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  "documentTitle": "Vivion Investments S.à.r.l.",
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  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "The slide uses a table to provide context for a forensic argument about asset inflation. Footnotes 46-48 provide specific source citations for the claims.",
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      "text": "Vivion uses fair value gains to inflate the values of its UK hotels – these gains are based on aggressively low cap rates and by inflating rental income through having disclosed related parties pay rents that appear to be too high to be economic.",
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      "text": "fair value gains: €958.4m",
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      "text": "Vivion uses fair value gains to inflate the values of its UK hotels – these gains are based on aggressively low cap rates and by inflating rental income through having disclosed related parties pay rents that appear to be too high to be economic.",
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      "kind": "paragraph",
      "text": "Vivion's UK hotel property consisted of 54 properties. In 2019, it separated the operations by creating 45 related party operating companies. The related party OpCos have all entered into long-term (16 years WAULT) substantially fixed rent lease agreements.",
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      "text": "46 54 hotels as of 12/31/2019... 47 Vivion H1 2019 Results Presentation, p. 2. 48 See Knight Frank UK Hotel & Leisure Property 2018 Spring Market Overview, p. 1.",
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      "text": "Vivion Appears to Artificially Inflate the Values of its UK Hotels",
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