An Altus Resorts Opportunity · Private & Confidential

CARIBBEAN STAR

A Private Island Retreat in Bocas del Toro, Panama

$1,200+
Target Nightly Rate
16.4%
Proj. Cash-on-Cash · Yr 3
$131K+
Proj. Net Income · Yr 3
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8% Preferred Return Paid to Investors First
The Opportunity

A private island, fully staffed, in a market with no institutional competition.

The Property

Caribbean Star is a 2.6-acre Private Island Retreat on Isla Solarte, fifteen minutes by boat from Bocas Town. Three structures, a 9,000-gallon tiled pool, a hot tub that converts to a cold plunge, and multiple docks with covered boat lifts for three boats. Off-grid by design: solar with generator backup, 1,650-gallon rain catchment, and Starlink connectivity.

Caribbean Star was engineered to a standard rarely seen in the Caribbean. The original American contractor built it in 2006 to California Building Code, one of the strictest in the United States and well above anything required locally. The same builder is responsible for two of the other homes visible from the property.

The property is held inside a Panamanian S.A. Acquiring the corporation along with its underlying real estate is the standard ownership vehicle for foreign-held property in Panama, and the safest, cleanest path to closing and securing perpetual ownership.

The retreat sleeps sixteen guests across the main home and second home, with the studio cabin typically dedicated to staff quarters. It is designed to host full multi-generational families, large corporate retreats, or groups of friends as a single private island buyout.

The Competitive Edge

Caribbean Star will be operated according to the same systems-driven operating playbook that has delivered results for the existing Altus Resorts portfolio. Tim Street is a Licensed Resort Dwelling Operator with over seven years in the short-term rental industry, and his portfolio has produced $1.65M in gross booking revenue across 546 completed stays at an $838 average nightly rate in Brevard County, Florida.

Husband-and-wife caretakers Jorge and Lina live full-time on-site in dedicated staff quarters. Lina is a resort-trained chef, hairdresser, and housekeeper. Jorge is a master builder and licensed captain who serves as the property's chauffeur and 24/7 maintenance lead, taking guests by boat to fish, snorkel, dive, explore the archipelago, and run into Bocas Town for shopping, dining, and nightlife.

An exclusive referral partnership with Pirates del Solarte, founded by Captain Paulo, Tim's fellow Marine, gives Caribbean Star guests priority access to charters aboard the only large deep-sea fishing boat in the entire archipelago.

A Walkthrough

From Tim, on the property.

A short film from the island. Drone footage of the retreat with Tim narrating the layout, the systems, the staff plan, and what the day-to-day operation will look like.

The Asset

The retreat, in detail.

At a Glance

LocationIsla Solarte, Bocas del Toro, Panama
Lot Size2.6 private acres
StructuresThree (Main Home, Second Home, Studio Cabin)
Bedrooms6 BR / 6.5 BA
Sleeps16+ guests
Distance to Bocas Town15 minutes by boat
TitleHeld in Panamanian S.A.

Resort-Standard Amenities

  • 9,000-gallon tiled pool with wood deck
  • Hot tub convertible to cold plunge
  • Multiple docks with covered boat lifts for three boats
  • New cement paths linking all structures
  • Outdoor kitchen and BBQ on the upper deck

Off-Grid Self-Sufficiency

  • Robust solar systems on all structures
  • Propane generator backup
  • 1,650-gallon rain catchment
  • Starlink high-speed connectivity
We are buying a fully-staffed private island in a Caribbean archipelago at Panamanian prices, in a market that pays British Virgin Island rates. We hold exclusive reciprocity with the only deep-sea charter in the region. And we can offer the entire property at one-tenth the cost of comparable Caribbean buyouts.
— Tim Street, Sponsor & Operator
Market Conditions

A review of the market data.

