Concept rendering. Final design, siting and amenities to be determined.
A working look at the market, the economics, and the path to building a private collection of residences near Harbor Springs, Michigan. Every figure here is a projection at the concept stage, built to be tested and replaced with real bids and market data as the project advances.
Northern Michigan's visitor economy is growing faster than the supply of places built for it, and Emmet County, home to Harbor Springs, is one of the fastest-growing parts of that market.
Luxury in the region is resort-style, built around shared golf, ski and spa. The fast-growing alternative is high-end vacation rentals, which offer privacy but no service. Nothing sits between them. That's the space Amíra is built for.
Boyne Highlands, Bay Harbor, The Homestead. Full service built around shared amenities, with little privacy or standalone character.
A private collection of standalone residences, each with its own outdoor soaking tub, hosted like a small hotel. The care of a resort with the privacy of a rental.
Private and often well appointed, but without daily housekeeping, on-call staff, or any real hotel-grade standard.
Eight residences spread the fixed costs of property tax, insurance and snow removal across enough nights to work, while a small, largely remote team can still care for every stay. Each residence is simple in form and considered in detail.
| Size | ~550 sq ft |
| Bedroom | King bed, wall of glass |
| Bath | Walk-in shower, premium finishes |
| Outdoors | Private deck, soaking tub for two, seasonal hammock |
| Materials | Wood and glass, concrete accents |
| Dining | Coffee and minibar; the region is the dining room |
| Service | First-night turndown while guests are out for the evening; more nights on request |
| Target parcel | ~18 wooded acres |
| Siting | Staggered along the bluff |
| Spacing | ~150–200 ft apart |
| Target price | ~$20K per acre |
| Status | Not yet identified |
A year-round rate depends on reasons to visit in every season, and they're already within minutes of Harbor Springs.
Boyne Highlands and Nub's Nob, two of the Midwest's top-rated ski areas, with 60+ runs between them and Donald Ross–designed golf in summer.
Petoskey State Park's mile of Lake Michigan beach and dunes, reachable along the Little Traverse Wheelway, the 26-mile paved path linking Harbor Springs to Charlevoix.
Harbor Springs' walkable downtown of galleries, boutiques and waterfront dining, plus Harbor Springs Municipal Airport (KMGN) for private and charter arrivals.
The model targets an average of about $530 a night at about 62% occupancy, set by season. That sits within the range comparable design-led stays already charge, which makes it far easier to prove than a luxury rate.
| Season | Nights | Rate | Occupancy | Room revenue |
|---|---|---|---|---|
| Summer (Jun–Aug) | 92 | $640 | 88% | $415K |
| Fall color (Sep–Oct) | 61 | $530 | 75% | $194K |
| Ski winter (Dec–Mar) | 121 | $480 | 55% | $256K |
| Shoulder (Apr–May, Nov) | 91 | $380 | 38% | $105K |
| Year | 365 | ~$532 | ~62% | $969K |
The full cost of getting Amíra open, including the contingency, construction interest and opening costs often left out of early budgets. Residences are budgeted as a site-built project; a modular build is shown as the upside case.
| Line | What it covers | Amount |
|---|---|---|
| Land | ~18 wooded acres at a target ~$20K per acre | $360K |
| Shared site infrastructure | Access road, power and utility runs, well, septic, parking, utility building | $325K |
| Residences (8 × $360K) | One repeated design, wood and glass with concrete accents, outdoor soaking tub and deck | $2.88M |
| Furniture, fixtures & equipment | ~$35K per residence, with Michigan makers where possible | $280K |
| Soft costs | Architecture, engineering, permits, surveys, legal, builder's risk insurance | $321K |
| Contingency | 10% of construction and site work | $321K |
| Construction interest | Loan interest during a ~7-month build | $59K |
| Pre-opening | Hiring and training, launch marketing, photography, soft opening | $100K |
| Working capital reserve | Cushion for the ramp-up months | $100K |
| Total | About $593K per residence, all in | $4.74M |
Built line by line from Amíra's service model. The team is largely remote, with a local host on call, which suits a stay designed to be quiet and unobtrusive. Figures are a stabilized year in today's dollars: about 1,820 nights sold across roughly 610 stays.
| Local host, part-time | $55K |
| On-call backup coverage | $36K |
| Housekeeping, hourly | $47K |
| Maintenance, contracted | $19K |
| Snow and landscaping, contracted | $35K |
| First-night turndown | $10K |
| Staffing total | $202K |
| Revenue (rooms and add-ons) | $998K |
| Staffing | –$202K |
| Property tax and insurance | –$110K |
| Commissions, card fees and marketing | –$107K |
| Utilities, laundry, welcome | –$96K |
| Repairs, technology, admin, supplies | –$63K |
| Replacement reserve (4%) | –$40K |
| Operating income | $380K (38%) |
The base case assumes a 55% bank loan, a level first-time developers can realistically expect, leaving a wide margin for slower years.
| Structure | Equity needed | Cash yield, stabilized | Debt coverage |
|---|---|---|---|
| Conventional loan, 55% at ~7.75% (base case) | $2.1M | 6.7% | 1.61x |
| Conventional loan, 65% at ~7.5% | $1.7M | 6.3% | 1.39x |
| SBA 504 (bank 50%, SBA 30%, equity 20%) | $0.9M | 5.8% | 1.17x |
Occupancy builds over the first two years as Amíra establishes its reputation. Rates and costs rise 3% a year. The resort is assumed to sell at the end of year ten at a 9% cap rate.
