The Fund realised a total fund retun of 14.2% (2015: 8.4%), consisting of a 6.1% income return (2015: 7.0%) and a 8.1% capital growth (2015: 1.4%). The total return in Euro's grew to € 20.7 million in 2016, from € 11.5 million in 2015.

The high demand pressure since 2000 has led to a relatively skewed price-quality ratio in quite a lot of Amsterdam hotels. While the quality is poor, these hotel operations have managed to remain profitable due to the rise in room prices.

All amounts in € thousands, unless otherwise stated

Before appropriation of result, all amounts in € thousands

For 2016, before appropriation of result, all amounts in € thousands

All amounts in € thousands

All amounts in € thousands, unless otherwise stated

The Hotel Fund (Chamber of Commerce number 34366460) is a public limited company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.

The risk management function within the Fund is carried out with respect to financial risks. Financial risks are risks arising from financial instruments to which the Fund is exposed during or at the end of the reporting period.