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Bluwater S.r.l. - Validation study for the development of Acquaworld water park in Concorezzo, Milan

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The Challenge

Bluwater developed the project for Acquaworld, the first covered water park in Italy, extending over a total area of 45,000 sqm and situated in the municipality of Concorezzo, near Milan. The actual water park includes an entertainment/recreational area, wellness area and F&B area developed over a GLA of 14,000 sqm.

A pool of banks were considering the opportunity to finance the project and needed to assess its feasibility.

C&W assisted the client in the critical review of the business plan and in the assessment of the sustainability of the investment. We carried out a critical analysis of the business plan prepared by Bluwater and verified the consistency of projections with the European entertainment/wellness market.

The aim was to supply all the necessary information to support the banks’ decision to finance the development.

The Solution

Step 1: Analyse the geographic position of the project area in terms of accessibility, population and catchment, seasonality, etc.

Step 2: Analyse the European and Italian market for water parks, defining the business model, segmentation, demand, market drivers, revenue generators, key performance indicators.

Step 3: Review development assumptions and business plan prepared by client based on the results of previous Step 2.

Step 4: Analyse viability of investment plan based on the forecasted cashflows, identifying any possible risks and opportunities.

The Results

C&W reviewed the Acquaworld business plan, thus confirming the financial feasibility and investment plan.

The banks financed the development and Acquaworld opened to the public in July 2011. The park has 12 covered and external swimming pools for 2,150 sqm of water.


Dario Leone

Head of Hospitality Italy

Milan, Italy

Phone +39 02 63799310

Contact me