The Fund is structured as a fiscal investment institution (fiscale beleggingsinstelling, or ‘FII’) within the meaning of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969).

The Hotel Fund has no employees.

The Fund’s investment properties are valued by an external valuation expert on a quarterly basis.

The cash and cash equivalents (balance and deposits) were freely available to the Fund as at 31 December 2015.

For 2015, before appropriation of result

The other payables relate to invoices yet to be received for maintenance of and investments in the portfolio.

Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year.