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  "documentTitle": "Vivion Investments S.à.r.l.",
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  "authorName": "Carson Block",
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  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "Includes two data tables detailing pre-rent NOI and rent inflation estimates for Ribbon and Hallmark portfolios.",
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      "text": "In our opinion, the rents paid by Vivion's related party hotel management companies are artificially high and non-economic, even based on pre-pandemic business levels.",
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      "text": "Rent Inflation: -40.3%",
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      "text": "Post-separation, as of 2019-2020, the new Hallmark OpCos' combined annual rent of ~£20.1 million was roughly double the properties' total NOI the previous year.",
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      "text": "The Ribbon portfolio's FY 2018 cap rate based on Vivion's purchase consideration was 6.75%. To calculate the cap rate, we divided Ribbon's pre-rent NOI by the portfolio acquisition's reported purchase price of £742 million.",
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      "text": "In our opinion, the rents paid by Vivion's related party hotel management companies are artificially high and non-economic, even based on pre-pandemic business levels.",
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      "text": "Footnotes 50-54",
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      "text": "Ribbon Portfolio Fair Value Gains",
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      "text": "Hallmark Related Parties' Rent is Double the Properties' Prior NOI, Causing Substantial Losses",
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