price requests (1) for valuable housing ProPerties in rome - first half of 2014<br />
Urban<br />
Areas<br />
Min. Average<br />
Price for m2 (2)<br />
€/m2<br />
Change<br />
during the<br />
first half in %<br />
Max. Average<br />
Price for m2 (3)<br />
Average<br />
Price for m2 (4)<br />
Highest<br />
Price (5)<br />
Average<br />
Total<br />
Price (6)<br />
Max.<br />
Total<br />
Price (7)<br />
Change<br />
Change<br />
€/m2<br />
during the<br />
€/m2<br />
during the<br />
€/m2 €/m2 €/m2<br />
first half in %<br />
first half in %<br />
Historical 7.042 -6,7% 13.789 -4,7% 10.3<strong>03</strong> -5,9% 25.833 2.507.556 31.000.000<br />
Center<br />
Pinciano 7.440 -3,7% 10.208 9,9% 8.9<strong>09</strong> 5,1% 16.667 2.140.9<strong>09</strong> 5.000.000<br />
Veneto<br />
Parioli 6.214 -8,0% 11.271 -2,5% 8.518 -5,4% 16.364 2.546.304 9.000.000<br />
Salario Trieste<br />
Prati 6.875 2,6% 10.522 -6,2% 8.551 -3,4% 12.857 1.840.769 4.500.000<br />
Vigna Clara 5.817 3,8% 9.365 -7,4% 7.284 -2,5% 10.000 1.983.333 6.500.000<br />
Camilluccia<br />
Average 6.678 -2,8% 11.<strong>03</strong>1 -2,6% 8.713 -2,7% 16.344 2.2<strong>03</strong>.774 11.200.000<br />
Price requests (1) for valuable housing ProPerties in rome - first half of 2015<br />
Urban<br />
Areas<br />
Min. Average<br />
Price for m2 (2)<br />
€/m2<br />
Change<br />
during the<br />
first half in %<br />
Max. Average<br />
Price for m2 (3)<br />
Average<br />
Price for m2 (4)<br />
Highest<br />
Price (5)<br />
Average<br />
Total<br />
Price (6)<br />
Max.<br />
Total<br />
Price (7)<br />
Change<br />
Change<br />
€/m2<br />
during the<br />
€/m2<br />
during the<br />
€/m2 €/m2 €/m2<br />
first half in %<br />
first half in %<br />
Historical 6.907 -6,8% 12.760 -7,4% 9.657 -0,6% 21.667 2.423.333 18.000.000<br />
Center<br />
Pinciano 6.937 -2,5% 11.025 3,5% 8.846 -0,7% 16.667 2.150.000 11.000.000<br />
Veneto<br />
Parioli 5.535 -2,8% 10.804 -3,7% 7.894 -3,1% 16.444 2.348.421 7.800.000<br />
Salario Trieste<br />
Prati 6.459 0,3% 10.643 -0,1% 8.151 -0,2% 12.857 1.752.941 4.500.000<br />
Vigna Clara 5.184 2,3% 8.532 -1,9% 6.616 1,0% 10.000 1.787.222 6.500.000<br />
Camilluccia<br />
Average 6.204 0,6% 10.753 -2,3% 8.233 -0,8% 15.127 2.<strong>09</strong>2.384 9.560.000<br />
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Price requests (1) for valuable housing ProPerties in rome - second half of 2015<br />
Urban<br />
Areas<br />
Min. Average<br />
Price for m2 (2)<br />
€/m2<br />
Change<br />
during the<br />
first half in %<br />
Max. Average<br />
Price for m2 (3)<br />
Average<br />
Price for m2 (4)<br />
Highest<br />
Price (5)<br />
Average<br />
Total<br />
Price (6)<br />
Max.<br />
Total<br />
Price (7)<br />
Change<br />
Change<br />
€/m2<br />
during the<br />
€/m2<br />
during the<br />
€/m2 €/m2 €/m2<br />
first half in %<br />
first half in %<br />
Historical 7.059 2,2% 13.<strong>09</strong>8 2,6% 9.880 2,3% 21.667 2.494.444 2,9%<br />
Center<br />
Pinciano 7.102 2,4% 11.292 2,4% 9.059 2,4% 16.667 2.225.000 3,5%<br />
Veneto<br />
Parioli 5.611 1,4% 10.521 -2,6% 7.742 -1,9% 14.444 2.288.000 -2,6%<br />
Salario Trieste<br />
Prati 6.488 0,4% 10.835 1,8% 8.280 1,6% 12.857 1.823.529 4,0%<br />
Vigna Clara 5.087 -1,9% 8.466 -0,8% 6.548 -1,0% 10.000 1.769.474 -1,0%<br />
Camilluccia<br />
Average 6.269 1,0% 10.842 0,8% 8.302 -0,8% 15.127 2.120.<strong>09</strong>0 1,3%<br />
Average<br />
(1) Values in the table are calculated on the basis of the requested price for both sold properties and properties<br />
announced for sale.<br />
(2) The average value per m2 of valuable residential units, having a lower price than the first quartile of the real estate<br />
price distribution per m2.<br />
(3) The average value per m2 of valuable residential units, having a higher price than the third quartile of the real<br />
estate price distribution per m2.<br />
(4) Average price value per m2 of the real estate properties.<br />
(5) Highest price value per m2 of the real estate properties.<br />
(6) Average total price value per m2 of the real estate properties.<br />
(7) Highest total price value registered during this half of the year.<br />
Source: data provided by Nuova Attici & processed by Nomisma<br />
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appraisal<br />
It should be clarified that under the unequivocal designation of “exclusive residences” one must<br />
identify at least two different categories with potential differences between them, in terms of markets<br />
and trends.<br />
On the one hand, there are the real estate units with the highest profile: large and very large residences<br />
(250 m2 and above), sought by a narrow range of users. On the other hand, there are<br />
real estate units in the category of “exclusive” as per their size and cost, which however are still<br />
accessible to a wider range of users.<br />
To make categorization easier, the first segment hereafter will be referred to with the adjective<br />
“top”, while the second with “medium”.<br />
We will resort to this categorization whenever the correct analysis, or the explanation of the observed<br />
phenomenon so requires. If not mentioned explicitly, all aspects must be considered valid<br />
for the segment as a whole.<br />
Clearly, in the first half of 2014 and in 2015 the top price for the category - which without a doubt<br />
includes the described real estates, in our estimation - was an average of 23,055 euro per<br />
square meter.<br />
However, on January 7, 2015 we witnessed an important transaction in the heart of Rome. Here<br />
is the statement released to the press by the major international news agencies:<br />
“Yesterday, PSG striker soccer player Edinson Cavani completed the purchase of a penthouse<br />
in the center of Rome for the amount of 8.7 million Euros – reveals a statement released by the<br />
British association. The property - located on the third floor of a building from the 1700’s -<br />
consists of four bedrooms, a three living rooms, 3 bathrooms, a private gym and relaxation area<br />
extending over a total of 450 square meters. The deal, was completed in a few days and was<br />
formalized by the Notary Giuliani in Rome.”<br />
Therefore, as you can see, even though we do go into the details, there was a transaction for a<br />
per square meter amount around 20,000 Euros.<br />
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perizia<br />
12-SEARCHING FOR THE MARKET VALUE:FEATURES IN COMMON<br />
The features of the property compared to the features of the units that we have considered as<br />
parameter for evaluation criteria are:<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
unitsapartments with maimum fleibility of use which are independent real estate units.<br />
he general prestige of the property and its common monumental areas.<br />
he location at the historic heart of Rome in a historically and architecturally uniue city one.<br />
he structure has been subject to thorough remodeling.<br />
he amenities aailable to each suiteapartment and the rarity of such offering.<br />
he condition of the indiidual units after remodeling.<br />
parking spaces aailable in the courtyard of the building.<br />
he recent roster of prestigious residents.<br />
ow property taes based on talian ta law.<br />
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appraisal<br />
13 – SEARCHING FOR THE VALUE:EXTRAORDINARY FEATURES OF THE PROPERTY<br />
First of all It is necessary to clarify that considering the historical significance, the absolute uniqueness<br />
and the value of the property, any economic assessment object of the following appraisal is<br />
considered very difficult.<br />
The extraordinary features of the property that are not comparable with the features of the units that<br />
we have considered as parameters of evaluation criteria are:<br />
1-An architectural masterpiece erected by men of genius. Both the project and its execution bear the<br />
mark of two great 17th century architects in Rome: Giacomo della Porta and Girolamo Rainaldi. The<br />
property features the following exclusive characteristics:<br />
A) They integrated the new construction into the ancient preexisting Palazzetto, allowing this unit<br />
to extend and merge into the new construction without being able to recognize that you are in one side<br />
or in the other part of the Palazzo;<br />
B) They created and maintained a direct view of the entry of Santa Maria (which is the Campitelli<br />
Church located in front of the Palazzo Albertoni Spinola) from the original door of the Palazzetto,<br />
despite having built the great Palazzo in front of what preexisted building;<br />
C) They have made possible the use of the old roof secret garden of the Palazzetto with the first<br />
floor of the Palazzo, making this unit a unique property of its kind.<br />
2- The “chameleonic” quality of a property, both at the urban-legal and the physical levels, that<br />
features multiple entrances and thus constitutes one and at the same time multiple units that are<br />
completely autonomous, hence the emphasis on “privacy” but at the same time the usability of the<br />
common monumental areas.<br />
3- In regards to such setup, the possibility of touristic-residential use and therefore of the<br />
development of projects that are particularly profitable and that, thanks to current regulations on the<br />
matter, can be carried out without altering the urban physiognomy, thus allowing for private residential<br />
use at any moment.<br />
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appraisal<br />
14 – THE AVERAGE OF VALUES<br />
In the previous sections we were conducting a search for the value of the redeveloped real estate<br />
property. Based on statements made in the preciding paragraphs, the evaluation of the properrty<br />
goes as follow(in euros):<br />
VALUABLE COMMERCIAL SURFACE SUITES IN SQUARE METERS(SUB 1,2,3,4,5,7,8) 1221,32<br />
1221,32 x 24000 = 29311600<br />
COMMERCIAL STORAGE SURFACE IN SQUARE METERS(SUB 12,13) 24<br />
24x 4000 = 96000<br />
GARDEN SURFACES(SUB 1) 177,65<br />
177,65 x 8000(one third of the full price per square meter) = 1422880<br />
SURFACE OF ROOFTOP & TERRACES WITH VIEW(SUB4,6) 259,19<br />
259,19 x 12000 (half of the full price per square meter) = 3110280<br />
SURFACE OF SUITE'S EXTERNAL UNITS(SUB 9,10) 124<br />
124 x 8000=992000<br />
CAR PARKING AREAS AT THE ENTRANCE HALL OF THE ‘PALAZZO’<br />
n. 4 x100000=400000<br />
TOTAL VALUE OF PROPERTY REDEVELOPED 35332760<br />
15-ANNEXES<br />
1- RESTORING THE WHOLE PALAZZO:LAST WORKS<br />
2- ALBERTONI SPINOLA BOOK<br />
3- GOVERMENT LAW OF 1933 ABOUT<br />
4- CADASTRAL CERTIFICATE AND FLOOR PLANS<br />
5- POLLUTION AND ENERGETICH CERTIFICATE<br />
6- ALL THE PERMITS<br />
7- HOSPITALITY PERMIT<br />
8- TITLE OF PROPERTIES<br />
9- CONDO RULES<br />
10- BOOK ABOUT THE BUILDING IN ACCORDANCE WITH PAST LAW<br />
11- ALL THE FLOOR PLANS AND DESIGNES<br />
12- PICTURES<br />
13- DESCRIPTION INTERVENTION OF DEVELOPMENT<br />
14- RECENT REVIEW<br />
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appraisal<br />
Appraiser<br />
Mr. Ivan Mammucari<br />
Professional qualifications<br />
Licensed to practice the profession of Surveyor obtained in Rome;<br />
Enrolled in the Surveyors’ Provincial Association of Rome with the no. 8293 on 1/27/1999.<br />
Enrolled in the Architecture Course of Study at the University of Rome “La Sapienza” since 1981.<br />
Registered with the Velletri Court under no. 1101 of the civil Register, as consultant;<br />
Computer skills<br />