| Year | Occupancy | Revenue | Operating income | Cash to investors | Cash yield |
|---|---|---|---|---|---|
| 1 | 50% | $799K | $235K | –$1K | 0.0% |
| 2 | 57% | $946K | $332K | $95K | 4.5% |
| 3 | 62% | $1.06M | $403K | $166K | 7.8% |
| 5 | 62% | $1.12M | $427K | $191K | 8.9% |
| 10 | 62% | $1.30M | $496K | $259K | 12.1% |
| Sale, end of year 10 | $5.7M price | ~$3.4M net |
| Investor IRR | 10.1% |
| Investor equity multiple | 2.3x |
| Project IRR, before sponsor share | 11.0% |
| Project equity multiple | 2.4x |
Investors receive all cash flow until they've been repaid their capital plus an 8% annual preferred return. After that, profits are shared 70% to investors and 30% to the sponsor. The sponsor is paid well only if investors are paid first. Final terms will be set with counsel.
One projection is a guess. These three show what happens when several assumptions move together.
| Downside | Base | Upside | |
|---|---|---|---|
| Average rate | $475 | ~$530 | $575 |
| Occupancy, stabilized | 55% | ~62% | 67% |
| Build | Site-built, 8% over | Site-built | Modular |
| Development cost | $5.1M | $4.74M | $4.3M |
| Loan | 55% at 8.0% | 55% at 7.75% | 65% at 7.5% |
| Exit cap rate | 10% | 9% | 8% |
| Equity raised | $2.3M | $2.1M | $1.5M |
| Sale price, year 10 | $2.8M | $5.7M | $8.6M |
| Investor IRR | –16.3% | 10.1% | 23.1% |
| Investor equity multiple | <0.1x | 2.3x | 4.8x |
| Occupancy / Rate | $450 | $475 | $500 | $525 | $550 | $575 | $600 |
|---|---|---|---|---|---|---|---|
| 50% | Loss | –23.2% | –10.9% | –4.7% | –0.3% | 3.2% | 6.2% |
| 55% | –15.1% | –6.6% | –1.3% | 2.7% | 6.0% | 8.6% | 10.5% |
| 60% | –4.2% | 0.8% | 4.8% | 8.0% | 10.1% | 12.1% | 14.0% |
| 65% | 2.1% | 6.0% | 9.0% | 11.2% | 13.3% | 15.3% | 17.2% |
| 70% | 6.7% | 9.6% | 11.9% | 14.1% | 16.3% | 18.3% | 20.3% |
Once the first eight residences have proven demand, Amíra can grow into a fuller retreat: more residences, a lodge with a fireplace lounge and breakfast, and a wellness pavilion with sauna, cold plunge and treatment rooms. It's a model proven by landscape hotels like Piaule in New York's Catskills. Phase 2 would be planned and funded separately, with Phase 1 investors offered first participation.
Max has spent more than eight years leading creative and marketing strategy for travel and automotive brands, with a focus on luxury hospitality. He studied film and media at the University of Michigan and has spent his life traveling to Northern Michigan.
Amíra grew from years of looking for a getaway there that didn't require a compromise, and not finding one.
Months are counted from today. The raise happens once demand is tested and land is secured.
Formal comp study, paid waitlist test, builder budget estimates, early lender conversations.
Identify a parcel, secure it with an option or purchase agreement, and complete site studies and zoning review.
Schematic design, equity raise, and a construction loan commitment.
Site plan approval and permits from the county and township.
Site work and construction, potentially shortened with prefab residences.
Soft opening, then full launch.
The main risks, and how the plan addresses each one.
| Risk | How it's addressed |
|---|---|
| Occupancy falls short | Year-round positioning, minimum stays, and retreats and full buyouts to fill midweek, winter and spring. Demand is tested before building with a paid waitlist and potential pop-up stays. |
| Guests won't pay the target rate | The rate sits within what comparable stays in the region already charge, and is confirmed with a formal comp study before land is purchased. |
| Direct competition | Positioned apart from nearby rentals: adults-first, a residence designed as a private retreat, and a stay planned around each guest. |
| Construction costs run over | 10% contingency, one repeated design, fixed-price bids where possible, and a modular option. |
| Zoning or short-term rental rules | Local rules are confirmed before the land purchase closes, with an exit if approvals fail. |
| Winter operations | Freeze-safe, fill-and-drain outdoor tubs with fast hot water; contracted snow removal; local on-call coverage. |
| Remote operations affect service | A local host with backup coverage, contracted maintenance, and documented service standards from day one. |
| First-time developer | An experienced builder, architect and hospitality advisor on the team, plus a conservative loan. |
| Bluff and environmental rules | Setback, erosion and wetland review during due diligence, with residences sited back from the bluff edge. |
Amíra is at the concept stage, and every figure on this page is a projection. Each assumption will be replaced with bids, quotes and market data as the project advances.
Amíra is a concept, not yet a place. If the numbers resonate, we'd like to hear from you.
This page is for informational and discussion purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any security. Any offering would be made only through formal offering documents and only to qualified investors. All figures are forward-looking projections based on assumptions that may not prove accurate.