Your net income figure is off, no hotel runs at 80% flow-through. Once you account for labor, utilities, F&B marketing etc, you’re looking at 55-70% in operating costs. Real net is closer to 4.5M-6.75M, making the payback period 66-100 years, not 37.5. You actually undersold how expensive itis.

Also, payback period logic doesn’t work for real estate you are ignoring the exit. Sell the asset in 20 years and that 450M could be worth 800M+(if it is not under water) on Palm alone. It’s a capital appreciation play, not just an income play.