Confidential investment memorandum · Punta Cana · 2026
The premier nightclub of the Caribbean
Dulcinea operates successfully in Laureles, Medellín — one of Latin America's most competitive nightlife markets — on a simple, high-margin model: cover charge, VIP table minimums and premium bar, with a live show of professional dancers and a resident DJ. No kitchen, no food service.
In a weak month it bills approximately USD $500,000 — roughly $6 million a year — in a domestic market that must acquire every guest it serves. The same operating team is leading the Punta Cana expansion.
Five million tourists pass through Punta Cana annually — 59% of all visitors to the Dominican Republic — with an average stay of eight nights, high disposable income, and no premium live-show nightclub currently serving them at this level.
Sources: Ministerio de Turismo RD · Banco Central RD · ASONAHORES · Caribbean Journal (August 2026)
The competition — Coco Bongo ($85–$165), ORO ($90–$120) and Imagine ($50–$159) — is resort-captive or show-format. None is a premium live-show nightclub with a bottle-service floor on Downtown Punta Cana's public strip. Dulcinea's $30 cover positions it as the accessible entry point on the strip, monetising through table minimums and bar spend.
The former Hard Rock Cafe on Quinta Avenida, inside the Downtown Punta Cana district and immediately adjacent to Coco Bongo. 1,302 m² across two levels with the most expensive elements already standing: double-height volume, constructed stage, perimeter VIP balcony, two complete bars and dressing rooms. The project is a fit-out, not a ground-up build.
Source: investment memorandum · Sep 2026 · §03 The Venue
Coco Bongo draws ~1,500 people per night to the same block — organic footfall at zero customer-acquisition cost.
Punta Cana International (PUJ) is the busiest airport in the Caribbean: more than 35,000 flights and roughly five million arriving tourists a year. The Company has agreed terms with Grupo Puntacana — the developer and operator of the airport — for a commercial presence inside the terminal. Agreement settled, pending execution.
Every competitor in Punta Cana acquires its customer after that customer has already arrived, checked in, and been captured by a resort concierge. Dulcinea reaches the visitor at the moment of arrival, before any other venue has spoken to them. Converting 2–3% of arriving tourists represents 100,000–150,000 qualified leads a year — against a Base Case that requires ~81,000 admissions across the full year.
Source: investment memorandum · Sep 2026 · §05 The Airport Alliance
A Dulcinea ticketing kiosk in the arrivals hall selling covers and taking VIP table reservations, staffed bilingually, with QR integration to the online booking system.
Brand presence on the airport's digital screens and in baggage and waiting areas — the first entertainment message a visitor receives on arrival.
Alliances with the transfer companies and tour operators who move arriving visitors to their hotels, plus concierge coordination with the all-inclusive resorts in the corridor.
Geofenced advertising triggered on landing, QR codes in transfers, and retargeting across the visitor's entire eight-night stay.
No kitchen and no food service removes the lowest-margin, highest-complexity part of a hospitality P&L — the structural reason the concept sustains a materially higher operating margin than a restaurant-led venue.
| Revenue line | Price | Basis | % of revenue |
|---|---|---|---|
| Cover / minimum consumption | $30 | Per person · ~55% of guests · fixed, every night | 27.0% |
| VIP tables · floor level | $500 | Minimum spend · 10 tables · 70% sold | 14.7% |
| VIP tables · mezzanine | $650 | Minimum spend · 14 tables · 70% sold | 26.8% |
| Incremental bar spend | $35 | Per non-table guest · upsell above the cover | 31.5% |
| Blended spend per guest | $61 | per attendee, per night | 100% |
The model does not depend on booking headline artists to reach its projections: guest artists and streamer activations are treated as upside, not a fixed requirement — removing the single largest cost and reliability risk in artist-led nightclub models.
The influencer partners are equity holders, not paid endorsements: their reach is a permanent feature of the marketing model, not a recurring line item.
The Base Case assumes Punta Cana does 18% less business than the venue the team already operates — in a market with 5 million visitors instead of a local catchment. Four nights a week, 65% occupancy, 70% VIP sell-through, carrying a fully normalised cost load: marketing at 8%, the 8% management fee, commissions, card processing and performance rights.
The venue covers its full cost base at 45% of Base Case volume — 37% of what Dulcinea Medellín bills today. Put differently: Punta Cana breaks even on roughly four and a half weak Medellín months of trading, spread across a full year.
The landlord is a partner: owner of Downtown Punta Cana and of the Coco Bongo premises, with an interest in the brand. That alignment removes the most common failure point in a nightlife venture — a landlord whose interests diverge from the operator's once the venue becomes valuable.
Principal operator of Dulcinea Medellín. Leads the Punta Cana operation. Track record across Dulcinea, Medallo Club, Tutaina and Miranda.
Originated and structured the project. Founder of NOIR Equity. Responsible for strategy, capital and expansion.
Owner of Downtown Punta Cana and of the premises occupied by Coco Bongo. Partner in the brand. Controls the location and the commercial relationships across the entire strip.
6M+ Instagram followers, 3.5M on Kick. Latin America's most-watched streamer; Latin Grammy nominee 2025; founder of W Sound.
Dominican streamer and Kick Partner (Rudy Ortiz). ~176,000 Kick followers averaging ~9,500 concurrent viewers. Direct bridge to the domestic audience.
Personal manager to Westcol. Manages the artist, streamer and brand-partnership network for the venue.
The entry multiple is the argument: the investor buys into first-full-year EBITDA at 3.1×, in a venue whose operating model is already running profitably in another market at a comparable revenue scale. Comparable nightlife assets transact at 4–6× EBITDA.
| Scenario | 2027 EBITDA | Entry multiple | Cumulative distributions | Exit value of 15% | MOIC | IRR |
|---|---|---|---|---|---|---|
| Base Case | $1,282,526 | 3.1× | $706,933 | $2,027,155 | 4.6× | 42.3% |
| Upside Case | $2,698,364 | 1.5× | $1,640,526 | $5,059,046 | 11.2× | 78.8% |
The position pays cash from the first full year: on the Base Case, distributions to the investor begin at ~$98,000 in 2027 — a 16% cash yield on the $600,000 — and rise to ~$173,000 by 2031, before any exit value is realised.
The December opening lands directly on the peak month of the Punta Cana calendar (seasonality index 125).
The risks are underwritten, not ignored: break-even sits at 45% of plan, the programme is a fit-out with a 10% contingency, and the projections assume no tax incentives — the returns shown are fully taxed (27% ISR).
DR entity incorporation · lease execution · DGII and TSS registration · municipal permits.
Hard Rock demolition · interior design · Dulcinea build · electrical installation.
Sound · lighting and lasers · LED and A/V · VIP furniture · POS and systems. Production at Medellín standard.
Recruitment of 64 staff · training · show rehearsals · airport point of sale · launch campaign.
Launch into the peak month of the Punta Cana calendar.
Punta Cana awaits you in December
Introductory call → site visit to the venue and Dulcinea Medellín → term sheet → confirmatory diligence → subscription agreement