Excellent knowledge of hardware and software (Autocad 2004, Autocad 2000, Autocad 14, Autocad LT, Word 7.0, Excel,<br />
Publisher, Leonardo), programs of the Ministry of Finance for cartographic updates of the Ministry of the Territory: Pregeo,<br />
Docfa, Docte, Volture; accounting program, Primus jobs.<br />
Refresher courses<br />
At the Land Register to register through the new Docfa procedure version 3.04 and key for telematic transmission.<br />
At the Land Register to insert the constructions on the map through the Pregeo procedure version 9.01;<br />
Work experience<br />
Took part as Data Collector to the 3rd Agriculture Census of 1983 in the Municipality of Velletri.<br />
In 1998 collaborated with the “A & L Associati” office of Mr. Paolo Annavini of Rome as Coordinator for the province of<br />
Rieti and Northern Rome for cadastral works with the Ministry of Finance – A.I.M.A. FINSIAL – and Ministry of the<br />
Territory for the photo interpretation of unrecorded property, not indicated on the map.<br />
Professional experience<br />
From 1983 to 1985 and from 1987 to 1995, carried out collaboration with the Architect Massimiliano Bombetti registered<br />
with the Architects Association of Rome under no. 3913, with office in Velletri (Rome), Trento and Trieste Square no. 3,<br />
and specifically took part to the drafting of the following projects:<br />
General local strategic plan of San Giorgio Lucano (MT);<br />
Recovery plan of the historic center of the Municipality of Oriolo Calabro (CS);<br />
Production site plan (P.S.P.) of the Municipality of Oriolo Calabro (CS);<br />
Consolidation and restoration of the Medieval Castle of Oriolo Calabro (CS);<br />
Consolidation and restoration of the Mother Church of Oriolo Calabro (CS);<br />
Consolidation of Pieruban mountainsides of the Municipality of Rocca di Neto (CZ);<br />
Drafting of 4 sports venues in the Municipalities of Belvedere Spinello – Rocca di Neto – Oriolo Calabro – Roseto Capo<br />
Spulico (not financed);<br />
Private projects and agreed arrangement of building plots in the Municipalities of Oriolo Calabro – Amendolara – Roseto<br />
Capo Spulico – Trebisacce (province of Cosenza), in the municipalities of Rocca di Neto – Belvedere Spinello (province of<br />
Catanzaro) and in the municipalities of Velletri – Genzano of Rome (province of Rome).<br />
Has been working independently since 1996, collaborating with other surveyor colleagues, especially in carrying out the<br />
following assignments:<br />
For public works contracts in collaboration with other technicians:<br />
Municipality of Velletri:<br />
• Dimensioned plan and rectification of the borders in Velletri in source locality Santa Maria dell’Orto with end report in<br />
collaboration with surveyor Massimo Di Fabio;<br />
• Splitting up of Municipality of Velletri: public road Via XXIV Maggio, Via Padre Mariano Colagrossi, via Oreste Nardini<br />
in collaboration with surveyor Massimo Di Fabio;<br />
• Municipality of Velletri rectification of boundary and division of some properties built by Cooperatives in Zoning<br />
Map167 in collaboration with surveyor Massimo Di Fabio;<br />
• Municipality of Velletri plano-altimetric survey of the local road of Colle Formica;<br />
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• Municipality of Velletri plano-altimetric survey of the local road of Poggi D’Oro in collaboration with surveyor Massimo<br />
Di Fabio;<br />
• Municipality of Velletri plano-altimetric survey of the local road of the Vascucce in collaboration with surveyor Massimo<br />
Di Fabio;<br />
• Survey, division and staking out of Vascucce locality junction.<br />
• Municipality of Velletri planning and survey of the Hospital Connector which connects the via Appia with the Velletri<br />
hospital in collaboration with surveyor Andrea Andreozzi;<br />
• Municipality of Albano Laziale survey and planning of two street segments in Albano Laziale adjacent to the Public Hospital<br />
in collaboration with Eng. Giulio Nardini;<br />
• Municipality of Velletri planning and Management of the Works for extension and hydraulic installation-local road of<br />
the Vascucce in collaboration with surveyor Massimo Di Fabio.<br />
For private customers:<br />
• Topographical surveys with electronic theodolite “Geotronic” for other technical studies of Rome and province and Latina<br />
and province:<br />
• Registration of buildings with inclusion on the map at the Land Register through “Pregeo” procedure and at the Urban<br />
Land Register through “Docfa” procedure;<br />
• Division of Land;<br />
• Dimensioned plans (contour lines, sections …) with rendering of the same in Autocad 14 – autocad 2000, 2004, topographical<br />
program “Leonardo Classico”;<br />
• Cadastral transfer registration land register and urban register;<br />
• Regularization projects Law 47/85, law 724/94, law 326/20<strong>03</strong> and R.L. no. 12/2004 even on areas subject to the restriction<br />
in accordance with law 1497/39 and subsequent amendments and additions and with law 431/85;<br />
• <strong>Plan</strong>ning of new constructions, authorization to unload, hygienic sanitary suitability of business premises etc.<br />
Private construction projects carried out during the period going from the year 1999 up to today.<br />
• Assignment no. 587/98/8001 by “SILEC S.p.a. – <strong>Plan</strong>ning and Constructions” of Leini (TO) for the dimensioned plans<br />
and support to the enterprise during the execution of the works pertaining to the drainage system and the purification<br />
system of the city of Velletri (Rome);<br />
• Assignment for topographical surveys by the company “M.T.C. S.p.a.” headquartered in Rome for the realization of a<br />
hospital in Sacrofano (Rome) Rimessa della Fame locality and survey of the Spolverini di Ariccia hospital for a sum of €.<br />
1.291,14;<br />
• Assignment by Arch. Agapito Fornaro on 1/8/2001 for the topographical survey in the municipality of Velletri with dimensioned<br />
plan, contour lines and cadastral addition on Via Guido Nati and Via Menotti Garibaldi;<br />
• Assignment by Arch. Bruno Fede on 9/10/2002 for topographical survey in the municipality of Velletri with dimensioned<br />
plan contour lines and cadastral addition on Via del Fontanaccio, via Martiri delle Fosse Ardeatine Viale Oberdan, Piazza<br />
Mazzini;<br />
• Computerization on aerial photogrammetry of the toponymy, boundary delimitation of the territory, districts, population,<br />
green areas, hygienic services, cemetery area, location of the dumpsters to collect urban solid waste of the entire area<br />
of the Municipality of Velletri, on behalf of the Company Volsca Ambiente Spa. with assignment in December 2000;<br />
• Joint assignment with surveyor Massimo Di Fabio by Eng. Marco Arcieri for the plano-altimetric surveys of the abandoned<br />
railroad Velletri-Colleferro tract internal to the Municipality of Velletri;<br />
• Assignment of surveys for Contest–Contract for Eng. Raffaele Colosimo by the GEA s.p.a. company headquartered<br />
in Naples in the municipality of Civitavecchia for the realization of a drainage system on via Braccianese, locality of<br />
Madonnina;<br />
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appraisal<br />
• Assignment Eng. Roberto Naso of Rome as engineer of the “C.T.L. s.r.l.” company for contract-contest surveys municipality<br />
of Pomezia locality of Castagnetta – Via Naro and 3 current purification installations;<br />
• GEA S.p.a. assignment by Eng. E. Marino headquartered in Naples on 2/6/2004 for surveys and dispossessions in the municipality<br />
of Pomezia: locality of Castagnetta, Torvaianica Alta, Campo Jemini, Laurentina central connection and Pomezia<br />
Sud Reservoir;<br />
• Court of Latina Assignment (bankruptcy division) Judge Michele Cataldi bankruptcy no. 31/04 on 11/10/2004 for the<br />
topographical surveys of an abandoned Mine municipality of Fondi (LT);<br />
• Assignment by Piazza Garibaldi Professional Association – arch. Orsola Gazzanica for plano-altimetric survey in the<br />
municipality of Velletri of Piazza Garibaldi;<br />
• Assignment by arch. Giampaolo Ercolani for plano-altimetric survey of the public garden of Viale Marconi in the municipality<br />
of Velletri;<br />
Personal assignments Municipality of Velletri, Nettuno, Pomezia, Marcellina carried out in the period going from 1999 up<br />
to today<br />
• Received assignment on 9/20/1999 to divide a plot of land on which a public artesian well persists in Colle Scarano District<br />
Municipality of Velletri;<br />
• Assignment to divide and terminate the area for transfer to the Ministry of the Interior for the construction of the Fire<br />
station, Municipality of Velletri Decision C.E. no. 449 of 12/31/1999;<br />
• Assignment of the Municipality of Velletri Decision of C.E. no. 492 of 8/10/2000 for land register certificates of no. 4<br />
public areas in the local territory;<br />
• Municipality of Velletri assignment Measure no. 67 of July 17, 2001 division of land subject to dispossession Municipality<br />
of Velletri area Zoning Map 167;<br />
• Municipality of Velletri assignment Measure no. 365 of 10/18/2001 division for rectification and termination Source area<br />
Santa Maria dell’Orto;<br />
• Municipality of Velletri assignment Measure no. 385 of 10/22/2001 Cadastral Variations ex “Eca” Property in Via del<br />
Corso della Repubblica;<br />
• Assignment from Carano Aqueduct Consortium Municipality of Nettuno area division Acciarella locality for lift sewage<br />
system Board of Directors of 4/3/2001;<br />
• Municipality of Velletri assignment, technical and graphical instrumental survey of the road of Paganico Determination<br />
service VT no. 368 of 10/26/2000;<br />
• Appointment of Criminal Police Aid on 3/3/20<strong>03</strong> by the Financial Police (Velletri Company) following the assignment<br />
conferred by the Public Prosecutor’s Office of Velletri signed by the Deputy Public Prosecutor Ms. P. Della Vecchia for the<br />
exact identification of the boundaries of an area located in the Municipality of Velletri near the Hospital;<br />
• Professional assignment together with another technician surveyor Massimo Di Fabio in the Municipality of Velletri<br />
to plan and manage the construction of two parking lots of P.R.G. in via dei Volsci Appia State Road Measure no. 415 of<br />
12/14/2001;<br />
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appraisal<br />
• Municipality of Velletri professional assignment to re-establish the borders and end the covered market Measure no. 34<br />
of 10/7/2002;<br />
• Municipality of Velletri assignment to stake out and divide a local road called Via di Troncavia Measure 3<strong>09</strong> of July 23,<br />
2002 and addition of Measure no. 106 of 3/31/2004;<br />
• Municipality of Velletri assignment to re-establish the borders and end the dumping of the urban solid waste in Lazzaria<br />
District Estate Area Measure no. 35 of 10/10/2002;<br />
• Municipality of Velletri assignment through measure no. 233 of 11/11/20<strong>03</strong> in collaboration with the Director of the<br />
Municipality of Velletri for the realization of a parking lot in regard to the Velletri Public Hospital;<br />
• Municipality of Pomezia assignment to define dispossessions and easements areas for the normalization of public sewage<br />
drainage of the Northern Area of the Capital – I extract Measure no. 129 of August 1, 20<strong>03</strong>;<br />
• Municipality of Velletri joint assignment together with another technician to end and register the elementary school<br />
