Real estate developments are highly complex developments that require continuous and rigorous monitoring. The key to success lies in the effective coordination of all the agents involved and in the permanent supervision of each phase of the project, from planning to execution.
EFE&ENE Multi Family Office, advisors to the investors of the Lunic hotel project in Sagunto (Valencia), relied on Gesvalt to monitor and control the progress of the promotion. They sought to ensure that it would be completed on time, on budget and to the required quality standards.
Scope of the project. This is a new hotel-apartment building - with an investment of 22 million euros - designed for accommodation with various integrated common services. The project involved an exhaustive supervision of the team. Gesvalt Property from the initial phase to the completion of construction.
The asset is presented as a hybrid between hotel and coliving, and consists of 13,000 square metres of facilities, with 163 rooms and 46 flats, which reinforces the luxury hotel offer in the area.
Gesvalt monitored the works during the entire construction process of the complex. Planned as a five-storey, top-of-the-range hotel with designer architecture and first-class finishes, it has aspects that make it unique, such as the incorporation of flats with integrated communal services.
Development of the work. We aligned ourselves with the times and dynamics of the work, maintaining constant and decisive communication. The agility in the management of incidents and the proactive disposition to find solutions were key to minimise the impact of the adjustments that arose during the execution, ensuring the fulfilment of the established objectives.
The vision underpinning the proposal revolves around three key pillars:
flexibility in accommodation according to different needs and lengths of stay; community building through shared spaces and welcoming design; and sustainability, The “pay-as-you-go” model is the preferred model over ownership.
The complex will offer a range of services including a Mediterranean restaurant with its own identity, a gym, a large events room, coworking spaces and meeting rooms, as well as a rooftop with a bar and panoramic pool, designed to offer a differential experience.
Gesvalt Project Monitoring
Our work as Project Monitoring Officers consists of collecting data on various aspects of the project, such as tasks, timelines, budget and quality, and comparing actual performance against planned milestones, with a defined schedule of site visits. This has allowed us to identify and address possible deviations from the plan, take corrective action to get the initiative back on track and ensure successful outcomes.
Project Monitoring is structured in three phases:
- Initial report (Due Diligence): Assessment of the technical, economic and legal feasibility of the project, including licences, planning, contracts and insurances necessary for the start of work.
- Work monitoring: Periodic issuing of reports agreed with the promoter and financier, progress control, certifications, invoicing and technical documentation during execution.
- Final Report (Final Due Diligence): Verification of the completion of the work, reception by the developer, obtaining licences, technical control and documentation necessary for the legalisation of the development.