The economic consequences of the COVID19 pandemic are shaking the world and tourism is the most heavily hit industries. The virus is also affecting Hotelium by hindering our first real estate purchase. We were committed to investing in a property on the Brazil island of Itaparica for its huge potential, but when signing a pre-contract in February we were not aware of the gravity of the situation to come. The pandemic escalated quickly, means of travel became unavailable and the real estate market went into turmoil. Furthermore, Brazil is one of the most infected countries, and on top of that the bridge construction, which was the main appeal for our investment, was put on hold. It is for the best that we didn’t execute the purchase sooner because we would lose a lot of money. We put the deal on standby while seeking new opportunities.
Despite this crisis, to show honesty and loyalty to our members we decided to share dividends from the company reserve fund. This means roughly 10 per cent of the contractually determined value of the property (€ 490,000) will be divided among members as a return of investment. Dividends will be accounted from April 23, 2020, to December 31, 2020, as planned before COVID19, and paid out in May 2021 according to the rules published in the white paper and terms & conditions. HTL Shares B are eligible to full dividends, whereas and Shares A get partial dividends based on their ‘age’.
Every cloud has a silver lining and soon we will deservedly enjoy the results of our work. The investment in another, reliable property in Batumi, Georgia, is already signed. And this is not the only one. The year 2021 will be the year of Hotelium! Thank you for your trust and stay healthy!
Founder and CEO