of Colle Palazzo and Tevola District Measure no. 85 of 7/1/2005; and additional assignment through Measure no. 260 of<br />
12/27/205;<br />
• Municipality of Marcellina assignment (Rome) through Measure no. 353 of 11/23/2006 to divide and verify the area<br />
subject to dispossession of the Congregation for the Evangelization of the People – Voluntary Transfer of Areas for the<br />
Santa Palomba reservoir and Conduits;<br />
• Municipality of Velletri assignment as Operational Director and Construction Site Inspector within the Works Management<br />
Office of the Colle Perino junction Appia S.R. Area V Measure no. 44 of 2/7/2006;<br />
• Municipality of Velletri assignment for plano-altimetric survey and planning proposal of the junction of Colle Ottone<br />
through Measure no. 22 of 2/12/2004 Transportation Area;<br />
• Municipality of Velletri assignment together with another technician for plano-altimetric survey of the following junctions:<br />
Via dei Volsci-Via Lata; Via Appia-Via Fontana delle Rose; Via Appia-Piazza Garibaldi; Via Appia-Via Santo Tomao;<br />
Via Appia-Via di P.R.G.; Viale Rome-Via dei Laghi; Via Campo sportivo-Via A. Fanfani – Via E. De Filippo – Via Circonvallazione;<br />
Via Appia-Via dei Cinque Archi-Viale Salvo D’Acquisto; Measure no. 133 of 6/20/20<strong>03</strong>;<br />
• Municipality of Velletri assignment to divide public utility extension area school of Colle Carciano Measure no. 229 of<br />
9/31/2006;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Pomezia<br />
referenced in Measure no. 55 of 5/25/2007l for the “Division and Dispossession Procedure – Zoning map 167/62 Section<br />
1”. (contract on 9/19/2007 index no. 6377). Amount €. 12.000,00.<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Pomezia<br />
referenced in Measure r.g.n. no. 1568 of 5/18/2007 for “Dispossession Procedures and for the land register division relating<br />
to public works carried out prior to the coming into effect of the Consolidation Act on the dispossession of public Utilities”<br />
– (contract on 9/19/2007 index no. 6378). Amount €. 25.000,00.<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
referenced in Measure area IX no. 86 of 12/21/2007 for plano-altimetric survey and extension of the public Cemetery –<br />
(contract dated 2/8/2008 index no. 1808);<br />
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appraisal<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri referenced<br />
in Measure no. 235 of 11/28/2008 Area V for inclusion in the map and registration of sports center and enel electricity cabin;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
Public Works Reference no. 407 of 3/30/20<strong>09</strong> assignment for transcription, registration and transfer of acquisition decree<br />
Santo Tomao junction area;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
Public Works Reference no. 50 of 4/14/20<strong>09</strong> for topographical surveys, unit plans, routes, typing and printing of Detour<br />
route Via delle Fosse – Viale Oberdan-Via Appia, on the route of the Velletri-Rome railroad;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
referenced in Measure no. 100 of 7/20/20<strong>09</strong> area V Identification of boundaries between public and private property in the<br />
locality of Ponte Bianco;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
referenced in Measure no. 190 of 7/23/2010 area V coordination of safety in the execution stage for the extraordinary<br />
maintenance of Via Vascucce;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
referenced in Measure no. 232 of 12/24/2010 area V division for dispossession and inclusion in the map and registration<br />
of the school building of Ponte di Mele;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
referenced in Measure no. 248 of 10/12/2010 area VI Public Works. Addition of drafting of Survey of the Vascucce Velletri<br />
public road Variation;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
referenced in Measure no. 223 of 9/9/2011 area VI. Survey to identify Colle Palazzo road;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri<br />
referenced in Measure no. 110 of 6/15/2011 area IV Public Works. Division of the work areas for the development of the<br />
traffic circle in the Papazzano locality;<br />
• Assignment to the firm of surveyor Ivan Mammucari and surveyor Massimo Di Fabio by the Municipality of Velletri referenced<br />
in Measure no. 245 of 11/13/2012 area IV Public Works. Assignment of stake out of the new road in preliminary<br />
to the carrying out of the geological investigations in Via Circonvallazione di Ponente;<br />
• Assignments from the Court of Velletri Property Execution Office. Executions numbers: 204/02 – 30/06 – 419/04 –<br />
306/02 – 42/00 – 46/01 – 287/96 – 689/96 – 237/05 – 374/02 – 161/04 – 514/<strong>03</strong> – 4/02 – 8/00-196/07 – 4<strong>03</strong>/<strong>03</strong> – 502/<strong>03</strong><br />
– 156/07 – 450 and 451/02 – 21/08 – 305/08 – 267/<strong>03</strong> – 305/07 – 436/08 – 4<strong>09</strong>/08 – 151/08 – 189/05 – 132/05 – 325/8<br />
– 377/<strong>09</strong> – 474/<strong>09</strong> – 527/08 – 523/<strong>09</strong>- 284/10 – 247/10 – 401/10 – 427/10 – 410/10 – 753/10 – 8<strong>09</strong>/10 – 358/11 – 648/11<br />
– 906/11 – 449/12-<br />
• Assignments from the Court of Velletri – separate section of Albano Laziale, Anzio and Frascati civil suits: number<br />
40473/01 – 67/2004 – 4<strong>03</strong>34/06 – 40250/07 – (554, 552 and 549/05)- 616/06 – 4517/10 – 2017/10 – 7072/2008.<br />
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appraisal
Refurbishment<br />
Project
efurbishment project<br />
Intervention of redevelopment<br />
The construction of three luxury suites to be carried out with the highest standards. The design of the furniture is by<br />
Philippe Starck. These suites are to be equipped with fitness and wellness areas, as well as shared common areas with security<br />
facilities, an office and a movie-theatre.<br />
Garden Suite<br />
The Garden Suites is developed on three floors, featuring Sub 1, Sub 2 and Sub 3. The ground floor of the Garden Suite<br />
are going to became private gym and wellness directly connected with the apartment at the first floor of the Garden Suite,<br />
through a spiral staircase. Between the ground and the first, there is an intermediate/mezzanine floor.<br />
The charming private garden provides serenity, harmony and peace. Thanks to the floor to ceiling windows the spacious<br />
rooms of this apartment have an incredible amount of natural light. The antique hand painted wooden ceilings and the<br />
cozy fireplace can create the comforting atmosphere of a real home.<br />
The ground floor of the apartment sub.1 will be connected with sub.2 and that connected with sub.3:sub.2 and sub.3 are<br />
going to became private gym and wellness directly connected with the ‘’garden apartment ‘’<br />
Ambassador Suite and Executive Suite<br />
The Ambassador and the Executive Suites are located at the second/mezzanine floor of the Palazzetto, at the Sub 4 and<br />
Sub 5, respectively.<br />
The spiral staircase sub.6 will be connected (opening the old existing door) with sub.7 and that one with sub.8, opening a<br />
completely new door this time. In this way, the Ambassador and Executive Suites will have a big fitness and wellness area<br />
that can be stunning and fascinating because original frescos and ceiling with vaults. The same spiral staircase will also<br />
connect the two suites to a little chapel and the rooftop terrace, Sub. 6.<br />
Common Areas<br />
Common areas feature Sub 9, Sub 10 and Sub 11 respectively as a Management Office, the Private Entrance from p.za<br />
Capizucchi and the Theater; at the ground floor of the Palazzetto.<br />
The Office consists of a single room with a recently restored fresco at the center of the ceiling, it has travertine floors and<br />
its walls are equipped with a sink, now dismantle. It will be necessary to install the heating and air conditioning system.<br />
The Private Theater consists in a specious unit of three rooms and a bathroom. The floor of the ground floor is made of<br />
faux wood. The electrical, plumbing and heating systems have been recently renovated. Install a cutting-edge movie projector,<br />
a security system, refurbishment of the bathroom in the basement, and other adjustments.<br />
The Private Entrance consists of a central space connected to the services, which are doubled by means of a staircase and<br />
a loft of a second bathroom. The entrance from Capizucchi square allows using it independently from the entrance hall of<br />
the ‘Palazzo’ itself, becoming a private and securing entry. Needs to paint the premises.<br />
Conclusion<br />
Moreover, for all the premises, the implementation of security and home automation systems according to the latest technological<br />
standards all the area as well as the development of a sophisticated “landscape” and a botanical and architectural<br />
intervention at the garden of the first floor.<br />
Total amount: approximately EUR 2,000,000 with the ‘turn-key’ formula.<br />
-108 -
efurbishment project<br />
The architects<br />
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-1<strong>09</strong> -
orhtaB<br />
tnempiuqemyG<br />
refurbishment project<br />
Total Investment Chart<br />
TOTAL INVESTMENT CHART<br />
neR n oitavo wn skro<br />
0,830.656$<br />
naerutinruF snehctiKd<br />
0,817.206$<br />
o sm<br />
0, 0.371$<br />
smetInehctiK<br />
0,637.49$<br />
neniL htaB dna mordeB<br />
0,713.94$<br />
0, 13.81$<br />
Co m m o ecapSn<br />
apS& senleW<br />
0,581.02$<br />
0,831.02$<br />
T sV<br />
0,474. 6$<br />
ngiseD epacsdnaL<br />
0,379.762$<br />
latoT<br />
0,<strong>09</strong>8.860.2 $<br />
-110 -
efurbishment project<br />
Rennovation Works<br />
Art.<br />
1<br />
Description<br />
Garden Suite<br />
Room<br />
U.m.<br />
Quant.<br />
Price<br />
Tot.Partial.Euro<br />
Tot.Gen.Euro<br />
1.1<br />
Revision and Remake of the<br />
plaster in damaged areas.<br />
Entire apartment<br />
sqm<br />
1<br />
25<br />
25<br />
1.2<br />
Total bathroom renovation,<br />
according to the project, hot<br />
and cold water supply<br />
connected to the boiler.<br />
All that is needed for the<br />
complete installation of the<br />
bathroom equipment and its<br />
water sockets. Including the<br />
network of mechanical<br />
ventilation supply and<br />
installation of suitable<br />
vacuum cleaners.<br />
B1_first floor<br />
B2_mezzanine<br />
n<br />
2<br />
1.500<br />
3.000<br />
1.3<br />
Renovation of the whole air<br />
conditioning system<br />
throughout the entire<br />
building.<br />
Entire apartment<br />
a c.<br />
1<br />
25.000<br />
25.000<br />
1.4<br />
Replacement of the brick<br />
floor with the new one for<br />
the middle and ground floor.<br />
Dismantling of the old<br />
flooring , supply and<br />
installation of the new is<br />
included.<br />
Kitchen<br />
sqm<br />
118<br />
180<br />
21.240<br />
1.5<br />
Break down of 2 partitions<br />
on the ground floor.<br />
Kitchen<br />
sqm<br />
22<br />
20<br />
430<br />
1.6<br />
Waterproofing and<br />
insulation of the cellar on<br />
the ground floor.<br />
Cellar<br />
sqm<br />
1<br />
80<br />
80<br />
1.7<br />
Opening for a door<br />
connecting the ground floor<br />
and SUB 2, including<br />
demolition and supply of a<br />
new frame in solid wood.<br />
a c.<br />
2.800<br />
2.800<br />
Total Garden Suite<br />
52.575<br />
- 111 -
efurbishment project<br />
Art.<br />
2<br />
Description<br />
Gym Garden Suite<br />
Room<br />
U.m.<br />
Quant.<br />
Price<br />
