The distributions for 2011 were the highest since the commencement of the hotel program in 2006. The recession of 2008/2009 has been weathered and hotel performance has improved steadily since then and more significantly in 2010 and in 2011. At the beginning of 2011 there were 328 units in the hotel rental program out of a total of 575 units in the building. At the beginning of 2012 there are 330 units in the hotel rental program.
Profit distributions are determined on a pooled basis of all the hotel rooms available for sale on each night or period. A unit in the hotel pool qualifies for a distribution irrespective of whether it is actually sold to a guest or not.
Each unit carries a pre-determined weighting or unit factor ranging from a factor 1 to a factor 1.4. The distribution to each unit is determined by dividing the factor for a unit by the total number of factors in the rental program for any particular night/period. This ratio is then applied against the distributable profit earned from the particular night/period. Distributable profit is defined as the guest room plus some ancillary hotel revenue less all the expenses of operating the hotel program for a particular period.
Past financial performance is no indication of future performance