Monetization · short-term stay
The glamping model.
The full data set on running a converted unit as a stationary-stay nightly rental. Unit economics, OpEx, capital structure, sensitivity grid, and the data gaps we don't paper over.
Read this honestly
The data below is drawn from a single integrated operator's due-diligence package on a Mosca, CO site (Skyline Campground & RV). It is illustrative of what an integrated operator achieved on one property — not a universal Padlock Park guarantee. Padlock Park's deliverable is the conversion service: salvage Class A → tenant-ready unit at the $7,500 cap. The monetization economics depend on the operator's market, occupancy execution, and ops capability. Numbers cited from Memo (Investment Memorandum), Risk (Risk Register), Model (Financial Model), TS (Term Sheet).
Unit economics — base case
Per-unit, per-month and per-year. Skyline base case assumptions.
| Revenue stream | Unit basis | Monthly | Annual | Source |
|---|---|---|---|---|
| Short-term stay (nightly) | $95/night × 30 days × 50% occ | $1,425 | $17,100 | Memo §07, Model |
| RV hookup pad (transient) | $35/night × 50% occ | ~$525 | ~$6,300 | Model |
| Van zone spot | $15/night × 40% occ | ~$180 | ~$2,160 | Model |
Site-level NOI margin: 66% on $238,560 annual revenue → $157,560 NOI on a $186K–$203K basis at the integrated operator's project.[Memo §08, Model]
OpEx — site level, glamping-mix
Monthly and annual operating expense by line item, on the Skyline 12-unit Phase 1+2 footprint.
| Line item | Monthly | Annual | Note |
|---|---|---|---|
| Utilities | $1,050 | $12,600 | Net of solar generation; assumes Sol-Ark + battery |
| Maintenance reserve | $1,200 | $14,400 | $100/unit/mo across 12 units |
| Cleaning & turnover | $1,050 | $12,600 | Variable with short-term turn frequency |
| Insurance (property + liability) | $800 | $9,600 | Does not separate STR-endorsement add-on |
| Internet (Starlink) | $200 | $2,400 | Single connection, site-wide |
| Misc / admin | $1,500 | $18,000 | Office, supplies, accounting |
| Operator / payroll | $950 | $11,400 | Helper-trade economy at Skyline; retail labor would be higher |
| TOTAL | $6,750 | $81,000 |
Honest note: the operator labor line at $950/month reflects Skyline's helper-trade arrangement (camp membership traded for ops labor). A standard park owner running this on retail labor should expect operator/payroll to land in the $2,500–$4,000/month range for a 12-unit site. [Risk §06]
Capital structure
Sources, uses, basis. Project is unleveraged in the Skyline base case.
| Use of capital | Amount | Note |
|---|---|---|
| Land | $60,000 | Mosca CO, 80 acres — site-specific; recast as 'low-basis rural land' |
| RV units (12 units, ~$5,500 avg, under $7,500 cap) | $66,000 | Under the Padlock $7,500 hard cap |
| Solar / electrical (Sol-Ark + battery) | $35,000 | Operator pricing via direct dealer; retail equivalent +30% |
| Site infrastructure (well, septic, roads) | $10,000 | Pre-existing improvements, recast for non-existing sites |
| Site setup ($1,000–$1,500/site) | $15,000 | Pads, hookups, fire pits, landscaping |
| Working capital | $17,400 | Pre-launch reserve |
| TOTAL PROJECT BASIS | $203,400 | Memo §09 |
| Source of capital | Amount | Type |
|---|---|---|
| Investor capital | $100,000 | Equity, illustrative — see TS §02 |
| Owner capital | $53,400 | Equity |
| Cash-flow reinvestment | $50,000 | Y1 ramp |
No bank debt or DSCR is modeled. Project is unleveraged. Refi at Y3 stabilization is presented as exit optionality only, not a modeled requirement. [Memo §12, TS §02]
Sensitivity — monthly NOI
Base case is $13,130/mo. Project remains cash-positive across the entire 40–85% × $80–$125 grid.
| Occupancy | $80 ADR | $95 ADR (base) | $110 ADR | $125 ADR |
|---|---|---|---|---|
| 40% | $11,270 | $11,990 | $12,710 | $13,430 |
| 50% (base) | $12,470 | $13,130 | $13,790 | $14,450 |
| 60% | $13,670 | $14,270 | $14,870 | $15,470 |
| 70% | $14,870 | $15,410 | $15,950 | $16,490 |
| 85% | $16,670 | $17,120 | $17,570 | $18,020 |
[Model] sensitivity matrix. Values are monthly NOI at the project level.