Tot.Partial.Euro<br />
Tot.Gen.Euro<br />
2.1<br />
Construction and renovation<br />
of hygienic and sanitary<br />
services for fitness and<br />
relaxation to serve the<br />
property SUB3.<br />
Entire apartment<br />
sqm<br />
352<br />
5.000<br />
5.000<br />
2.2<br />
Air conditioning and heating<br />
system suitable for the<br />
above services.<br />
a c.<br />
34.496<br />
34.496<br />
2.3<br />
Tempera painted ceilings and<br />
veils including its preparation,<br />
by shaving and primer :<br />
for three hands to cover.<br />
Entire apartment<br />
sqm<br />
36<br />
18<br />
648<br />
2.4<br />
Painting with water-based<br />
paint for three hands to<br />
cover the walls of existing<br />
and th new, including<br />
grouting, shooting sharp ,<br />
shaving and preparation.<br />
Entire apartment<br />
sqm<br />
1.056<br />
20<br />
21.120<br />
Total Gym Garden Suite<br />
61.264<br />
3<br />
Garden Suite Spa<br />
3.1<br />
Tempera painted ceilings and<br />
veils including its preparation,<br />
by shaving and primer :<br />
for three hands to cover.<br />
Entire apartment<br />
sqm<br />
36<br />
18<br />
648<br />
3.2<br />
Painting with water-based<br />
paint for three hands to<br />
cover the walls of existing<br />
and th new, including<br />
grouting, shooting sharp ,<br />
shaving and preparation.<br />
Entire apartment<br />
sqm<br />
100<br />
20<br />
2.000<br />
3.3<br />
Construction of heating and<br />
cooling systems which allow<br />
to use the area as a fitness<br />
and relaxation area .<br />
Entire apartment<br />
sqm<br />
36<br />
98<br />
3.528<br />
Total Spa Garden Suite<br />
6.176<br />
- 112 -
efurbishment project<br />
Art.<br />
4<br />
Description<br />
Ambassador Suite<br />
Room<br />
U.m.<br />
Quant.<br />
Price<br />
Tot.Partial.Euro<br />
Tot.Gen.Euro<br />
4.1<br />
Painting with water-based<br />
paint for three hands to<br />
cover the walls of existing<br />
and th new, including<br />
grouting, shooting sharp ,<br />
shaving and preparation.<br />
Entire apartment<br />
sqm<br />
975<br />
20<br />
19.500<br />
4.2<br />
Painting of the walls of the<br />
terrace above the master<br />
bedroom.<br />
Terrace<br />
sqm<br />
35<br />
20<br />
700<br />
4.3<br />
Opening for a door for the<br />
spiral staircase, including<br />
demolition and supply of a<br />
new frame in solid wood.<br />
a c.<br />
2.800<br />
2.800<br />
4.4<br />
Supply and installation of a<br />
canalization system for air<br />
conditioning with a single<br />
engine and 6 machines.<br />
Entire apartment<br />
34.000<br />
34.000<br />
4.5<br />
Realization of 2 Jacuzzis<br />
with renovation of its<br />
hyginic and sanitary<br />
systems.<br />
B1, B2<br />
a c.<br />
3.000<br />
3.000<br />
Total Ambassador Suite<br />
60.000<br />
- 113 -
efurbishment project<br />
Art.<br />
5<br />
Description<br />
Executive Suite<br />
Room<br />
U.m.<br />
Quant.<br />
Price<br />
Tot.Partial.Euro<br />
Tot.Gen.Euro<br />
5.1<br />
Revision and Remake of the<br />
plaster in damaged areas.<br />
Entire apartment<br />
sqm<br />
480<br />
20<br />
9.600<br />
5.2<br />
Tempera painted ceilings and<br />
veils including its preparation,<br />
by shaving and primer: for<br />
three hands to cover.<br />
Entire apartment<br />
sqm<br />
160<br />
18<br />
2.880<br />
5.3<br />
Painting with water-based paint<br />
for three hands to cover the<br />
walls of existing and th new,<br />
including grouting, shooting<br />
sharp , shaving and preparation.<br />
Entire apartment<br />
sqm<br />
480<br />
20<br />
9.600<br />
5.4<br />
Floor Rennovation by the<br />
supply of new fine wood<br />
parquet with wide boards<br />
(Listone Giordano) nailed<br />
directly to the ground.<br />
sqm<br />
80<br />
150<br />
12.000<br />
5.5<br />
Rennovation of the bathrooms<br />
by installation of a system that<br />
allows jacuzzis.<br />
B1, B2<br />
n<br />
2<br />
1.000<br />
2.000<br />
5.6<br />
Supply and installation of a<br />
canalization system for air<br />
conditioning with a single<br />
engine and 4machines.<br />
Entire apartment<br />
a c.<br />
15.000<br />
15.000<br />
Total Executive Suite<br />
51.080<br />
6<br />
Attic and Spiral<br />
staircase<br />
6.1<br />
Revision and rennovation of<br />
plaster walls of the spiral<br />
staircase of the terrace and the<br />
attic.<br />
Stair<br />
sqm<br />
500<br />
20<br />
10.000<br />
6.2<br />
Realization of 2 platform stair<br />
lifts for spiral staircase with<br />
radio-controlled electric motor.<br />
Stair<br />
a c.<br />
40.000 To verify<br />
Total attic and spiral staircase<br />
50.000<br />
- 114 -
efurbishment project<br />
Art.<br />
7<br />
Description<br />
Ambassador and<br />
Executive Suite Gym<br />
Room<br />
U.m.<br />
Quant.<br />
Price<br />
Tot.Partial.Euro<br />
Tot.Gen.Euro<br />
7.1<br />
Revision and Remake of the<br />
plaster in damaged areas.<br />
Entire apartment<br />
sqm<br />
370<br />
20<br />
7.400<br />
7.2<br />
Adaptation of health services<br />
for Fitness use.<br />
Entire apartment<br />
a c.<br />
1.500<br />
7.3<br />
Opening for a door connecting<br />
SUB 8, including demolition<br />
ans supply of a new frame in<br />
solid wood.<br />
a c.<br />
2,500<br />
2.500<br />
7.4<br />
Mosaic cover for the precious<br />
floor done with a shatterproof<br />
glass/polycarbonate.<br />
Entire room<br />
sqm<br />
55<br />
240<br />
13.200<br />
Total Ambassador and<br />
Executive Suites Gym<br />
24.600<br />
8<br />
Ambassador and<br />
Executive Suite Spa<br />
8.1<br />
Tempera painted ceilings and<br />
veils including its preparation,<br />
by shaving and primer : for<br />
three hands to cover.<br />
Entire room<br />
sqm<br />
61<br />
18<br />
1.<strong>09</strong>8<br />
8.2<br />
Painting with water-based paint<br />
for three hands to cover the<br />
walls of existing and th new,<br />
including grouting, shooting<br />
sharp , shaving and preparation.<br />
Entire room<br />
sqm<br />
180<br />
20<br />
3.600<br />
8.3<br />
Rennovation of hygenic and<br />
sanitary systems which allow to<br />
use the area as a fitness and<br />
relaxation area.<br />
Entire room<br />
a c.<br />
1<br />
1.500<br />
1.500<br />
Total Ambassador and<br />
Executive Suites Spa<br />
6.198<br />
- 115 -
efurbishment project<br />
Art.<br />
9<br />
Description<br />
Office<br />
Room<br />
U.m.<br />
Quant.<br />
Price<br />
Tot.Partial.Euro<br />
Tot.Gen.Euro<br />
9.1<br />
Supply and installation of<br />
heating and conditioning<br />
system.<br />
Entire room<br />
a c.<br />
1.500<br />
1.500<br />
9.2<br />
Tempera painted ceilings and<br />
veils including its preparation,<br />
by shaving and primer: for<br />
three hands to cover.<br />
Entire room<br />
sqm<br />
32<br />
18<br />
576<br />
9.3<br />
Painting with water-based paint<br />
for three hands to cover the<br />
walls of existing and th new,<br />
including grouting, shooting<br />
sharp, shaving and preparation.<br />
Entire room<br />
sqm<br />
100<br />
20<br />
2.000<br />
Total Office<br />
150<br />
12.000<br />
4.076<br />
10<br />
Theater<br />
10.1<br />
Realization of professional<br />
cinematographic system.<br />
a c.<br />
120.000<br />
To verify<br />
10.2<br />
Total bathroom renovation,<br />
according to the project, hot and<br />
cold water supply connected to<br />
the boiler. All that is needed for<br />
the complete installation of the<br />
bathroom equipment and its<br />
water sockets. Including the<br />
network of mechanical<br />
ventilation supply and<br />
installation of suitable vacuum<br />
cleaners.<br />
Underground<br />
n<br />
1<br />
1.600<br />
1.600<br />
10.3<br />
Other adjustments of security<br />
systems.<br />
a c.<br />
3.500<br />
3.500<br />
Total Theater<br />
125.100<br />
- 116 -
efurbishment project<br />
Art.<br />
11<br />
Description<br />
Entrance<br />
Room<br />
U.m.<br />
Quant.<br />
Price<br />
Tot.Partial.Euro<br />
Tot.Gen.Euro<br />
11.1<br />
Tempera painted ceilings and<br />
veils including its preparation,<br />
by shaving and primer : for<br />
three hands to cover.<br />
Entire room<br />
sqm<br />
114<br />
18<br />
2.052<br />
11.2<br />
Painting with water-based paint<br />
for three hands to cover the<br />
walls of existing and th new,<br />
including grouting, shooting<br />
sharp , shaving and preparation.<br />
Entire room<br />
sqm<br />
300<br />
20<br />
6.000<br />
Total Entrance<br />
8.052<br />
12<br />
Others<br />
12.1<br />
Supply of a new elevator with a<br />
modern glass transparent door.<br />
a c.<br />
55.000<br />
55.000<br />
12.2<br />
Implementation of security<br />
systems and home automation<br />
according to the most advanced<br />
technological standards.<br />
Entire building<br />
80.000<br />
80.000<br />
N.B.<br />
Further investigation is needed to verify more accurately some of the mentioned items.<br />
- 117 -
efurbishment project<br />
Furniture and Kitchens<br />
Total Suites and Garden Suite<br />
Rooms<br />
Description<br />
$Total Price<br />
3 Suites<br />
G arden Suite<br />
199.533<br />
A mbassador Suite<br />
280.357<br />
Executive<br />
Suite<br />
122.828<br />
Total supply of furniture and kitchens 602.718<br />
Brand Name<br />
N Description €UnitPrice<br />
€Total Price<br />
Master<br />
Bedroom<br />
Bedroom<br />
Small<br />
Bedroom<br />
Entrance<br />
Lobby<br />
Lounge<br />
Driade Neoz 1 King Size Bed 180x200 H200 (P.Starck) 4.404,00 4.404,00<br />
Kartell Ghost 2 Bedside Tables 40 X 57 H X P.47 (P.Starck) 259,00 518,00<br />
Flos Miss K 1 Table Lamps H 43.2 X Diam. 23.6 (P. Starck) 250,00 250,00<br />
Cassina Sled 1 Desk By Dordoni 170 X42/60 H 65 3.015,00 3.015,00<br />
Driade Neoz 1 Armchair 58 X57.5 X H 85 Tess. Cat.0 (P.Starck) 1.672,00 1.672,00<br />
Flos Archimoon K 1 Table Lamp H. 57xdiam. 11 Cm 420,00 420,00<br />
Flos Super Archimoon 1 Floor Lamp H. 214x L.242 X Diam. 55 Cm 6.900,00 6.900,00<br />
Textile (Courtain 150 X300) 1.500,00 1.500,00<br />
Cassina L22-l23 S.W.B. 1 King Size Bed 4.971,50 4.971,50<br />
Cassina L22-l23 S.W.B. 1 Bedspread 805,20 805,20<br />
Cassina L22-l23 S.W.B. 2 Bedside Dx, Sx With Drawer Oak Finish 1.104,10 2.208,20<br />
Flos Romeo Soft 2 Lamps 1.049,20 2.<strong>09</strong>8,40<br />
Tog Light Rock 1 Armchiar 83x71,5, H. 102 Cm 671,00 671,00<br />
Flos Romeo Soft 1 Floor Lamp H160 X Diam. 50 Cm (P. Starck) 1.250,00 1.250,00<br />
Textile (Courtain 150 X300) 1.500,00 1.500,00<br />
Poliform Bangkok 1 Wardrobe* (L. 292xh. 259 Cm) 12.612,00 12.612,00<br />
Poliform Graffiti 1 Wardobe*(L. 292xh. 259 Cm) 8.708,00 8.708,00<br />
Cattelan Westin 1 Extraclear Glass Consolle 160x45xh.76 Cm 1.621,38 1.621,38<br />
Kartell La Boheme 2 Stools Diam.33 H. 46 Cm 157,38 314,76<br />
Driade Kosmo Egeso 5 Mirror Egeso Driade Kosmo 1.835,00 9.175,00<br />
1 "L" Wadrobe 2.00x1.00m H 3.00 5.000,00 5.000,00<br />
Cassina Lady 720 2 Armchiar "Lady 720" Cassina Marco Zanuso 3.490,00 6.980,00<br />
Icon Edition<br />
B&b Mera 1 Coffe Table With Glossy 2.108,00 2.108,00<br />
Chrome Base And White Carrara Marble Top<br />
D=90 H. 40cm<br />
Flos Arco 1 "Arco Di Castiglioni "Lamp 1.950,00 1.950,00<br />
Maxalto Pathos 1 Chromed Framed Consolle Glossy Laquered 3.052,00 3.052,00<br />
Finish 150x45x H.73 Cm<br />
- 118 -
efurbishment project<br />
Garden Suite<br />
Rooms<br />
Brand Name N Description €UnitPrice<br />
€Total Price<br />
Small<br />
Bedroom<br />
Living<br />
Room<br />
Dining<br />
Room<br />
Kitchen<br />
Flou Plaza 2 Twin Bed With Adjustable Slats 2.450,00 4.900,00<br />
(Dim. Mattress 100 X200)<br />
Dim. 1<strong>09</strong> X227 H 44/118 O 143<br />
