Churn

Interesting company in these times. One thing I could not find is the churn or any reference to it. The thing for me is if they are paying all this money for holiday letting rights and hotel management rights then I understand the impact of depreciation however given the current costs of purchasing say the holiday letting rights is higher then their profit, then if the lose properties the business model wont work. i.e. its easy to buy growth in bookings but maybe harder to turn that growth into profit.