The El Club case earns 9.3% on cost because the estate sells weeks, not nights: sixteen exclusive programme weeks in the shoulder seasons, thirty letting weeks, paid court hire in between. This is what that calendar looks like, and who is on it.
Programmes take the shoulders — January–February for winter training, March–May and September–November for camps, retreats and offsites — because that is when the island is busiest and the swell is best. Summer is let. Six weeks are closed: maintenance, and the eight-week court build in its first year.
Illustrative allocation to match the El Club operating case (16 programme weeks · 30 letting weeks). The workbook keeps the case inside the existing ADR and occupancy assumptions; a shoulder-season camp line is not yet modelled separately.
The court is specified as a level, enclosed, floodlit, serviced platform first — removable posts in flush sockets, three-phase power, water and sound at the perimeter, zoned LED — so that the asset survives a change of use the sport does not.
| Programme | Format | Season | Sells to |
|---|---|---|---|
| Padel camps & clinics | Coach-led week, 8–14 guests, exclusive use | Jan–May · Sep–Nov | Nordic, German, UK clubs; coaches with a following |
| Winter training camps | Endurance + court, Ironman island | Jan–Mar | Triathlon and cycling groups |
| Pickleball & racket | 41% of the slab; net posts swapped | All year | US and UK groups, families |
| Yoga, breathwork, mobility | Morning on the west terrace; shade sails on the frame | Shoulders | Retreat leaders, exclusive-use weeks |
| Corporate offsites | Fourteen beds, four meeting settings, no hotel | Shoulders | Founders, small boards |
| Dining & events | Explanada Sur; power, water, sound | All year | Estate guests; private dinners |
| Cinema & stargazing | Blackout LED zone; unlit horizon | All year | Families; dark-sky weekends |
| Members' court hire | 08:00–21:00 day play | Letting weeks | Nearby estates and villas |
| Content & production | The malpaís as location | Any | Brands, film, campaigns |
The club has no clubhouse and no reception. It has a gate code, a calendar, and three kinds of people on it.
Own a share of the estate and take your own weeks. First call on the calendar. The return is partly in nights on the terrace.
A coach, a retreat leader or a company that takes the whole estate for a week and sells its own places.
Neighbouring estates and villas. Court hire 08:00–21:00 in letting weeks; first refusal on dark-sky and cinema nights.
Only about 45% of the uplift from the four-keys case to the club case is the court itself; the rest is direct programme selling. That is why the club is a calendar and a list of people, not a building.