Kartell Ghost 2 Clear Bedside Tables 40x37xh.57 Cm 259,00 518,00<br />
Flos Chapo 2 Bedside Lamps H. 40 Cm 360,00 720,00<br />
Textile (Courtain 150 X300) 1.500,00 1.500,00<br />
Driade Neoz 2 Sofa 146x82xh.85 Cm With 5 Cushions 5.343,60 10.687,20<br />
Driade Neoz 1 Sofa 206x82xh.85 With 5 Cushions 7.057,70 7.057,70<br />
Cattelan Dielle 1 Coffe Table 100x100cm 1.137,00 1.137,00<br />
Kartell Top Top 2 Table Diam.60 H. 72 Cm 382,00 764,00<br />
A.B.C. Gio Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00<br />
Textile (Courtain 200 X300) 1.500,00 1.500,00<br />
Flos Table Gun 2 Table Lamp H.92,4 Cm, Diam. 51 Cm Chrome 1.890,00 3.780,00<br />
Poliform Wall System 1 Wall Bookcase And Tv L 260 H210 6.000,00 6.000,00<br />
Driade Neoz 1 Table With Marble Top 210x90 Cm 3.825,00 3.825,00<br />
Driade King Costes 12 Chairs 50,5x57x H.81 Cm 1.070,00 12.840,00<br />
Cattelan Hilton 1 Extraclear Gloss Madia H74x184 3.500,80 3.500,80<br />
A.B.C. Gio Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00<br />
Textile (Courtain 200 X300) 1.500,00 1.500,00<br />
Driade Kosmo 3 Vases "Kosmo" Driade 175,00 525,00<br />
Flos Cicatrices De Luxe 8 1 Chandelier H. 120/150 Cm 4.950,00 4.950,00<br />
Driade Kosmo 2 Candelabra "Kosmo" Driade 877,00 1.754,00<br />
1 Varenna Kitchen * 14.080,00 14.080,00<br />
4 Stool - H 76 Cm - Emeco Des.p.s. 1.086,00 4.344,00<br />
Total<br />
€ 177.587,14<br />
* Kitchen with glossy lacquered doors, stainless steel top, sink with 1 welded tank in the top, stainless steel back, lights,<br />
composed by: 1 removable sink base 60 cm, 1 dishwasher Miele, 1 oven base Foster, 1 base with two drawers ad one extractor,<br />
1 Miele fridge/freezer, 1 dish drainer wall unit, 1 cabinet kitchen hood, 2 cabinets with swing doors, 1 New Form mixer, 1<br />
Foster induction hob, 1 cutlery tray, 1 waste bins (300x60x H. 208 cm).<br />
- 119 -
efurbishment project<br />
- 120 -
efurbishment project<br />
Garden Suite<br />
- 121 -
efurbishment project<br />
Ambassador Suite<br />
Rooms<br />
Brand Name N Description €UnitPrice<br />
€Total Price<br />
Master<br />
Bedroom<br />
Bedroom<br />
Small<br />
Bedroom<br />
Studying<br />
room<br />
near<br />
bedrooms<br />
Driade Neoz 1 King Size Bed 180x200 H200 (P.Starck) 4.404,00 4.404,00<br />
Flou Mattress 1 Matress Dim. 180 X200 1.785,00 1.785,00<br />
Adaptive H 22<br />
Kartell Ghost 2 Bedside Tables 40 X 57 H X 47, (P.Starck) 259,00 518,00<br />
Flos Miss K 1 Table Lamp H 43.2 X Diam. 23.6 (P. Starck) 250,00 250,00<br />
Cassina Sled 1 Desk By Dordoni 170 X42/60 H 65 3.015,00 3015,00<br />
Driade Neoz 1 Armchair 58 X57.5 X H 85 Tess. Cat.0 (P.Starck) 1.672,00 1672,00<br />
Flos Arkimoon K 1 Table Lamp H. 57xdiam. 11 Cm 420,00 420,00<br />
Flos Super Archimoon 1 Ground Lamp H. 214x L.242 X Diam. 55 Cm 6.900,00 6.900,00<br />
1 Textile (courtain 150 x300) 1.500,00 1500,00<br />
Poliform Bangkok 1 Wardrobe * 12.612,00 12.612,00<br />
Minotti Powel Bed 1 Bed King Size 206x224 Cm, Cat. G 6.405,00 6405,00<br />
Flou Mattress 1 Dim. 180 X200 1.785,00 1.785,00<br />
Adaptive H 22<br />
Kartell Ghost 2 Bedside Tables Trasparent 40x37xh.57 Cm 259,00 518,00<br />
Flos Romeo Soft T1 2 Bedside Lamps H 67, Diam. 34 Cm 698,00 1.500,00<br />
Maxalto Recipio '14 1 Desk With Drawer With Shellac Finish Dim 130 X60 3.712,00 3.712,00<br />
Cassina Caprice 1 Leather Chair Cat. Y 9<strong>09</strong>,00 9<strong>09</strong>,00<br />
Flou 1 Tessile Set Biancheria Letto 1.500,00 1.500,00<br />
(Piumino, Copripiumino, Federe Guanciali, Sotto Teso)<br />
Poliform Graffiti 1 Wardrobe * 8.708,00 8.708,00<br />
Flou Plaza 2 Twin Bed With Adjustable Slats 2.450,00 4900,00<br />
(Dim. Mattress 100 X200)<br />
Dim. 1<strong>09</strong> X227 H 44/118 O 143<br />
Flou Matress Adaptive 2 Matress Dim. 100 X200 1.070,00 2.140,00<br />
Kartell Ghost 1 Clear Bedside Tables 40x37xh.57 Cm 259,00 259,00<br />
Kartell Light Air 1 Table Lamp H 32 X 17 X14 162,00 162,00<br />
Poliform Graffiti 1 Wardrobe * 8.708,00 8.708,00<br />
1 Textile (Courtain 150 X300) 1.500,00 1.500,00<br />
Cattelan Qwerty 1 Desk 120x72 Cm 1.310,00 1.310,00<br />
Cassina Caprice 1 White Leather Chair Cat. Y 9<strong>09</strong>,00 9<strong>09</strong>,00<br />
Flos Ara' 1 Table Lamp Diam. 17,5xh. 56,5 Cm 650,00 650,00<br />
Cassina 212 L.W.S. 1 Armchair Sheathing Cat. L 4.130,00 4.130,00<br />
Kartell Ghost Buster 2 Box 68 X 42 X H80 695,00 1.390,00<br />
A.B.C. Gio Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00<br />
1 Textile (courtain 150 x300) 1.500,00 1.500,00<br />
- 122 -
efurbishment project<br />
Ambassador Suite<br />
Rooms<br />
Brand Name N Description €UnitPrice<br />
€Total Price<br />
Entrance<br />
Lounge<br />
Living<br />
Room<br />
Living<br />
Room<br />
Dining<br />
Room<br />
Maxalto Pathos 1 Chromed Framed Consolle Glossy Laquered Finish 3.052,00 3052,00<br />
150x45x H.73 Cm,<br />
Dedon Play 1 Floor Lamp "Play With Dedon" Philippe Starck 9.785,00 9.785,00<br />
Fiam Caadre 1 Mirror "Caadre" Fiam Philippe Starck 155x76 1.680,00 1.680,00<br />
Kartell Uncle Jack 1 Small Sofa 190x75xh.99 Cm In Tranparent Polycarbonate 1.025,00 1.025,00<br />
Driade Costes 2 Small Armchairs "Costes" Driade Philippe Starck 902,80 1.805,60<br />
Kartell Abbraccio 2 Candelabra Polished Chrome Finish 20x11xh.25 Cm 139,00 278,00<br />
A.B.C. Gio Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00<br />
Cassina Lazy Working Sofa 1 Sofa With Ground <strong>Plan</strong>e Sx And Dx 9.570,00 9.570,00<br />
(280x128xh.53/87) Cat. 0<br />
With 4 Cushions 55x55 Cm Cat. 0<br />
Dedon Play 1 Lampada Da Terra "Play With Dedon" 9.785,00 9.785,00<br />
By Philippe Starck<br />
Kartell La Boheme 4 Clear Stools Diam. 34xh.46 Cm 129,00 516,00<br />
A.B.C. Gio Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00<br />
1 Textile (Courtain 150 X300) 1.500,00 1.500,00<br />
Cassina My World 244 31 1 Sofa With Two Armrests "240", Fabric Cat. 0 7.810,00 7.810,00<br />
With 4 Cushions<br />
Cassina My World 244 31 2 Sofa 240x95xh47/80 With 2 Armrests, Fabric Cat. 0 7.810,00 15.620,00<br />
With 4 Cushions<br />
Driade Lou Read 2 Poltrone 70x76xh.120 Cm, Pelle Cat. Z 6.244,70 12.489,40<br />
Cassina Mex 1 Transparent Glass Coffe Table 108x36xh. 24 Cm, 760,00 760,00<br />
With White Painted Base<br />
A.B.C. Giò Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00<br />
1 Textile (Courtain 150 X300) 1.500,00 1.500,00<br />
Kartell Tip Top Mono 2 Side Table By P.S. Diam. 48 H 51 (White Or Black) 172,00 344,00<br />
Flos Romeo Soft T1 2 Bedside Table Lamps H 67, Diam. 34 Cm 698,00 1.396,00<br />
Kartell La Boheme 2 Orange Stools Diam. 34xh.46 Cm 129,00 258,00<br />
Cattelan Valentinox 1 Consolle Dim 250 X 50 H 75cm 2.200,00 2.200,00<br />
Driade<br />
Kosmo Wells Ii E Wells Iii 2 Glass By Boris Sipek 660,00 1.320,00<br />
Xo Oreil Qui Voit 5 Mirror "Oreil Qui Voit" By Philippe Starck<br />
(Various Dimensions) 2.000,00 10.000,00<br />
Cattelan Carioca 1 Table " Carioca" Cattelan Andrea Lucatello 2.690,00 2.690,00<br />
300x120<br />
Cassina Caprice 1 White Leather Chair Cat. Y 9<strong>09</strong>,00 9<strong>09</strong>,00<br />
1 Textile (Courtain 150 X300) 1.500,00 1.500,00<br />
A.B.C. Gio Ponti Carpet 1 Carpet Dim 200 X300 4.000,00 4.000,00<br />
Flos Skygarden 1 2 Golden Pendant Lamps Matt Diam. 60 Cm 1.870,00 3.740,00<br />
- 123 -
efurbishment project<br />
Ambassador Suite<br />
Rooms<br />
Brand Name N Description €UnitPrice<br />
€Total Price<br />
Service<br />
Room<br />
Breakfast<br />
Room<br />
Kitchen<br />
Flou Plaza 2 Twin Bed With Adjustable Slats 2.450,00 4900,00<br />
(Dim. Mattress 100 X200)<br />
Dim. 1<strong>09</strong> X227 H 44/118 O 143<br />
Flou Adaptive 2 Dim. 100 X200 1.070,00 2140,00<br />
Kartell Ghost 1 Clear Bedside Tables 40x37xh.57 Cm 259,00 259,00<br />
Flos Miss K 1 Table Lamp H 43.2 X Diam. 23.6 (P. Starck) 250,00 1.500,00<br />
1 Textile (Courtain 150 X300) 3.000,00 3.000,00<br />
Lema 1 L Wardrobe 2.00x H 260 3.000,00 3.000,00<br />
Driade Cugino 1 Table D=120 H 72; 1.732,00 1.732,00<br />
With Steel Base Painted Anthracite;<br />
Tempered Glass Top 12mm; E.Mari<br />
Driade Lago' 6 Sedie "Lagò" By P. Starck in Vari Colori 610,00 3.660,00<br />
1 Varenna 1 Kitchen* 14.080,00 14.080,00<br />
Emeco 4 Stool - H 76 Cm - Emeco Des.p.s. 1.086,00 4.344,00<br />
total<br />
€250.319,00<br />
* Wardrobe with leather-panelled sliding doors, oak interior, with 3 shelves, 1 chest of drawers 4 drawers, glass front, 5 coat<br />
hook and lights (L. 292xh. 259 cm).<br />
* Kitchen with glossy lacquered doors, stainless steel top, sink with 1 welded tank in the top, stainless steel back, lights,<br />
composed by: 1 removable sink base 60 cm, 1 dishwasher Miele, 1 oven base Foster, 1 base with two drawers ad one extractor,<br />
1 Miele fridge/freezer, 1 dish drainer wall unit, 1 cabinet kitchen hood, 2 cabinets with swing doors, 1 New Form mixer, 1<br />
Foster induction hob, 1 cutlery tray, 1 waste bins (300x60x H. 208 cm).<br />
- 124 -
efurbishment project<br />
Ambassador Suite<br />
- 125 -
efurbishment project<br />
- 126 -
efurbishment project<br />
Ambassador Suite<br />
- 127 -
efurbishment project<br />
Executive Suite<br />
Rooms<br />
Brand Name N Description €UnitPrice<br />
€Total Price<br />
Closet<br />
Small<br />
Kitchen<br />
open<br />
on the<br />
living<br />
Room<br />
Bedroom<br />
Bedroom<br />
Poliform Bangkok 1 Wardrobe with leather-panelled sliding doors, 12.612,00 12.612,00<br />
oak interior, with 3 shelves, 1 chest of drawers,<br />
4 drawers, glass front, 5 coat hook and lights<br />
( 292xh. 259 cm)<br />
Poliform Graffiti 1 Wardrobe with leather-panelled sliding doors, 8.708,00 8.708,00<br />
oak interior, with 3 shelves, 1 chest of drawers,<br />
4 drawers, glass front, 5 coat hook and lights<br />
(292xh. 259 cm)<br />
Varenna Matrix 1 Kitchen with glossy lacquered doors,<br />
stainless steel top, sink with 1 welded tank in the top, 17.080,00 17.080,00<br />
stainless steel back, lights, composed by:<br />
1 removable sink base 60 cm,<br />
1 dishwasher Miele, 1 oven base Foster, 1 base<br />
with two drawers ad one extractor,<br />
1 Miele fridge/freezer, 1 dish drainer wall unit,<br />
1 cabinet kitchen hood, 2 cabinets with swing doors,<br />
1 New Form mixer, 1 Foster induction hob,<br />
1 cutlery tray, 1 waste bins (300xD. 60x H. 208 cm )<br />
Emeco Icon by Stark 4 Stool polished- 40x54x h. 75/106 cm 1.716,00 6.864,00<br />
Cassina Volage 1 King Size Bed, headboard h 190 cm, leather coating cat.O 9.530,00 9.530,00<br />
Cassina Romeo 2 Appliques "Romeo"for Volage 330,00 660,00<br />
Per Letto Volage<br />
Cassina Comodini 2 Crystal bedsides 33x.33XH. 57 cm 835,00 1.670,00<br />
per Letto Volage<br />
Flos Romeo Soft 1 Floor lamp mod Piantana 50 H. 160 cm 1.230,00 1.230,00<br />
Maxalto Sidus 1 Dark stained oak desk 110x.46 2.822,00 2.822,00<br />
Cassina Passion 1 Armchair with conchrome legs scotland 1.220,00 1.220,00<br />
quilted leather, leather shell 58x57xH.45/79 cm<br />
A.B.C. Gio' Ponti Carpet Carpet 300x200 cm 4.000,00 4.000,00<br />
1 Courtain 150x200 cm 1.008,00 1.008,00<br />
Cassina L22/L23 1 King Size Bed fabric coating, wired + bedsides dx e sn 4.380,00 4.380,00<br />
with drawers maple finish +2 "Romeo Soft" T1 by Flos<br />
Cassina Top 1 Maple top 1.085,00 1.085,00<br />
Cassina 2 Bedsides with drawers maple finish 1.085,00 2.170,00<br />
Cassina Romeo Soft By Flos 2 Table lamp 867 1.734,00<br />
Flos Romeo Soft 4 Floor Lamp diam. 50 H. 160 cm 1.230,00 4.920,00<br />
Fiam Caadre 1 Mirror.105XH.195 cm 2.350,00 2.350,00<br />
Kartell Heros 1 Chair with chrome base 62X79XH.70cm 308,00 308,00<br />
A.B.C. Gio' Ponti Carpets 1 Carpet 300x200 cm 4.000,00 4.000,00<br />
1 Courtain 150x200 cm 1.008,00 1.008,00<br />