AirDNA Revenue dashboard for Bocas del Toro showing $91.5K average revenue and -39.1% past year decline
Click to expand
AirDNA · Revenue dashboard · Bocas del Toro · 12 active listings · 3+ BR with pool · Q1 2026

The headline number on the AirDNA premium pool-equipped cohort for Bocas del Toro shows annual revenue of $91.5K, down 39.1% year over year. This superficially negative number, which appears to indicate market weakness, is actually one of the market's biggest strengths for those who understand how the underlying statistics are calculated. Read on.

The same cohort grew by roughly 33% over the period in question. New short-term rental listings consistently underperform established ones during the first 12 to 18 months of ramp because they lack reviews and booking history. Any time new listings enter a small cohort at the same time, they necessarily pull the average down even when the underlying market is healthy and growing, which is exactly what we see here. The multi-year trend tells the full story.

This is not a shrinking market. This is a story of demand outpacing supply over the multi-year window. The structural numbers point in a single direction: a growing market with room for first movers.

The Multi-Year Story
+47%
Booking Demand · Year over Year
+83%
RevPAR · Three-Year Trend RevPAR (revenue per available rental) is the industry's standard measure of how efficiently a property converts available nights into revenue.
+33.8%
ADR · Three-Year Trend
+33%
Active Listings · Demand outpacing supply
+96.6%
Revenue by Bedroom Count · Year over Year

Caribbean Star will hit the market at $700 per night introductory pricing, intentionally positioned 18% below the current Bocas market average of $855. This gives us room to outperform on rate as the property establishes its track record and reputation. This is a category of one: the only private island in the archipelago with on-site staff, all-inclusive service, air conditioning, pool, hot tub, 24/7 boat chauffeur, and a seven-year operator track record.

Source: AirDNA (airdna.co), Bocas del Toro custom region (12 active listings, 3+ bedrooms with pool), dashboard pulled Q1 2026. Full source data available on request.

The Comparables

Where Caribbean Star sits in the market.

Caribbean Star launches at a deliberate discount to its actual peer set and grows into the luxury whole-property tier by Year 3. Note that even at Year 3 pricing, Caribbean Star remains well below the staffed-villa and private-island-buyout tiers it most closely resembles.

Property Type Nightly Rate Guest Capacity Per Person
Tropic Star Lodge Per-person package $15,000/wk pp ~4 per shared room ~$2,143/nt
Lodge at Punta Rica Whole-property $1,530–$2,000 12 $128–$167
Staffed Caribbean Villas Private villa $2,000–$5,000 10–12 $167–$417
Private Island Buyouts Whole-island $3,500–$10,000 Varies Varies
Caribbean Star (Launch) Private island, all-inclusive $700–$1,200 16+ $44–$75
Caribbean Star (Year 3) Private island, all-inclusive $2,000–$3,000 16+ $125–$188
The Numbers

Projected returns.

A conservative ramp from launch occupancy through mature operations. All scenarios assume a 50% operating expense load that includes property management, on-site staff, utilities, maintenance, insurance, and supplies.

Scenario ADR Occupancy Gross Revenue Net at 50% OpEx Cash-on-Cash Return
Conservative (Yr 1) $700/nt 50% $127,750 $63,875 8.0%
Moderate (Yr 2) $900/nt 55% $180,675 $90,338 11.3%
Growth (Yr 3+) $1,200/nt 60% $262,800 $131,400 16.4%

A note on the Year 1 assumption. The 50% Year 1 occupancy figure is conservative on its own and further offset by the reality that we are pricing 18% below the current market average. Realistic occupancy should sit well above 50%. We have intentionally underwritten with a margin of safety because our operating philosophy is to underpromise and overdeliver.

Cash-on-cash return calculated per $200,000 partnership position. Net assumes 50% operating expense load.

Important Disclosures. The projections shown above are estimates based on the sponsor's operating track record and current AirDNA market data for Bocas del Toro. They are not guarantees of future performance. Past performance does not guarantee future returns. All investments involve risk, including the risk of loss of principal. Real estate investments are illiquid. Caribbean Star is offered to a limited number of qualified individuals known to the sponsor under exemption from registration. Prospective investors should consult their own legal, tax, and financial advisors before participating.

