{
  "schema": "por-derecho.sun-rock-platform-scale.v1",
  "control_date": "2026-09-19",
  "status": "ILLUSTRATIVE_STABILISED_MANAGEMENT_SCENARIO_NOT_FORECAST",
  "purpose": "Public-safe scale model for the prospective Sun Rock two-hotel platform and its institutional-banking / private-capital logic.",
  "architecture": {
    "legal_uk_holdco_sponsor": "Aweswell Limited",
    "commercial_group_platform": "Sun Rock",
    "sun_rock_legal_status": "Commercial hospitality and investment group/platform identity; not represented as a separate incorporated parent company or automatic borrower",
    "project_sun_rock_public_programme": "Public programme/site umbrella coordinating recovery, future-business and public-interest narratives; not an asset-owning or financing vehicle",
    "project_structure": "Individual ring-fenced hotel ProjectCos with separate equity, debt, assets, accounts, cash flows, security, governance and underwriting",
    "new_hotel_route": "Montaña Roja / Playa Blanca preferred current route, subject to transaction, planning, technical and financing work",
    "recovery_route": "Sun Park / MYND Yaiza recovery pursued separately and only consolidated if and to the extent lawful control/economic rights are restored"
  },
  "model_assumptions": {
    "combined_units_range": "approximately 560-600 hotel units",
    "new_playa_blanca_hotel_units_for_modelling_only": "approximately 300",
    "new_hotel_category_for_modelling_only": "five-star",
    "sun_park_units_for_modelling_only": "approximately 260-300",
    "sun_park_current_operation": "open and trading as MYND Yaiza; actual operating accounts are not represented here as presently controlled by Sun Rock",
    "no_current_planning_entitlement_claim": true,
    "no_current_operator_commitment_claim": true,
    "no_current_financing_commitment_claim": true
  },
  "scenarios_eur_millions": {
    "conservative": {
      "new_hotel_revenue": 24,
      "sun_park_revenue": 16,
      "combined_revenue": 40,
      "combined_operating_ebitda": 10,
      "combined_ebitda_margin_percent": 25,
      "indicative_gross_hotel_asset_base": 125
    },
    "central": {
      "new_hotel_revenue": 29,
      "sun_park_revenue": 20,
      "combined_revenue": 49,
      "combined_operating_ebitda": 14.5,
      "combined_ebitda_margin_percent": 29.6,
      "indicative_gross_hotel_asset_base": 165
    },
    "strong": {
      "new_hotel_revenue": 34,
      "sun_park_revenue": 24,
      "combined_revenue": 58,
      "combined_operating_ebitda": 18,
      "combined_ebitda_margin_percent": 31,
      "indicative_gross_hotel_asset_base": 200
    }
  },
  "public_range": {
    "combined_revenue_eur_millions": "40-58",
    "combined_operating_ebitda_eur_millions": "10-18",
    "indicative_gross_hotel_asset_base_eur_millions": "125-200",
    "headline": "EUR 150m-class hospitality platform in the making"
  },
  "recovery_boundary": {
    "unresolved_damages_included_in_base_case": false,
    "unresolved_recovery_claims_included_in_gross_hotel_asset_base": false,
    "rule": "Recovery claims, trading fruits, damages and other contingent rights remain a separate layer. Only realised or sufficiently recognised amounts should strengthen cash, net assets, debt repayment capacity or Sponsor capital.",
    "ordinary_hotel_debt_service_dependency_on_recovery": false
  },
  "capital_boundary": {
    "future_scale_is_current_collateral": false,
    "rule": "Any early private-capital or lending instrument must stand on the contractual protections, covenants, controlled accounts, repayment rights and security actually granted at that time. Future platform scale is context, not present security.",
    "public_subscription_route": false,
    "retail_distribution_intended": false
  },
  "market_context": [
    {
      "source": "Colliers — Golden Tourist Destinations: Canary Islands vs. Balearic Islands, May 2026",
      "url": "https://www.colliers.com/en-es/research/informe-destino-islas-canarias-vs-baleares-mayo-2026",
      "period": "2025",
      "facts": {
        "canary_islands_occupancy_percent": 84.5,
        "canary_islands_adr_eur": 142,
        "canary_islands_revpar_eur": 120,
        "canary_islands_hotel_investment_eur_billions": 1.039
      },
      "boundary": "Destination context only; not a Sun Rock forecast."
    },
    {
      "source": "Colliers — Hotel Investment in Spain, 1H 2026",
      "url": "https://www.colliers.com/en-es/research/informe-inversion-hotelera-en-espana-1er-semestre-2026",
      "period": "H1 2026",
      "facts": {
        "spain_hotel_investment_eur_billions": 2.46,
        "four_and_five_star_share_percent": 86,
        "average_transaction_price_per_room_eur": 213300,
        "canary_islands_h1_investment_eur_millions": 363
      },
      "boundary": "Market-liquidity and transaction context only; not a valuation of either Sun Rock hotel."
    }
  ],
  "publication_rules": [
    "Label every figure as illustrative, stabilised and management-scenario data.",
    "Do not describe the scenario as today's statutory balance sheet, NAV, forecast or committed financing.",
    "Do not publish a damages aggregate or add unresolved claims to hotel asset value.",
    "Do not state that Sun Park / MYND Yaiza is presently controlled by Sun Rock.",
    "Do not treat a future five-star 300-unit concept as a current planning entitlement or approved room count.",
    "Do not use future scale as a substitute for current lender/investor security.",
    "Keep the Sun Park recovery and Montaña Roja development tracks legally and financially separate until a lawful basis exists to consolidate them."
  ],
  "terminology_rule": "Aweswell Limited is the legal UK HoldCo/Sponsor. Sun Rock is the commercial hospitality and investment group/platform identity. Individual hotels use their own legal ProjectCos. Project Sun Rock is the wider public programme/site umbrella."
}