- 128 -
efurbishment project<br />
Executive Suite<br />
Rooms<br />
Brand Name N Description €UnitPrice<br />
€Total Price<br />
Living<br />
Room<br />
Living<br />
Room<br />
Cassina Mister 1 Sofa, with feather padding and fabric, 234x104 7.502,00 7.502,00<br />
Cassina Mister 2 Cushion fabric 45x37 cm 340,00 680,00<br />
Cassina Mister 2 Cushion fabric 62x62 cm 495,00 990,00<br />
Cassina Passion 2 Armchair with wood legs and leather coating cat. O, 690,00 1.380,00<br />
58x57xH. 79<br />
Kartell Top top 1 Square table 130x130 cm 2.080,00 2.080,00<br />
Tog Saint John 6 Chair not yet in production cost indicative 1.000,00 6.000,00<br />
With Steel Base Painted Anthracite;<br />
Dedon Rayan 1 Coffe table 88x88 H. 25 cm 1.720,00 1.720,00<br />
Dedon Rayan 1 Coffe table 176x88 H. 25 cm 2.825,00 2.825,00<br />
Flos Biblioteque National 2 Floor lamp 40 h. 150 cm 1.650,00 3.300,00<br />
A.B.C. Gio' Ponti Carpets 1 Carpet 300x200 cm 4.000,00 4.000,00<br />
1 Courtain 150x200 cm 1.008,00 1.008,00<br />
total<br />
€1<strong>09</strong>.311,00<br />
- 129 -
efurbishment project<br />
- 130 -
efurbishment project<br />
Executive Suite<br />
- 131 -
efurbishment project<br />
Bathrooms<br />
Rooms<br />
Description<br />
um<br />
n<br />
$UnitPrice<br />
$Total Price<br />
3 Suites<br />
Full<br />
bathrooms<br />
n 9<br />
17,667.00 158,996,00<br />
Half<br />
bathrooms<br />
n 2<br />
7,074.00 14,137.00<br />
Total bathrooms supply 173,000.00<br />
Description<br />
um<br />
n<br />
€UnitPrice<br />
€Total Price<br />
Full<br />
Bathroom<br />
Globo Forty 3 Wc Wall-hung 57x36 n 1 360,00 360,00<br />
Globo Forty 3 Bidet Wall-hung 57x36 n 1 360,00 360,00<br />
Globo<br />
Forty 3 Wc Cover<br />
n 1<br />
128,00 128,00<br />
Punto Tre Furniture With Double Mirrored Cabinet n 1 3.250,00 3.250,00<br />
Novellini Nexis A 100x80 Hammam n 1 5.943,00 5.943,00<br />
Eiffelgres Floor And Wall Coating 30x60 Mq. 25 65,00 1.625,00<br />
Capannoli<br />
Sink Towels Hanger<br />
n 1<br />
79,00 79,00<br />
Capannoli<br />
Roll Holder<br />
n 1<br />
39,00 39,00<br />
Capannoli<br />
Brush Holder<br />
n 1<br />
75,00 75,00<br />
Capannoli<br />
Hanger<br />
n 1<br />
22,00 22,00<br />
Capannoli Bidet Towels Hanger n 1 70,00 70,00<br />
Geda Sink Mixer Polished Stainless n 2 312,00 624,00<br />
Geda Bidet Mixer Polished Stainless n 1 312,00 312,00<br />
Total<br />
Price + Vat ( 2.835,14) 15.722,14<br />
Half<br />
Bathroom<br />
Globo Forty 3 Wc Wall-hung 57x36 n 1 360,00 360,00<br />
Globo<br />
Forty 3 Wc Cover<br />
n 1<br />
128,00 128,00<br />
Punto Tre Furniture With Mirrored Cabinet n 1 2.450,00 2.450,00<br />
Eiffelgres Floor And Wall Coating 30x60 Mq. 25 65,00 1.625,00<br />
Capannoli<br />
Sink Towels Hanger<br />
n 1<br />
79,00 79,00<br />
Capannoli<br />
Roll Holder<br />
n 1<br />
39,00 39,00<br />
Capannoli<br />
Brush Holder<br />
n 1<br />
75,00 75,00<br />
Capannoli<br />
Hanger<br />
n 1<br />
22,00 22,00<br />
Capannoli Bidet Towels Hanger n 1 70,00 70,00<br />
Geda Sink Mixer Polished Stainless n 1 312,00 312,00<br />
Total<br />
Price + Vat ( 1.135,20) 6.295,20<br />
N.b. By "Full bathroom" it is considered: the complete supply of furniture, including toilet and bidet, double sink with<br />
suspended cabinet and mirror cabinet, shower/sauna, faucets and bathroom accessories, lighting, floor and wall coatings.<br />
N.b. By "Half bathroom" it is considered: the complete supply of furniture, including toilet, sink with suspended cabinet<br />
and mirror cabinet, faucets and bathroom accessories, lighting, floor and wall coatings.<br />
- 132 -
efurbishment project<br />
Kitchens<br />
Description<br />
n<br />
$UnitPrice<br />
$Total Price<br />
Complete Set Of Professional Cooking Pots 4 1,442.00 5,768.00<br />
Complete Set Of Professional Cooking Tools 4 1,1<strong>03</strong>.00 4,412.00<br />
Complete Set of Plates Glasses and Silverware n. 12 pax 4 19,893.00 79,572.00<br />
Tablecloths and napkins n. 12 pax 8 630.00 5,040.00<br />
T otal kitchen items supply<br />
94,792.00<br />
Firm<br />
Code Description q<br />
€Price<br />
Sambonet<br />
Lagostina<br />
R.Ginori<br />
Baccarat<br />
Sambonet<br />
Love Tiffani<br />
Menù<br />
battery pots 23 pcs 1<br />
1.283,00<br />
I Cucinieri set 67 pcs kitchenware 1 982,00<br />
Giò Ponti service plates 53 pcs 1 4.285,00<br />
"Catena o Labirinto" coffee service 15 pcs 1 1.807,00<br />
the<br />
service 15 pcs 1<br />
1.949,00<br />
Vega 1365102 water glass 12 1.560,00<br />
Vega 13651<strong>03</strong> wine glass 12 1.560,00<br />
Vega 13651<strong>09</strong> flut 12 1.560,00<br />
Giò Ponti silverplated flatware 75 pcs 1 3.<strong>09</strong>7,90<br />
table<br />
fork<br />
12<br />
418,80<br />
teaspoon mocha 12<br />
250,80<br />
fish fork<br />
12<br />
418,80<br />
fish knife<br />
12<br />
418,80<br />
dessert<br />
fork<br />
12<br />
378,00<br />
Country Cream 8826635 tableclot cm.175x280 2 320,00<br />
towel<br />
24<br />
240,00<br />
Total € 20.529,10<br />
- 133 -
efurbishment project<br />
Bedrooms and Bath Linens<br />
Rooms<br />
Description<br />
um<br />
q<br />
$UnitPrice<br />
$Total Price<br />
Executive<br />
suite (4 pax)<br />
Garden<br />
suite (6 pax)<br />
Ambassador<br />
suite (5 pax)<br />
N.B.<br />
3 Suites<br />
N.B.<br />
Spa and gym<br />
Complete<br />
Set King Size Bed<br />
n 3<br />
1,170.00 3,510.00<br />
Complete<br />
Set Twin size Bed<br />
n 6<br />
867.00 5,202.00<br />
Complete<br />
Set King Size Bed<br />
n 6<br />
1,170.00 7,020.00<br />
Complete<br />
Set Twin size Bed<br />
n 6<br />
867.00 5,202.00<br />
Complete<br />
Set King Size Bed<br />
n 6<br />
1,170.00 7,020.00<br />
Complete<br />
Set Twin size Bed<br />
n 3<br />
867.00 2,601.00<br />
The Complete sets include: bed sheets, pillow cases, duvet covers, duvets 100% goose feathers cushions in 100% goose feathers.<br />
Complete set of personalized bathroom towels n 30 377.00 11,310.00<br />
The complete Bathroom sets include: Personalized Bathroom towels in Natural Sponge.<br />
Complete Set Wellness Towels n 30<br />
75.00 2,250.00<br />
Total<br />
bed linen supply<br />
49,317.00<br />
Description<br />
um<br />
q<br />
€UnitPrice<br />
€Total Price<br />
Executive<br />
Suite<br />
Garden<br />
Suite<br />
1 King size Bed<br />
Top sheet<br />
2<br />
158,00 316,00<br />
Bottom fitted sheet<br />
2<br />
1<strong>03</strong>,00 206,00<br />
Pillow cases<br />
8<br />
45,00 360,00<br />
Duvet<br />
cover<br />
2<br />
250,00 500,00<br />
Duvet 100% goosedown gr. 100/mq cm. 250x215 1 238,00 238,00<br />
Pillow cases 100% goosedown<br />
4<br />
28,00 112,00<br />
2 Single Beds<br />
Top sheet<br />
4<br />
120,00 480,00<br />
Bottom fitted sheet<br />
4<br />
66,00 264,00<br />
Pillow cases<br />
8<br />
45,00 360,00<br />
Duvet<br />
cover<br />
4<br />
190,00 760,00<br />
Duvet 100% goosedown gr. 100/mq cm. 155x215 2 159,00 318,00<br />
Pillow cases 100% goosedown<br />
4<br />
28,00 112,00<br />
2 King Size Beds<br />
Top sheet<br />
4<br />
158,00 632,00<br />
Bottom fitted sheet<br />
4<br />
1<strong>03</strong>,00 412,00<br />
Pillow cases<br />
16<br />
45,00 720,00<br />
Duvet<br />
cover<br />
4<br />
250,00 1.000,00<br />
Duvet 100% goosedown gr. 100/mq cm. 250x215 2 238,00 476,00<br />
Pillow cases 100% goosedown<br />
8<br />
28,00 224,00<br />
- 134 -
efurbishment project<br />
Rooms<br />
Description<br />
q<br />
€UnitPrice<br />
€Total Price<br />
Garden<br />
Suite<br />
Ambassador<br />
Suite<br />
2 Single Beds<br />
Top sheet<br />
4<br />
120.00 480,00<br />
Bottom fitted sheet<br />
4<br />
66.00 264,00<br />
Pillow cases<br />
8<br />
45.00 360,00<br />
Duvet<br />
cover<br />
4<br />
190.00 760,00<br />
Duvet 100% goosedown gr. 100/mq cm. 155x215 2 159,00 318,00<br />
Pillow cases 100% goosedown<br />
4<br />
28,00 112,00<br />
2 King size Beds<br />
Top<br />
sheet<br />
4<br />
158,00 632,00<br />
Bottom fitted sheet<br />
4<br />
1<strong>03</strong>,00 412,00<br />
Pillow cases<br />
16<br />
45,00 720,00<br />
Duvet<br />
cover<br />
4<br />
250,00 1.000,00<br />
Duvet 100% goosedown gr. 100/mq cm. 250x215 2 238,00 476,00<br />
Pillow cases 100% goosedown 8 28,00 224,00<br />
1 Single Bed<br />
Top sheet<br />
2<br />
120,00 240,00<br />
Bottom fitted sheet<br />
2<br />
66,00 132,00<br />
Pillow cases<br />
4<br />
45,00 180,00<br />
Duvet<br />
cover<br />
2<br />
190,00 380,00<br />
Duvet 100% goosedown gr. 100/mq cm. 155x215 1 159,00 159,00<br />
Pillow cases 100% goosedown<br />
2<br />
28,00 56,00<br />
Bathrooms<br />
Spa and Gym<br />
White terry cloth towel cm. 150x130 30 43,00 1.290,00<br />
White terry cloth towel cm. 110x60 30 28,00 840,00<br />
White terry cloth towel cm. 60x40 30 16,00 480,00<br />
White terry cloth towel cm. 30x30 (face towel) 30 9,00 270,00<br />
White terry cloth bath mat cm. 60x90 15 50,00 750,00<br />
White terry cloth bathrobe size L 15 95,00 1.425,00<br />
White terry cloth bathrobe size M 15 95,00 1.425,00<br />
Spa x 9<br />
White terry cloth towel cm. 150x100 18 40,00 720,00<br />
White<br />
towels cm. 70x40<br />
18<br />
18,00 324,00<br />
Lavette<br />
towels 30x30<br />
18<br />
9,00 162,00<br />
Spa x 6<br />
White<br />
towels. 150x100<br />
12<br />
40,00 480,00<br />
White terry cloth towel cm. 70x40 12 18,00 216,00<br />
White terry cloth towel cm. 30x30 (face towel) 12 9,00 108,00<br />
Total<br />
€<br />
22.885,00<br />
- 135 -
efurbishment project<br />
Gym Equipment<br />
Rooms<br />
Description<br />
um<br />
q<br />
$Total Price<br />
Executive and Ambassador suite<br />
C omplete Gym Furniture<br />
mq 55<br />
70,348.00<br />
Garden suite<br />
C omplete Gym Furniture<br />
mq 36<br />
47,905.00<br />
T otal gym supply<br />
118,253.00<br />
€ Total Price<br />
Executive<br />
and<br />
Ambassador<br />
Suite<br />
T echnoGym Treadmill Standard<br />
n. 1<br />
Cardio Line 16.240,00<br />
TechnoGym Vario Standard n. 1 Cardio Line 11.990,00<br />
TechnoGym Recline n. 1 Cardio Line 7.890,00<br />
Technogym Rubber Mat n. 4 Strength Line 120,00<br />
Technogym Plurima Wall n. 1 Strength Line 10.490,00<br />
Technogym Crunch Bench n. 1 Strength Line 1.040,00<br />
Technogym Adjustable Bench n. 1 Strength Line 750,00<br />
Technogym Rack n. 1 Strength Line 590,00<br />
T otal Items<br />
50.360,00<br />
D elivery and Installation<br />
971,12<br />
Total<br />
+ vat<br />
62.623,97<br />
Garden<br />
Suite<br />
Technogym Run machine 700<br />
n. 1<br />
Cardio Line 9.517,00<br />
Technogym Recline 700<br />
n. 1<br />
Cardio Line 6.775,00<br />
Technogym Cross 700<br />
n. 1<br />
Cardio Line 8.691,00<br />
Technogym Rubber Mat<br />
n. 1<br />
Strength Line 30,00<br />
Technogym Wellness Rack<br />
n. 1<br />
Strength Line 560,00<br />
Vision Kinesis Vision<br />
n. 1<br />
Kinesis 8.056,00<br />
Total<br />
Items<br />
33.6<strong>09</strong>,00<br />
Delivery and Installation<br />
1.325,91<br />
Total<br />
+ vat<br />
42.644,99<br />
- 136 -
efurbishment project<br />
Wellness and Spa<br />
Description<br />
um<br />
q<br />
$Unit Price<br />
$Total Price<br />
Executive and Ambassador suite<br />
m q 38<br />
Beauty Bed<br />
2<br />
5,043.00 10,089.00<br />
Garden suite<br />
m q 36<br />
Beauty Bed<br />
2<br />
5,043.00 10,089.00<br />
T otal spa supply<br />
20,178.00<br />
N.B.<br />
The selected beauty beds, model Gemya EVO brand Lemi Starpool, have been chosen for their pleasing aspect considering<br />
their use of a suite.<br />
- 137 -
efurbishment project<br />
Common Space<br />
Description<br />
um<br />
q<br />
$Total Price<br />
Pool Table Restaldi Mod. Palatino<br />
For American Pool (254x127cm) n. 1 10,561.00<br />
T heater seatings<br />
n. 15<br />
