Campground / RV Resort Model
Hospitality Financial Model (Free Excel Download)
Forecast campground revenue from sites, occupancy, nightly rates, seasonal demand, amenities, labor, maintenance, and expansion capex to evaluate operating cash flow.
professionals from Deloitte
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About this model
This model helps you assess a campground or RV park with overnight sites, cabins, long-stay guests, and amenity income. It brings bookings and seasonal demand together with the land, staffing, maintenance, and guest-service costs behind the experience.
Use it to evaluate an acquisition, expansion, or new amenity. Test occupancy, pricing, site additions, and financing to see how they change income, cash flow, and property value.
What every model includes
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
What's inside the Campground / RV Resort Model
- Site network inputs: Year-1 RV, tent and cabin site counts, new sites per year for each type
- Operating calendar: RV/tent operating days, cabin operating days, seasonal-lease season length
- Seasonal RV mix and pricing: Year-1 mix, annual ramp, ceiling, RV ADR, season price, price escalation
- Ancillary: ancillary/store revenue rate per occupied site-night
- Cost structure: guest-services and groundskeeper comp and wage with benefits and wage growth; utilities by site type; site maintenance, property tax and insurance; marketing and G&A; depreciation; tax
- Capital and working capital: RV/tent site development cost, cabin build cost, useful lives, maintenance capex %, prepaid days, deposit rate and holding days, payable days, base-year working capital
- Valuation: WACC, terminal growth, net debt, shares outstanding
- Operations sheet: RV/tent/cabin site roll-forward, the seasonal/transient RV split and occupancy ramp, staffing, working capital, capex and depreciation
Campground Financial Model: How This RV Resort Template Works
This campground financial model evaluates a multi-site RV resort with a seven-year operating forecast and unlevered DCF. It links site roll-forwards, a seasonal-lease mix shift, occupancy ramps, and cost drivers to revenue, EBITDA, free cash flow, and enterprise value.
Below we explain the documented operating drivers, calculation flow, outputs, and practical use for analysts assessing the template. Rates and financial results described here reflect illustrative model settings, not industry benchmarks.
Operating drivers: site types, seasonal mix, and occupancy
The model separates three site types—RV, tent, and cabin—each with its own roll-forward (opening plus new sites equals closing). RV and tent sites operate 210 days per year, while cabins run 275 days, reflecting shoulder-season demand.
- RV sites split into seasonal and transient pools: seasonal sites earn a flat annual season price, while transient sites earn nightly revenue based on available nights, occupancy, and ADR. The seasonal mix rises from 15% to 39% over seven years, removing an increasing share of RV sites from the transient pool.
- This mix shift is revenue-dilutive per site, but rising transient occupancy and annual price escalation more than offset it.
Calculation flow: from site roll-forward to free cash flow
Site roll-forwards feed occupancy chains that produce occupied site-nights for each type. Revenue builds from escalated ADRs, season price, and an ancillary rate per occupied night.
- Cost of goods sold is driven by guest-services labor (minutes per occupied night), grounds-crew labor (sites per groundskeeper), utilities (per occupied night by type), and store cost of goods (percent of ancillary revenue only). These flow to EBITDA, then depreciation and tax yield net income.
- The free-cash-flow bridge starts with NOPAT, adds depreciation, subtracts growth and maintenance capex and the change in working capital, and discounts at WACC with a terminal growth rate.
Outputs: valuation, margins, and working-capital balance
The model produces a seven-year P&L, unlevered free cash flow, and a DCF valuation: enterprise value, equity value, value per share, and value per site.
- A dashboard summarizes total sites, seasonal mix, blended revenue per RV site, revenue, EBITDA, EBITDA margin, deferred revenue, enterprise value, and value per site.
- Working capital includes a fall-renewal deferred-revenue liability driven by seasonal-lease revenue, a prepaid property-tax/insurance asset, and payables.
- The deferred-revenue balance grows with seasonal-lease revenue, creating a rising cash source ahead of recognition.
Practical use: evaluating acquisitions, expansions, and amenities
Use the model to assess how changes in occupancy, pricing, site additions, or financing affect income, cash flow, and property value. The seasonal-mix mechanism shows the trade-off between seasonal contract revenue and volatile transient revenue, while the occupancy ramp and price escalation demonstrate offsetting forces.
- The cost structure, with fixed per-site expenses and variable labor and utilities, highlights operating leverage. The DCF and multiples provide a valuation range.
- The public download is a values-only preview; it shows the model’s structure and outputs as static values, not live formulas.
Formatted to IB standards
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with clear input, output, and cross-sheet reference styling - brand-ready, institutional-grade, and fully auditable.
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Frequently asked
What is a campground or RV resort financial model?+
A campground or RV resort financial model captures the seven-year operating economics and intrinsic value of a multi-site outdoor-hospitality operator running RV full-hookup, tent and cabin sites. It rolls the site network forward, splits RV sites between a transient nightly market and a flat-price seasonal lease, prices the fall-renewal deposits behind that seasonal pool as a real deferred-revenue liability, and discounts an unlevered free-cash-flow stream to enterprise value, equity value and value per site.
Why does the seasonal-lease mix shift both hurt and help revenue per site?+
A seasonal lease sells at a flat price that undercuts what a filling transient market increasingly commands per site, so on a like-for-like basis the mix shift alone is revenue-dilutive, pulling blended revenue per RV site down roughly 9.7%. But rising transient occupancy and annual price escalation are a separate, independent force that more than offsets the dilution across the horizon, so the blended figure investors actually see rises overall, from $5,791 to $7,138 - the model reports both forces rather than assuming either one wins in advance.
Where does the deferred-revenue liability come from?+
Existing seasonal RV campers renew their site for the following season during a fall deposit window, paying roughly 30% down before the fiscal year closes - cash collected this year against revenue that will not be recognized until next year's season. Transient guests, by construction, pay at arrival or checkout and never create a deferred-revenue balance, so the liability is driven entirely off seasonal-lease revenue, growing 3.6x from $10,119 to $36,652 as the seasonal mix expands.
Why does EBITDA margin expand so steadily across the horizon?+
Site maintenance, property tax and insurance are priced per site and grow only with the modest site-count expansion (362 to 422 sites) plus cost inflation, while revenue grows 79.6% on occupancy, price and mix gains. That fixed-cost operating leverage, the same mechanism this library uses across its other site- and headcount-driven formats, expands EBITDA margin from 28.7% in Year 1 to 39.7% by Year 7.
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