A 20-room hotel with an engineered timber superstructure in one of Bogotá’s highest-demand corridors. How much does it cost to build, how is it financed, and when does it generate returns? In this article we open the financial model of the Cocun Project so that each stakeholder can evaluate the opportunity with real data and conservative assumption
Investment breakdown
Why is it better than buying an apartment to rent? Because vacancy is diluted among the 20 rooms: if one room is unoccupied, the other 19 continue generating income. A professional operator maximizes the rate and occupancy. The fiduciary structure protects the resources of all participants under clear, supervised rules.
The total budget for the Cocun Project is distributed across five major categories. The projected total built area is 1,179 m².
| Categoría | Costo estimado |
|---|---|
| Terreno (aporte del lote de 240 m²) | $1.000 MM |
| Permisos, diseños y trámites | $350 MM |
| Comercialización, interventoría y seguros | $778 MM |
| Construcción directa (estructura + acabados): estamos presupuestando un costo por metro cuadrado de construcción en $4 MM/m². | $4.716 MM |
| Primera dotación y equipamiento hotelero | ~$400 MM |
| Total proyecto | $7.244 MM |
In the Colombian construction industry, two key concepts are essential for understanding a budget:~14% del costo total, una proporción favorable que refleja la eficiencia de construir en altura con madera técnica sobre un lote compacto en una zona consolidada.
¿Cómo se estructura un presupuesto de promoción inmobiliaria?
PEM (Estimated Materials and Labor Budget):
PEC (Estimated Contractor Budget): it takes the PEM as a base and adds the contractor’s overhead (~19%, which includes administration, contingencies, and profit). In a real estate devel
Additionally, a well-structured project includes indirect costs that ensure commercial and technical viability: toma el PEM como base y le añade los gastos generales del contratista (~19%, que incluye administración, imprevistos y utilidad). En una promoción inmobiliaria, el costo total de construcción suele estar entre un 40% y un 50% por encima del PEM puro.
Commercial cost:
- Construction management: 2.5% to 3% of the construction budget.
- Project management: 4% to 7% of the total cost, depend
- Brokerage commissions: 1% to 2% of closed sales.
- Understanding this structure allows the investor to distinguish between a realistic budget and one that omits critical costs to inflate apparent profitability. 1% a 2% sobre ventas cerradas.
Why does $10 MM/m² today mean more value tomorrow? — The Valuation Bridge
A pre-sale investor enters at the price of
Interpretation: Investors purchasing at a pre-sale price of $10 MM/m² acquire rights representing a completed, furnished, and operating asset with an equivalent value of ~$12.2 MM/m² over the total built area. This "valuation bridge" represents the significant plusvalia of entering in early stages of the fiduciary pre-sale. ($10 MM/m² sobre 950 m² privados de suites), pero su derecho fiduciario representa una porción de un activo hotelero real mucho mayor y completamente dotado de 1.179 m² construidos.
| Concepto de Entrada (Preventa) | Cálculo / Fórmula | Valor Equivalente |
|---|---|---|
| Inversión Entrada | 950 m² vendibles × $10 MM/m² | $9.500 MM |
| Costo de Obra + Lote | Terreno + PEM + PEC + Gastos | $7.244 MM |
| Utilidad Bruta / Respaldo | Ventas Preventa ($9.500 MM) − Costo ($7.244 MM) | $2.256 MM |
| Valoración Emisión | 10.000 derechos × ~$1,435 MM nominal c/u | $14.350 MM |
| Valor Equivalente Operando | $14.350 MM emisión ÷ 1.179 m² construidos | ~$12,2 MM/m² |
Proposal for the landowner Quien invierte a un precio de preventa de $10 MM/m² adquiere derechos que representarán un activo terminado, dotado y operando con un valor equivalente de ~$12,2 MM/m² sobre el total del área construida. Este \"puente de valorización\" representa la plusvalía de entrar en etapas tempranas de preventa fiduciaria sobre planos.
The scheme contemplates that the landowner contributes the plot valued at
In terms of the issuance, the 1,380 rights represent an equivalent value of approximately ~$1,980 MM, meaning the landowner captures significant appreciation relative to the market value of the plot without needing to sell it and without assuming direct construction risk. In addition, the autonomous estate will start paying the property tax and carrying out other administrative procedures of the property.~13.8% del costo total del proyecto — y reciba a cambio 1.380 derechos fiduciarios (13,8% de la emisión). No se trata de una venta en efectivo: la valorización del aporte queda atada al desempeño del hotel.
Comparison: how much does each room cost?~$1.980 MM, lo que significa que el dueño del terreno captura una apreciación significativa respecto al valor de mercado del lote sin necesidad de venderlo y sin asumir riesgo de construcción directa. Ademas el patrimonio autónomo empezaría a pagar el impuesto predial y a hacer los otros trámites administrativos de la propiedad.