9,570.00<br />
T otal<br />
20,131.00<br />
Pool Table Details<br />
Pool Table Restaldi Mod. Palatino For American Pool 100% Made In Italy Game Lamp Cm 254x127,<br />
For Competitions Total Measurments - Cm 289x162 - 9’ft - Wood Color At Your Choice -<br />
Custom (Customized Pool Tables) Grinding Centesimal Game <strong>Plan</strong> - Unique In The World<br />
Game utilities included: (Pictures on: www.giochi.restaldi.com).<br />
1 Pool cues holder, same color.<br />
4 Pool cues<br />
1 Pebbles set Pool Aramith S. diam. Mm. 57,2<br />
1 Wood triangle<br />
1 box of chalks. Six cubes<br />
1 Bridge<br />
1Brush<br />
1 Pool table cover<br />
Total 9.400,00<br />
€Unit Price<br />
€Total Price<br />
Theater details<br />
S eat Holly 1<br />
n. 20<br />
251,90 5.<strong>03</strong>8,00<br />
Straight<br />
Armrest Holly 2<br />
n 25<br />
72,60 1.815,00<br />
Magazine<br />
Rack Holly 4<br />
n 10<br />
15,80 158,00<br />
Total<br />
7.011,00<br />
Discount<br />
- 361,00<br />
Transportation Costs<br />
332,00<br />
Total<br />
6.982,00<br />
- 138 -
efurbishment project<br />
Tv’s<br />
Rooms<br />
Description<br />
um<br />
q<br />
$Unit Price<br />
$Total Price<br />
Executive<br />
Suite<br />
Garden<br />
Suite<br />
Ambassador<br />
Suite<br />
Smart tv 55” mod. Samsung Smart TV - 55h6670szxzt n. 2 1,488.00 2,976.00<br />
Smart tv 85” mod. Samsung - Qm85d monitor led 85” lh85qmdplgc/en n. 1 12,012.00 12,012.00<br />
Smart tv 55” mod. Samsung Smart TV - 55h6670szxzt n. 2 1,488.00 2,976.00<br />
Specchio Cadre TV / Televisore -<br />
Schermo lcd 42” sony integrato - 155 x 140 cm - fiam n. 1 7,666.00 7,666.00<br />
Smart tv 85” mod. Samsung qm85d monitor led 85” lh85qmdplgc/en n. 1 12,012.00 12,012.00<br />
Smart<br />
tv 55” mod. Samsung smart tv - 55h6670szxzt<br />
n. 1<br />
1,488.00 1,488.00<br />
Specchio caadre tv / televisore - schermo lcd 42” sony integrato - n. 2 7,666.00 15,332.00<br />
155 x 140 cm - fiam<br />
Smart tv 85” mod. Samsung qm85d monitor led 85” lh85qmdplgc/en n. 1 12,012.00 12,012.00<br />
Total TV's supply 66,474.00<br />
- 139 -
efurbishment project<br />
Landscape Design<br />
Rooms<br />
Description<br />
um<br />
n<br />
$Total Price<br />
Garden<br />
Suite<br />
Ambassador<br />
Suite<br />
Rooftop<br />
Fully furnished garden, with construction of a sophisticated mq 200<br />
140,445.00<br />
and appropriate intervention of landscape green design.<br />
Complete<br />
terrace 1 furniture<br />
mq 37<br />
34,4<strong>03</strong>.00<br />
Complete<br />
terrace 1 furniture<br />
mq 9<br />
12,191.00<br />
Complete<br />
Rooftop furniture<br />
mq 90<br />
80,934.00<br />
Ambassador Terrace 1<br />
Total<br />
landscape supply<br />
267,973.00<br />
The complete landscape design furniture includes: plants shrubs and garden irrigation system.<br />
The complete garden furniture includes the following elements: tall trees, furniture and garden irrigation system.<br />
Description Code q €UnitPrice €Total Price<br />
Complementary Furnishing<br />
Tuscan Terracotta Vases terraetrusca 70 9 299,00 2.691,00<br />
Tuscan Terracotta Vases terraetrusca 82 5 299,00 1.495,00<br />
Tuscan Terracotta Cones terraetrusca 0,75 5 383,00 1.915,00<br />
Soil for pot 80 lt. 55 9,00 495,00<br />
Expanded<br />
clay<br />
big<br />
8<br />
14,00 112,00<br />
Toothsie<br />
in terracotta<br />
terraetrusca<br />
76<br />
3,00 228,00<br />
Total<br />
6.936,00<br />
<strong>Plan</strong>ts<br />
Eugenia<br />
M. Newport<br />
Ø 32<br />
18<br />
65,00 1.170,00<br />
Punica<br />
G. Wonderful<br />
Ø 62<br />
2<br />
850,00 1.700,00<br />
Citrus<br />
L. 4 Seasons<br />
Ø 62<br />
3<br />
420,00 1.260,00<br />
Mediterranean plants*<br />
Ø 30<br />
5<br />
35,00 175,00<br />
Battery irrigation system Price-to-hand 1 2.000,00 2.000,00<br />
Total<br />
6.305,00<br />
Furnishing Elements<br />
Table<br />
armchairs<br />
Metal<br />
9<br />
195,00 1.755,00<br />
Patio umbrella 4x3 Lateral support 1 1.900,00 1.900,00<br />
salotto<br />
Wicker L.<br />
1<br />
5.600,00 5.600,00<br />
Chaise<br />
longue<br />
Metal<br />
2<br />
370,00 740,00<br />
* Lavandula, Helichrysum, Rosmarino, Salvia<br />
Total 9.995,00<br />
- 140 -
efurbishment project<br />
Landscape Design<br />
Ambassador Terrace 1<br />
$Total Price<br />
Ambassador Terrace 2<br />
Total<br />
supplies<br />
23.236,00<br />
Carriages<br />
800,00<br />
Manpower<br />
3.980,00<br />
Lighting<br />
2.600,00<br />
Total<br />
Terrace Ambassador 1<br />
30.616,00<br />
Description Code q €UnitPrice €Total Price<br />
Complementary Furnishing<br />
Tuscan Terracotta Vases terraetrusca 77 2 299,00 598,00<br />
Tuscan Terracotta Vases terraetrusca 37H 2 310,00 620,00<br />
Tuscan Terracotta Cones terraetrusca 0,75 3 383,00 1.149,00<br />
Soil<br />
80 Lt.<br />
24<br />
9,00 216,00<br />
expanded<br />
clay<br />
big<br />
3<br />
14,00 42,00<br />
T oothsie in Terracotta<br />
terraetrusca<br />
28<br />
3,00 84,00<br />
Total<br />
2.7<strong>09</strong>,00<br />
<strong>Plan</strong>ts<br />
Phillostachys.<br />
X Bamboo Ø 32<br />
4<br />
65,00 260,00<br />
Abelia<br />
G.<br />
Ø 24<br />
2<br />
30,00 60,00<br />
Mediterranean plants<br />
Ø 30<br />
3<br />
35,00 105,00<br />
Battery Irrigation System Price-to-Hand 1 900,00 900,00<br />
Total 1.325,00<br />
Furnishing Elements<br />
armchair<br />
58<br />
metal<br />
3<br />
195,00 585,00<br />
Patio Umbrella 3x3 retractable lateral support 1 1.900,00 1.900,00<br />
Round<br />
table metal<br />
1<br />
960,00 960,00<br />
chaise<br />
longue<br />
metal<br />
1<br />
370,00 370,00<br />
Total 3.815,00<br />
Total supplies 7.849,00<br />
Carriages 400,00<br />
Manpower 1.800,00<br />
Lighting 800,00<br />
Total<br />
Terrace Ambassador 2<br />
10.849,00<br />
- 141 -
efurbishment project<br />
Landscape Design<br />
Common Rooftop Terrace<br />
Description Code q €UnitPrice €Total Price<br />
Complementary Furnishing<br />
Tuscan Terracotta Vases Terraetrusca 77 26 285,00 7.410,00<br />
Tuscan Terracotta Vases Terraetrusca 90H 3 310,00 930,00<br />
Tuscan Terracotta Vases Terraetrusca 90 3 269,00 807,00<br />
Tuscan Terracotta Cones Terraetrusca 0,75 8 383,00 3.064,00<br />
Border<br />
Vases<br />
Terracotta 60<br />
8<br />
399,00 3.192,00<br />
Soil<br />
for pot 80 Lt.<br />
160<br />
9,00 1.440,00<br />
Expanded<br />
clay<br />
big<br />
20<br />
14,00 280,00<br />
Toothsie in terracotta terraetrusca 170 3,00 340,00<br />
Total<br />
17.463,00<br />
<strong>Plan</strong>ts<br />
Phyllostachys<br />
X. Bamboo Ø 60<br />
16<br />
65,00 1.040,00<br />
Punica<br />
G. Wonderful<br />
Ø 62<br />
1<br />
850,00 850,00<br />
Citurs<br />
L. 4 Seasons<br />
Ø 62<br />
4<br />
420,00 1.680,00<br />
Mediterranean <strong>Plan</strong>ts<br />
Ø 30<br />
8<br />
35,00 280,00<br />
Viburnum Lucidum T.<br />
Ø 30<br />
20<br />
48,00 960,00<br />
Eugenia<br />
M. Newport<br />
Ø 32<br />
36<br />
65,00 2.340,00<br />
Battery Irrigation System Price-to-hand 1 2.800,00 2.800,00<br />
Total<br />
9.950,00<br />
Furnishing Elements<br />
Table<br />
Armchairs 58<br />
metal<br />
9<br />
195,00 1.755,00<br />
tavoli<br />
ovali<br />
metal<br />
3<br />
946,00 2.838,00<br />
Patio Umbrella 3,5 x 7,0 V lateral Side Support 1 3.650,00 3.650,00<br />
Patio Umbrella 4,0 X 8,0 V lateral Side Support 1 4.150,00 4.150,00<br />
sofa<br />
rattan<br />
1<br />
2.800,00 2.800,00<br />
sofa<br />
Wicker L.<br />
1<br />
5.600,00 5.600,00<br />
Table<br />
metal<br />
1<br />
6.250,00 6.250,00<br />
Table<br />
Armchairs 58<br />
metal<br />
14<br />
195,00 2.730,00<br />
chaise<br />
longue<br />
metal<br />
2<br />
370,00 740,00<br />
Total<br />
30.513,00<br />
Total supplies 57.926,00<br />
Carriages 1.200,00<br />
Manpower 8.300,00<br />
Ligthing 4.600,00<br />
Total common Terrace 72.026,00<br />
- 142 -
tropp<br />
refurbishment project<br />
Landscape Design<br />
Garden<br />
Description Code q €UnitPrice €Total Price<br />
Complementary Furnishing<br />
Flooring cubes porfyry 10x<br />
finished in Trani stone Porfyry 10X 135,00 18.900,00<br />
Tuscan Terracotta Vases terracotta 90 14 310,00 4.340,00<br />
Tuscan Terracotta Cones terracotta h 0,75 6 383,00 2.298,00<br />
Tuscan Terracotta Vases terracotta 60 48 399,00 19.152,00<br />
S lio<br />
tl05liosdica<br />
<strong>09</strong><br />
9,00 810,00<br />
S lio<br />
s flio o pr 8to .tl0<br />
06<br />
9,00 540,00<br />
L aolip<br />
06,0 ollipaL m .cluV 4<br />
90,00 360,00<br />
W usn<br />
51Ø<br />
61<br />
18,00 288,00<br />
Battery irrigation System Price-to-hand 1 2.800,00 2.800,00<br />
edoo<br />
<strong>Plan</strong>ts<br />
Camellia J. Mrs Tingley For partition Pot Ø 46 14 280,00 3.920,00<br />
Tlla<br />
S serh<br />
m<br />
P Øto 06ØtoP<br />
61<br />
600,00 9.600,00<br />
Pieris Forrest Flame Pot Ø 62 16 160,00 2.560,00<br />
Camellia J. Debutante Pot Ø 62 20 450,00 9.000,00<br />
Azalea J. Blue Danube Pot Ø 46 12 380,00 4.560,00<br />
latoT 29.640,00<br />
Furnishing Elements<br />
Patio umbrella 4x4 lateral support 4 1.900,00 7.600,00<br />
hcuoC rekciW<br />
3<br />
4.500,00 13.500,00<br />
aT lb 8 lp e secalp8elbaT ateMl ollateM<br />
1<br />
2.900,00 2.900,00<br />
Table armchairs 58 Metallo 8 195,00 1.560,00<br />
latoT 25.560,00<br />
0, 84.94 latoT<br />
Total supplies 401 .6 0, 86.401<br />
Carriages ,06.1 0, 06.1<br />
Manpower 9 5. ,0 0, 05.9<br />
R rotse ita o w ork n krownoitarotseR 3.200,00<br />
Ligthing , 00.6<br />
0, 0.6<br />
Total Garden 0, 89.421<br />
In addition, on request, we can predict the predisposition for a future installation of a HiFi sound system global and also in<br />
its implementation. In this case we would be ready to submit a project with its budget.<br />
-143 -
value of the company<br />
-144 -
value of the company<br />
VII<br />
The Team<br />
-145 -
Description
the team<br />
The overall development of the Palazzetto’s business plan was a collaboration of the following experts in their field. Our global<br />
team’s vision is built from American and European customs.<br />
Professional Team in Italy<br />
A qualified team in Rome has been already identified to support the activity of the Company:<br />
appraiser<br />
Mr. Ivan Mammucari is of the most important professional appraisers in the whole region of Rome.<br />
He has more than 33 years of experience as an appraiser. Beginning in 1996, he started his own appraisal company, signing<br />
more than 180 appraisers for the Italian Court in Rome.<br />
He has been appointed as a preferred appraiser for the Italian Court in Rome, and as such his appraisals are validated.<br />
For your reference, the appraisal is at page 100 of the <strong>Business</strong> <strong>Plan</strong>.<br />
Mr. Simone D’Ambrosi and Sintema Servizi and Associates: CPAs firm working in Rome since 2000, is<br />
formed by highly skilled professionals and employees having a long-time experience in accounting and tax matters, legal<br />
and commercial support, providing services from a pool of attorneys, notaries, payroll consultants and condominium management<br />
experts. Grand Hotel Parco dei Principi in Rome is one of their clients.<br />
Mrs. Emanuela Perozzi, 15 years of experience as executive assistant in several important Italian law<br />
firms. She will be one of the operative managers at the office, working directly with the booking company in Los Angeles.<br />
- 148 -
the team<br />
Professional Team in United States<br />
Cantera and Associates Inc. CPA<br />
Both Privilege Privacy Prestige LLP and P.P.P Partnership are located at 2300 Coral Way, Miami. FL, 33145 at Cantera and<br />
Associates Inc office.<br />
