The Cocun Project is projected as a milestone in sustainable urban construction in Bogotá, planned as the capital's first hotel structured in engineered wood. Designed under the Build to Rent (BtR) model, this 20-room boutique hotel in the Galerías corridor combines an aesthetic and ecological proposal with open financial structuring and a rental pool managed 100% passively and delegated. In this article, we lay out the project details: from its architectural plans to the investment breakdown and first-year operating projections.
- Presale price: $10 MM/m² (on sellable area)
- Fiduciary rights (FIDIS): 6,620 rights available to the public (out of 10,000 total
- Total built area: 1,179 m² (including common and technical areas
- Sellable area: 950 m² (commercializable private area of suites and commerci
- Capacity: 20 design rooms (5 suites of 20 m² and 15 studio apartments of 25 m²)
- Operator: Hotel management 100% delegated to Nabile
Architectural Plans and Spatial Distribution
Below are the detailed distribution plans of the hotel presented by the design and BIM coordination team at Contrahuella and Arquitectura & Ingeniería. The project will be built on a 240 m² lot (8 m front by 30 m deep) at Carrera 22 # 51-63, optimizing every square meter for commercial hotel operations:
Access and Services Plan (ARQ01)
Typical Floor and Roof Plans (ARQ02)
Product Structure: Fiduciary Rights
Investing in Cocun does not mean buying an isolated apartment to manage individually. The investment is made by acquiring Fiduciary Rights (FIDIS) representing a proportional share in the independent trust (patrimonio autónomo), which owns the lot, the building's superstructure, the hotel equipment, and net cash flows from the commercial operation.
Traditional Real Estate vs. Cocun Project
The Build to Rent model professionalizes operations and distributes vacancy risk collectively through a hotel revenue pool:
| Criterio de Inversión | Finca raíz tradicional | Cocun Project |
|---|---|---|
| Gestión del activo | Activa — el propietario cobra arriendos, hace reparaciones y asume desocupaciones. | 100% pasiva — operado de forma centralizada por Nabilera. |
| Riesgo de vacancia | Alto — si el apartamento está vacío, la renta es de $0. | Mitigado — los ingresos de las 20 habitaciones se consolidan y distribuyen a prorrata. |
| Velocidad constructiva | Lenta — procesos tradicionales de concreto in-situ con alta variabilidad. | Rápida — ensamblaje de componentes de madera técnica prefabricados en fábrica. |
| Impacto ecológico | Alta huella de carbono debido a materiales convencionales. | Captura de CO₂ biogénico en la superestructura de madera masiva. |
Location, Market and Sustainability
Location determines cash flow. Located at Carrera 22 # 51-63 in the consolidated Galerías corridor, the project directly connects with flows of sports, cultural, and academic tourists due to its proximity to El Campín Stadium, Movistar Arena, and local universities. This constant demand supports the hotel's occupancy projections.
To back its ecological impact and capture financial value, the project is structured under national and international green building standards:
- CASA / CCCS: Alignment with the green building seal of the Colombian Council for Sustainable Construction for access to green finance rates.
- Law 1715: Utilization of tax incentives and VAT exclusions for low-impact materials and renewable energy generation (photovoltaic panels of the *Solar Rooftop*).
- Net-Zero Operation: High-performance insulation and solar system integration to reduce the hotel's operational energy footprint to a minimum.
Investment breakdown
The total budget for the Cocun Project is distributed across five major categories, totaling an estimated development cost of $7,244 MM for a projected total built area of 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 |
The land represents approximately ~14% of the total cost, a favorable proportion that reflects the efficiency of building vertically with engineered timber on a compact plot in a consolidated area
¿Cómo se estructura un presupuesto de promoción inmobiliaria?
In the Colombian construction industry, two key concepts are essential for understanding a budget:
PEM (Estimated Materials and Labor Budget): what it costs the constructor to execute the physical work — materials, direct labor, equipment, and subcontracts. It is the technical core of the cos
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 development, the total construction cost is typically 40% to 50% above the pure PEM.
Additionally, a well-structured project contemplates indirect costs that ensure commercial and technical viability:
- Commercial cost: ~3% of total sales (marketing, sales room, materials).