Cocun proposes
In the Galerías market, a comparable small apartment requires a similar investment — but with a substantial difference: the individual buyer assumes 100% of vacancy, manages tenants on their own, and does not have a professional operator or the diversification of 20 units generating income simultaneously.20 habitaciones: 5 sencillas de 20 m² y 15 apartaestudios de 25 m². El costo equivalente por habitación de 20 m², completamente dotada y lista para operar, es de aproximadamente ~$243 MM.
The Cocun BtR model transforms that individual investment into a participation within a professionally managed hotel asset, with a fiduciary structure and the backing of three specialized promoters.
The 10,000 fiduciary rights
The
The entry price for investors is calculated on 950 m² of sellable area at $10 MM/m², reaching total presale revenue of $9,500 MM.
| Participante | Derechos | Porcentaje |
|---|---|---|
| Venta pública (inversionistas) | 6.620 | 66,2% |
| Madebloque (promotor y constructor) | 660 | 6,6% |
| Polok (interventoría) | 660 | 6,6% |
| Nabilera (operador hotelero) | 660 | 6,6% |
| Dueño del terreno | 1.380 | 13,8% |
| Total | 10.000 | 100% |
Break-even point950 m² vendibles a $10 MM/m², alcanzando unas ventas totales en preventa de $9.500 MM. La utilidad bruta de desarrollo — la diferencia entre las ventas y el costo total — asciende a $2.256 MM. Conozca más sobre la estructura del proyecto en la página principal de Cocun. El total de los derechos fiduciarios estarían valorados en conjunto en $14.350 MM. Esto equivale a un valor de ~$12,17 MM por cada metro cuadrado construido.
The project reaches its
Projected year-one operating balancepunto de equilibrio al captar el 30% de las ventas en preventa, equivalente a $2.850 MM. Una vez alcanzado este umbral, la fiduciaria autoriza el inicio de la construcción y la liberación controlada de los recursos.
Once built and operational, Hotel Cocun projects the following results under a
Year 1 revenue: ~$1,052 MM:
- Year 1 net profit: ~$432 MM
- Projected occupancy: ~60%
- Reference rates (low season): $150
- Projections based on conservative assumptions. They do not constitute a promise of profitability. $150K/noche (sencilla), $250K/noche (apartaestudio)
The gross development profit of
Year-one projections are built with the following floor assumptions:$2.256 MM permanece como capital de respaldo operativo dentro del patrimonio autónomo del fideicomiso, generando rendimientos de renta fija al 10% EA (tasa de referencia a febrero 2026) mientras no se requiera para la operación o mantenimiento del activo.
Supuestos del escenario conservador
Low-season rates applied year-round:
- Occupancy below market average: the projected ~60% is below the average occupancy of hotels in the Galerías–Teusaquillo corridor of Bogotá.
- Annual provisions of $50 MM: funds are set aside for preventive maintenance, furnishing replacement, and operating contingencies.
- Zero financial debt: the project does not contemplate bank leverage, eliminating debt service costs and reducing structur
- These assumptions ensure that any deviation from the projection is positive, not negative. el proyecto no contempla apalancamiento bancario, eliminando el costo del servicio de deuda y reduciendo el riesgo estructural.
Next step: letter of intent
Before committing significant resources, the Cocun process contemplates the signing of a
It allows evaluating the viability of the project before committing definitive capital or contributions. (o carta de entendimiento) entre las partes. Este documento cumple una función crítica como mitigador de riesgo:
- It protects the promoter if the landowner withdraws, establishing clear penalties if the
- It defines preliminary economic terms: plot valuation, participation percentage, and timelines.
- It enables initial technical studies: soil analysis, topography, preliminary architectural layout.
- It initiates BIM coordination and the preparation of the BEP (
- Purchase of the cocun web domain. y la elaboración del BEP (Building Execution Plan) — el plan maestro de ejecución que integra cronograma, costos y modelo digital.
- The letter of intent is not an irrevocable commitment. It is an alignment tool that reduces uncertainty for all parties and establishes the conditions to move forward with confidence toward the formal structuring of the trust.
Cocun is built from the data
Cocun is a project built from the data. The numbers are open, the assumptions are verifiable, and the fiduciary structure ensures that every peso is administered under clear rules.
Visit the
Bibliogra página del Proyecto Cocun para conocer la ficha técnica completa, o contáctenos directamente para agendar una reunión de evaluación.
Superintendencia Financiera de Colombia,
- Consejo Colombiano de Construcción Sostenible (CCCS) — sustainable construction standards in Colombia.Circular Externa 029 de 2014 — marco normativo de negocios fiduciarios inmobiliarios.
- EDGE / IFC World Bank Group — green certification methodology for buildings in emerging markets.
- Proyecto Cocun.pdf
- Projections based on conservative assumptions. They do not constitute a promise of profitability. Madebloque informational edition — May 2026. y Proyecto de hospedaje Nabilera_cokun.xlsx — documentos de estructuración financiera del proyecto.
Proyecciones con supuestos conservadores. No constituyen promesa de rentabilidad. Edición informativa de Madebloque — mayo 2026.