Question 1

WHAT DOES THE PROVISION "SUCCESSION AND ASSIGNMENT OF HOTELA OWNERSHIP" MEAN?

Accepted Answer

The Succession and Assignment of HOTELA Ownership provision ensures continuity of HOTELA Ownership if the current HOTELA Owner becomes unable to execute the responsibilities due to various circumstances such as death, bankruptcy, or incapacity. In such cases, a predetermined individual or 'Potential Successor' from a list provided by the Hotela Owner will assume the role and responsibilities.

Question 2

WHAT ARE 'POTENTIAL SUCCESSOR'?

Accepted Answer

Potential Successor names are individuals identified by the HOTELA Owner who may assume the responsibilities of HOTELA  Ownership if the current HOTELA owner becomes unable to perform their duties. These names are listed in an order agreed upon by the HOTELA Owner and the Company.

Question 3

CAN THE LIST OF 'POTENTIAL SUCCESSOR' BE CHANGED?

Accepted Answer

Yes, the HOTELA Owner has the right to revise, update, add to, or delete from the list of dormant or active names associated with the HOTELA Ownership at any time. Changes to the list take effect immediately upon the HOTELA Owner notifying the Company in writing of such changes.

Question 4

WHAT HAPPENS WHEN A 'POTENTIAL SUCCESSOR' IS ACTIVATED?

Accepted Answer

When a Potential Successor is activated, that individual will assume all responsibilities and obligations of the Hotela Owner under the Agreement, subject to its terms and conditions. They will essentially step into the shoes of the original Hotela Owner, unless otherwise specified in a written addendum. Successor can waive their rights if they choose.

Question 5

DOES THE ACTIVATION OF A 'POTENTIAL SUCCESSOR' MODIFY THE AGREEMENT IN ANY WAY?

Accepted Answer

No, the activation of a dormant name does not alter or modify any other provisions of the Agreement. All terms and conditions remain in full force and effect, except where specifically stated otherwise in a signed addendum.

Question 6

WHAT ARE THE RESPONSIBILITIES OF THE HOTELA OWNER TOWARDS INDIVIDUALS ADDED TO THE ‘POTENTIAL SUCCESSOR' LIST?

Accepted Answer

The Hotela Owner is obligated to ensure that any individual whose name is added to the list of dormant or active names understands and agrees to the terms of the Agreement. This includes the potential responsibilities and obligations they may have to assume upon their name's activation.

Question 7

HOW DOES THIS PROVISION HELP WITH INHERITANCE TAX?

Accepted Answer

By allowing for the transfer of Hotela Ownership to a predetermined individual, the Succession and Assignment provision can simplify the inheritance process. However, tax laws are complex and vary by location, so consult with a tax advisor for specific tax implications.

Question 8

CAN HOTELA OWNERSHIP BE PASSED ON AS PART OF AN ESTATE?

Accepted Answer

Yes, HOTELA Ownership can be part of an estate and transferred to a designated individual if there are no Potential Successors listed. Potential Successors have priority since the Potential Successors are already a registered owner in case of the HOTELA owner's demise. This process ensures a seamless transition of HOTELA  ownership rights and responsibilities to the Potential Successor.

Question 9

HOW DOES THE TRANSFER OF HOTELA OWNERSHIP TO A POTENTIAL SUCCESSOR AFFECT INHERITANCE TAX?

Accepted Answer

When you add a Potential Successor to your HOTELA Ownership share, it is the same as if you purchased it together. The only difference is usage and benefits rights as they are inactive until the Potential Successor replaces the primary HOTELA Owner. It's always recommended to consult a tax advisor for specific advice on this matter.

Question 10

CAN THE ASSIGNMENT OF HOTELA OWNERSHIP TO A POTENTIAL SUCCESSOR NAME BE CONSIDERED A GIFT?

Accepted Answer

Depending on the circumstances and local tax laws, a straight assignment of Hotela Ownership could potentially be considered a gift. We advise consulting a tax advisor to fully understand any possible tax implications.

Question 11

CAN THE NEW OWNER, ACTIVATED FROM THE 'POTENTIAL SUCCESSOR', SELL THE HOTELA OWNERSHIP?

Accepted Answer

Yes, once the new owner assumes responsibilities, they will have the same rights as the original owner, including the right to sell the HOTELA Ownership.

Question 12

WHAT HAPPENS TO THE HOTELA OWNERSHIP IF THERE ARE NO LISTED NAMES ON THE 'POTENTIAL SUCCESSOR' LIST AT THE TIME OF THE ORIGINAL OWNER'S DEATH?

Accepted Answer

This situation should ideally be prevented by maintaining an updated 'Potential Successor names' list. If it does occur, the company would handle the situation based on the existing terms of the agreement and applicable inheritance laws. Always consult with a legal advisor for specifics.

Question 13

WHAT IF I HAVE USED SOME OF MY STAYS AT THE TIME OF TRANSFER TO A POTENTIAL SUCCESSOR.

Accepted Answer

Upon the registration change to the new Potential Successor, they are entitled to the account as-is. Meaning all un-used stay can be used or monetized at the new HOTELA owner’s discretion.  All earnings in your account will belong to the new HOTELA owner.

Question 14

IS EACH HOME DIRECTLY MANAGED BY HOTELA?

Accepted Answer

That's correct. HOTELA manages all property in all markets. A fully vetted and trained HOTELA team is installed in each new property to provide exceptional service. 7-star service is not just a number or a goal, it is a way of life for HOTELA. HOTELA is redefining the idea of 7-star amenities and services and expects to become the industry leader in not only providing 7-star services but creating them.

Inheritance

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