- Construction management: 2.5% to 3% of the construction bud
- Project management: 4% to 7% of the total cost, depending on compl
- Brokerage commissions: 1% to 2% on closed sales.
Understanding this structure allows the investor to distinguish between a realistic budget and one that omits critical costs to inflate apparent profitability.
Why does $10 MM/m² today mean more value tomorrow? — The Valuation Bridge
A pre-sale investor enters at the price of the sellable area ($10 MM/m² on 950 m² of private suites), but their fiduciary right represents a portion of a much larger, fully equipped, and active hotel asset of 1,179 m² of built are
| 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 |
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.
Proposal for the landowner
The scheme contemplates that the landowner contributes the plot valued at $1,000 MM — equivalent to ~13.8% of the total project cost — and receives 1,380 fiduciary rights (13.8% of the issuance) in return. This is not a cash sale: the valuation of the contribution is linked to the performance
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 trust will start paying the property tax and carrying out other administrative procedures of the property.
Comparison: how much does each room cost?
Cocun proposes 20 rooms: 5 singles of 20 m² and 15 studio apartments of 25 m². The equivalent cost per 20 m² room, fully furnished and ready to operate, is approximately ~$243 MM.
In the Galerías market, a comparable small apartment requires a similar investment — but with a substantial difference: the property is sold unfurnished and, additionally, the individual buyer assumes 100% of the administration and vacancy, and does not have a professional operator or the diversification of 20 units generating income simultaneously.
The Cocun 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 Cocun Project is structured on a total issuance of 10,000 fiduciary rights:
| Participante | Fiduciar | 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% |
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. The gross development profit — the difference between sales and total cost — amounts to $2,256 MM. Learn more about the project structure on the main page of Cocun. The total fiduciary rights are valued as a whole at $14,350 MM. This is equivalent to U$12.17 MM per built square meter.
Break-even point
The project reaches its break-even point upon securing 30% of presale sales, equivalent to $2,850 MM. Once this threshold is reached, the trustee authorizes the start of construction and the controlled release of funds.
Projected year-one operating balance
Once built and operational, Hotel Cocun projects the following results under a deliberately conservative scenario:
- Year 1 revenue: ~$1,052 MM
- Year 1 net profit: ~$432 MM
- Projected occupancy: ~60%
- Reference rates (low season): $150K/night (standard), $250K/night (studio apartme
Projections based on conservative assumptions. They do not constitute a promise of profitability.
The gross development profit of $2,256 MM remains as operating backup capital within the independent trust (patrimonio autónomo), generating fixed-income yields at 10% EA (reference rate as of February 2026) while not required for the asset's operation or maintenance.
Supuestos del escenario conservador
First-year projections are built with the following floor assumptions:
- Low-season rates applied year-round: the lowest rate of the range ($150K standard, $250K studio apartment) is used for all twelve months, without including increases for high season, holidays, or eve
- 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 structural risk.
These assumptions ensure that any deviation from the projection is positive, not negative.
Next step: letter of intent
Before committing significant resources, the Cocun process contemplates the signing of a letter of intent (or letter of understanding) between the parties. This document performs a critical role as a risk mitigator:
- It allows evaluating the viability of the project before committing definitive capital or contribut
- It protects the promoter if the landowner withdraws, establishing clear penalties if the contribution does not materialize.
- It defines preliminary economic terms: plot valuation, participation percentage, and timelines.
- It enables initial technical studies: detailed engineering and design.
- It initiates BIM coordination and the preparation of the BEP (Building Execution Plan) — the execution master plan integrating schedule, costs, and digital model.
- Purchase of the cocun web domain.
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 Cocun Project page to see the full datasheet, or contact us directly to schedule an evaluation meeting.
Bibliography and references
- Superintendencia Financiera de Colombia, Circular Externa 029 de 2014 — regulatory framework for real estate trust businesses.
- Consejo Colombiano de Construcción Sostenible (CCCS) — sustainable construction standards in Colombia.
- EDGE / IFC World Bank Group — green certification methodology for buildings in emerging markets.
- Proyecto Cocun.pdf and Proyecto de hospedaje Nabilera_cokun.xlsx — financial structuring documents for the project.
Projections based on conservative assumptions. They do not constitute a promise of profitability. Madebloque informational edition — May 2026.