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Property Information

Overview

• Established 4^th floor rooftop restaurant, partially open air
• Only commercial space in Tamarindo with a panoramic view of Tamarindo Bay --  breath-taking views in the daylight, for sunset, and even after dark (stars in the dry season, lightning storms in the rainy season)
• 4^th floor elevation greatly reduces the presence of mosquitoes and seasonal dust and mud, while capturing cooling breezes
• Central location
• Elevator and on-street parking
• Built-in wood-fired pizza oven large enough to accommodate up to 8 pizzas at one time
• Currently seats 70 (could be increased with the addition of a few more tables)
• Currently offers dinner service only, daily from 5pm

Excellent reputation among locals and tourists for atmosphere of casual elegance, a “world cuisine” menu that highlights fresh local ingredients, friendly professional service and reasonable price. 

Established Branding, Marketing & Community Presence

• Consistent visual presence with attractive logo and collateral
• Regular advertising on Tamarindo map, in Howler magazine and Tamarindo News
• Strong following among local residents, both permanent and part-time
• Only restaurant in Tamarindo to offer “locals discount” program for patrons
• Excellent reputation among more than 50 restaurants – thanks to glowing reviews the restaurant has climbed from back of the pack (after the name change) to #6 on TripAdvisor in just 6 months
• Exceptional word-of-mouth promotion -- many customers choose this place because previous customers strongly encourage them to dine with us
• High percentage of repeat customers, even among tourists spending just a few days in Tamarindo
• It is extremely unlikely that the hotels unique location could be duplicated in a new similar competing space, due to building height and zoning restrictions

Operations

• Restaurant is positioned for continued growth and success, this is truly a turn-key opportunity
• Top quality, professional staff in place, both front and back of house – talented, experienced individuals who care about product quality, good service and the restaurant’s future
• Building owner confirms in writing that the 5+5-year lease can be assumed by new owner (currently near end of first year of initial five)
• Well-established vendor relations
• Possibility may exist to obtain a lower cost liquor license

Additional Opportunities

• Restaurant’s appearance has been greatly upgraded and is continuously maintained, but there is still opportunity for new owner to put their personal “stamp” on the physical space and atmosphere
• Broader marketing, especially to groups. Toward that end, we are currently negotiating a contract with Swiss Travel, one of area’s largest tour operators serving groups and FIT travelers, to bring their customers to the restaurant.
• Increased partnerships with other local/regional and even national businesses
• Expanded service hours to include earlier pre-sunset opening (perhaps serving tapas or other lighter menu fare)
• Expanded service hours to include lunch
• Extension of current high-season “Pizza Mondays” dinner service (featuring pizzas, salads and desserts instead of the full menu)
• Remodeling of the restaurant interior to create formal bar area to better serve that customer segment. (Plans have been made for this, and they may be available to new owner at the architect’s discretion.)

Special Financial Notes

• Current owners have invested substantial time and money to improve the appearance and condition of the restaurant.  This includes repairing/replacing and upgrading worn out equipment as well as physical problems, including bringing kitchen electrical circuitry up to code. 
• Current owners made a substantial investment to give the restaurant a more appropriate name (new expanded signage, advertising, “public education,” etc.).  New owner can take advantage of this new positioning without incurring these one-time costs.
• Since 2008 international tourism, especially the number of Americans traveling abroad, has been slower to rebound than anticipated.  Current industry trends indicate this very important sector is expected to increase as we move further into 2011, and in fact we are seeing that this is the case.  (TripAdvisor’s latest annual survey indicated 36% more Americans say they plan to travel more this year than last year.) 

General Inventory

• Front of house furniture (tables, chairs, storage credenzas)
• Dishes, flatware, barware
• Table linens
• Complete kitchen equipment including brand new upright freezer
• Storage units/shelving
• Sliding glass windows on east and north sides
• Ceiling fans
• Standing wine display rack
• Food and beverage inventory on hand at time of transition

Property Features