Cantera and Associates Inc is one of the most prestigious accounting firm in Miami. It was established in Miami October<br />
1961, now employs a staff of approximately 20 people.<br />
Mrs. Vivian Williams is the CEO of Cantera & Associates. As the fourth generation leading the accounting firm together<br />
with her mother, Amada Lopez-Cantera, she has expanded the original client base of the local Hispanic family businesses<br />
to include large multinational and international clients. She has been a member of the South Florida Hispanic Chamber of<br />
Commerce and is active in local charities such as Centro Mater, American Cancer Society and Big Brothers Big Sisters of<br />
Miami and serves on the board of the US Cuba Democracy PAC and The Baptist Health Foundation.<br />
Bernhard Law Firm PLLC by Mr. Andrew J. Bernhard<br />
In recognition for his work, Super Lawyers Magazine designated Andrew as a Rising Star, which is awarded to less than<br />
2.5% of Florida lawyers. Bernhard Law Firm is a litigation and transactions law firm. Bernhard Law Firm manages trials<br />
and appeals in business and financial disputes, and organizes international real estate and finance deals for investment<br />
groups. Bernhard Law Firm concentrates on complex fraud litigation, business and finance disputes, and consumer claims.<br />
Bernhard Law Firm represents corporations and individuals in connection with banking, contract, investment, and<br />
property matters.<br />
- 149 -
who’s’<br />
who
the team<br />
Italian Unit Manager<br />
Mr. Francesco Fidenzoni<br />
• Bachelor’s degree in law;<br />
• Military service in the Air Force;<br />
• Excellent organisational/managerial skills;<br />
• Expert in communication and internal relations;<br />
Main Work Experiences:<br />
2013-2015: He worked as Chief Executive for the Internal Communication supporting the company during the reorganization<br />
of the security sector at work. He optimized the quality of service provided, the reconstruction of the intranet<br />
section dedicated to the security sector at work, redefinition of the composition of the emergency teams and the method<br />
of delivery of the training courses.<br />
2008-2013<br />
He worked as Chief Executive responsible for Internal Communication for a Company that supplies air traffic control<br />
services.<br />
February 2007<br />
He worked at the communication strategy and implementation of the planned activities for Techno SKY. He was supporting<br />
the Commercial Development and the International <strong>Business</strong> Function in every aspect of communication, guaranteeing<br />
the uniformity of the corporate image.From March 2001: He has been the Head of Marketing and Innovation for<br />
Ancitel, following the realization of strategic communication initiatives for local development. He also had the responsibility<br />
of the company intranet site and to treat the development of the portal of local governments on behalf of ANCI.<br />
1990 - 2000<br />
He worked In Telecom Italian as Project Manager of Communication and Development of the corporate images.<br />
Community Caring:<br />
Mr. Fidenzoni spent almost twenty years in Scouting, assuming the role of head teacher for over ten years with children<br />
of different ages (8/12 and 16/19).<br />
He is still active in fund raising for two non-profit organizations.
the team<br />
Auditor<br />
Mr. Simone D’Ambrosi<br />
November 1989: Graduated cum laude in <strong>Business</strong> Administration at the “Libera Università degli Studi Sociali” (L.U.I.S.S.)<br />
of Rome.<br />
January 1990 – July 1993: Professional activity at the Locatelli – Della Chiesa accounting firm at Via Sardegna 50,<br />
Rome, first as a trainee and then as an associate. During this period, Mr. D’ Ambrosi dealt with problems concerning tax,<br />
corporate, and commercial issues for medium-sized to large businesses.<br />
In regard to appraisals, he participated actively in the appraisal of companies and company divisions, even large companies<br />
(Lloyd’s International Insurance Company S.p.A. / Division of B.P. Italy S.p.A.). Together with the heads of the firm, he<br />
also provided assistance for extraordinary transactions such as conversions, mergers, and winding-up of medium-sized<br />
companies.<br />
From October 1990 to June 1991 he participated in the Specialization Course in Tax Law and Company Tax Accounting<br />
at the School of Management of the Free International University of Social Sciences;<br />
From February 1992 to September 1992 he participated in the training course on “International Tax Law” at the School of<br />
Political Sciences of La Sapienza University in Rome;<br />
Since July 1993 he heads his own firm in Rome, first at Via Romeo Romei 23, then at Via M. Ficino 5, later at Via<br />
G.B. Martini 6, and currently at Via di Villa Ada 10, with a client base including commercial and industrial companies for<br />
which he provides tax and corporate consulting; for some companies he also provides administrative assistance. In the course<br />
of his own activity, he continues his cooperation with the Locatelli – Della Chiesa firm, concentrating specifically on widely<br />
relevant issues such as expert appraisals, specific corporate transactions, and consulting regarding specific transactions.<br />
He periodically acts as a legal consultant in procedures that concern companies that are his clients.<br />
He has engaged in appraisals for Cassa di Risparmio di Viterbo (Intesa Banking Group).<br />
He has worked for the magazine La Società, published by Ipsoa Publishing;<br />
In the year 1994 he attended the training course for bankruptcy administrators organized by the Association of Graduate<br />
Accountants of Rome – Training School for Bankruptcy Administrators.<br />
From November 9 to December 7, 1999, he participated in the Seminar organized by the Bar Association of Rome,<br />
the Association of Graduate Accountants of Rome, and the Engineers’ Association of the Province of Rome in cooperation<br />
with the Chairman of the Court of Rome on “Technical Consultancy in Civil Proceedings”.<br />
He is a member of the Association of Graduate Accountants and Expert Accountants of Rome since March 10,<br />
1992 (Registration number AA_0<strong>03</strong>761)<br />
He is a member of the Board of Statutory Auditors, holding membership number 66295 (Ministerial Decree of<br />
July 26, 1995 – published in the Official Journal, 4th special series of August 1, 1995, no. 59 bis).<br />
He is a member of the Board of Court-Appointed Expert Witnesses - Civil Section of the Court of Rome since February<br />
10, 2000.<br />
He is a member of the Board of Court-Appointed Expert Witnesses - Penal Section of the Court of Rome since<br />
December 6, 2001.<br />
In 2001, with his colleague Mr. Mario Mastrantoni of Viterbo, he founded “Sintema Servizi” S.r.l. (L.L.C.), a company<br />
still in operation, founded in order to process accounting data and provide a wide range of business services, which<br />
numbers various clients, including notably Allergan S.p.a., a company active in the pharmaceutical sector, for which it has<br />
undertaken the activity of managing its national network of commercial agents on an outsourcing basis.<br />
At this form, he works in a team with payroll accountants and lawyers.<br />
He is also a member of the Board of Auditors of the Fioranello Real Estate S.p.A. company, with its headquarters<br />
in Rome at Le Falcognane (company capital: 5,390,000,000 euro).<br />
He has held the office of member of the Board of Auditors of the following companies:<br />
Techim S.r.l. (L.L.C.); Ecocentro S.p.A.; Erica Ceramics S.p.A. and Erica S.p.A.; Gruppo Tre S S.p.A.; C.T.C. S.r.l. (L.L.C.);<br />
Nepesina S.p.A.
the team<br />
Auditor<br />
Mr. Marco De Paolis<br />
Degree in Economics and <strong>Business</strong> Administration at the “Libera Università degli Studi Sociali” (L.U.I.S.S.) of Rome.<br />
From December 2008 until today: Self-employed professional accountant property administrator.<br />
Consultant accountant, accounting, financial statements, and in general all tax obligations, asset management and real<br />
estate consulting, labour consultancy, at “Sintema Servizi” S.r.l.<br />
Property administrator, although the exercise of administration condominiums was already covered by the qualification<br />
of chartered accountant, in view of the specific legal obligations regarding periodic training, established in the recent<br />
communal reform, from 2014 registered at n° 4989 of the Anaci (National Association of Condominium and Real Estate<br />
Managers), and auditor of the same association, province of Rome.<br />
From December 2008 until September 2014: Administration and management control of a group of four companies<br />
and two non-profit associations active in the field of insurance mediation, TemaA S.r.l., Previasme S.r.l. PreviaServizi<br />
S.r.l. Assomedico and Fondazione Previasme maintaining multiannual relations with the supplementary insurance agency<br />
of Galeno physicians.<br />
From November 1992 until September 2008: In Ecocentro S.p.A. (Level of turnover 15.000.000 euro and 60 employees).<br />
Administrative Director and financial controller controlled starting from 1993 and until 2000 by the American multinational<br />
group Waste Management, (Level of turnover 15.000.000 euro and 60 employees), with the qualification of manager<br />
from 1994.<br />
As part of this work experience, he performed the following:<br />
• Preparation of the budget - reporting;<br />
• Control and coordination of the billing offices, general accounting, suppliers and debt recovery, formed by five people;<br />
• Preparation of financial statements and tax returns;<br />
• Relationship management with attorneys, Credit institutions, Italian Revenue Agency, legal auditing company, Board of<br />
Statutory Auditors and its parent company;<br />
• Human resources management and labour relations advisors for the preparation of payroll;<br />
• Organized and implemented a basic administrative structure adapted to the multinational standards, in terms of performances<br />
and procedures;<br />
• Coordinated two conversions of accounting and reporting programs (JDEdwards and Team System - Range) and a man<br />
agerial program (Ecosoft).<br />
From December 1990 until September 1992: Collaborator at professional firms of Accountants.<br />
In this experience, he delved into fiscal issues, and some extraordinary operations such as mergers and corporate contributions.<br />
From October 1988 until November 1990: Independent Auditors, Deloitte & Touche.<br />
In this experience in the field of auditing, he reached full working autonomy.<br />
Qualifications obtained:<br />
Qualification as a Chartered Accountant, collegiate in Rome with registration in the national register since 13 June 1989.<br />
Auditor registered according to the Decree of the Ministry of Justice of 12 April 1995.<br />
Other positions:<br />
From the 10/<strong>09</strong>/2002 until September 2007, he was appointed by the Ministry of economy and finance as Chairman of the<br />
Board of Auditors of the scholastic geographical area n° 41 of the Lazio Region, province of Rome.<br />
From 2015 until today Statutory Auditor of the Finworld S.p.A.<br />
From 2013 until today Statutory Auditor of the Olimpia Agency S.p.A.<br />
From 2014 until today Auditor of the National Association of Condominium managers<br />
From 2010 until today Statutory Auditor of the Gabriele Sandri Foundation.<br />
From the 2008 until 2010 Statutory Auditor at Erica S.p.A.
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