A Personal Note

From the operator.

Tim Street with his wife Liz and their four daughters
Tim & Liz Street with daughters Allie, Olivia, Kate & Heidi

For some time I've been looking to expand the Altus Resorts portfolio with additional waterfront property. Doing so in the United States, with its inflationary property prices and an increasingly hostile municipal climate for short-term rentals, has proven nearly impossible.

Caribbean Star is a unicorn. A waterfront private island in a country that welcomes the tourism industry, that grants foreign owners equal property rights to citizens, that transacts in U.S. dollars, and that offers a tax environment where much of our burden can be legally abated under the government's tourism incentive structure.

This is why I'm personally investing here. And it's why I've reached out to a small group of friends I'd love to have along for the ride.

— Tim Street
Sponsor & Operator
The Terms

Deal structure.

A friends-and-family joint venture. Investors get paid first. The sponsor only earns above the preferred return. The capital stack and operating control are designed to reward patience and align incentives.

Minimum Investment
$200,000 per partnership position
Positions Available
3 to 5 partnership positions
Preferred Return
8% annual, paid to investors first
Hold Period
5 to 7 years; exit by ownership consensus and market conditions
Sponsor Co-Investment
Tim & Liz Street co-invest on identical terms to investors
Owner Use Right
Up to 2 weeks per year at-cost during low season, plus open availability throughout the year when unbooked
A Note on Owner Use

Caribbean Star is an investment first. But it is also a real place that you and your family can experience as owners.

During the low season, every investor receives the right to reserve up to two weeks of personal use per year at cost — estimated at $795 to $995 per week — meaning you pay only the actual operating expenses for your stay, with no premium and no markup. The full all-inclusive experience is included: the on-site chef and housekeeper, the boat chauffeur, private island tours, and the same standard of service every paying guest receives.

Throughout the rest of the year, owners are encouraged to visit any time the property is unbooked. If the calendar is open two weeks out from your desired arrival date, you can claim those nights at the same at-cost rate, regardless of season. This is by design. Owners on the ground means real eyes on the operation, real feedback to the operator, and a partnership where the people funding the deal stay personally connected to the asset they own.

The Guest Experience

An all-inclusive Caribbean escape.

Most luxury rentals in Bocas del Toro are couples-oriented boutique stays with one to three rooms. Caribbean Star is built for the opposite: multi-generational families, groups of friends, and twelve-plus guests who want to experience the archipelago without coordinating a thing.

What's Included

  • On-site chef and housekeeper
  • On-site caretaker, chauffeur, and handyman
  • Staff living on the property in dedicated quarters
  • Private boat transfers from Bocas Town
  • Private boat tours of the archipelago
  • Resort-standard maintenance at all times

The Activities

Guests enjoy private boat tours of the archipelago, world-class surfing, snorkeling on untouched reefs, chocolate making at island cacao farms, bioluminescence tours after dark, on-demand chauffeur service, day trips to Starfish Island, and overnight excursions into the Chiriqui Highlands for coffee plantation tours and cloud forest hikes near Volcan Baru.

An exclusive referral partnership with Pirates del Solarte gives Caribbean Star guests priority access to charters aboard the only large deep-sea fishing boat in the entire archipelago, capable of reaching open water for world-renowned billfish in waters that remain virtually untouched.
Next Steps

Request more information.

This is a friends-and-family offering shared privately with pre-existing relationships. If you'd like the full operating agreement, financial model, and a conversation, leave your email below and Tim will reach out within 24 hours.

A Note on Timing

This round closes Friday, April 17. If you would like to participate, please be in touch before then. After the round closes, partnership positions will not be available.

This page is shared privately with pre-existing relationships of the sponsor and is not an offer or solicitation. Any investment would be made under exemption from registration and limited to qualified individuals known to the sponsor.

Direct Contact

Tim Street
321.432.7778
tim@altusresorts.com
altusresorts.com

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