Break-even blended occupancy: ~30%. Conservative case (operator-specific advantages stripped, NOI compresses to ~$84K/yr on $215K basis) still yields ~41% unleveraged.[Memo §08, Risk §06]
Glamping-specific risk dimensions
Failure modes, mitigations, gaps.
| Risk | Likelihood | Mitigation | Source |
|---|---|---|---|
| Hidden RV damage post-acquisition | Medium | Kill-switch rule — write off, sell for parts | Memo §05 |
| Occupancy seasonality compression | Medium | Long-term-anchored revenue absorbs short-term volatility | Memo §05, Risk §07 |
| Weather / heat damage to units | Low | Son Shield envelope coating + maintenance reserve | Risk §07 |
| Tenant-mix conflict (families vs glamping guests) | Medium | Published family-safe community standard, premium-tier fenced sites | Memo §13 |
| Operator dependency | Medium | Standardized SOPs; helper-trade model documented | Risk §07 |
| County zoning fails to support unit count | Low/Catastrophic | Pre-launch verification gate — dwelling cap + commercial-park threshold | Risk §02, §07 |
Regulatory & zoning posture
What the Skyline docs cover. What they don't.
Mosca site posture: AC zoning (Agricultural, county jurisdiction), no HOA / covenants. Operating posture is "private property + accessory RV use" pending pre-launch county verification of dwelling cap and commercial-park threshold. [Memo §04, §13]
Insurance: property + liability quoted at $800/month, ~$9,600/year for the 12-unit footprint. [Memo §08] The docs do not specify STR-specific endorsements or commercial liability tier appropriate to short-term stays.
Data gap — flagged honestly
Not in the source docs: STR-specific lodging/occupancy tax burden (most jurisdictions levy this on stays under 30 days), Airbnb / HipCamp / Outdoorsy platform tax-collection mechanics, county-by-county short-term-rental ordinances, family-safe community legal exposure under fair-housing rules. Park-owner operators should verify each before committing capital.
Exit assumptions
Hold period, multiples, refinance optionality.
| Path | Hold | Mechanics | Source |
|---|---|---|---|
| Cash-flow operate | Indefinite | Distribute NOI; no exit event | Memo §12 |
| Refinance Y3 | 3 years | Stabilized refi returns investor capital; operator retains asset | Memo §12 |
| Strategic sale Y3+ | 3–5 years | 6x–10x NOI exit multiple cited (no source for cap rate) | Memo §12, TS §04 |
| Roll-up Y5+ | 5+ years | 3–5 sites aggregated under holding entity for institutional sale | Memo §12 |
Data gap — flagged honestly
The 6x–10x NOI exit multiple is not source-cited in the docs. Comparable cap rates for hospitality / RV park / glamping property trades vary materially by region, asset class, and operator quality. Institutional buyers should run independent cap-rate analysis using public comps from operators like Sun Communities (RV park MLS), Equity LifeStyle (manufactured housing), or hospitality REIT trades.
Data we don't have — and won't fake
The institutional-due-diligence ask list.
- Third-party market sizing — KOA, AutoCamp, HipCamp, Yonder, Roomy listing volumes and ADR data. Not in the Skyline corpus.
- Cap-rate benchmarks for glamping property and RV park trades — would change the exit-multiple discussion materially.
- Sourced ADR / occupancy comps by region — Sangre de Cristo / Sand Dunes corridor specifics aren't transferable to other markets.
- STR lodging / occupancy tax treatment by jurisdiction.
- Distribution channel performance — HipCamp / Airbnb / Outdoorsy CAC, take rates, conversion data per channel.
- DSCR-eligible debt structures and terms for this asset class.
We name the gaps. We don't fill them with marketing copy. Bring your own market data into the discovery call and we'll model your specific park against it.