Revenue Streams

The Company generates revenue primarily from its owned hotels. Other minor sources of revenue include administrative services that the Company provides to related parties.

In the following table, revenue from contracts with customers is disaggregated by primary major products and service lines and timing of revenue recognition.

Advance from customers (Deferred revenue and down payments)

As of December 31, 2025 and 2024, contract liabilities primarily represent consideration received in advance from customers in relation to contracts with customers. These amounts are comprised of deferred revenue and down payments.

Deferred revenue balances amounted to $89,730,633 and $23,459,478 as of December 31, 2025 and 2024, respectively, while down payments totaled $105,418,209 for year ended 2025.

In accordance with IFRS 15, revenue associated with these contract liabilities is recognized as the Group satisfies its performance obligations.

An amount of $23,459,478 included in advance from customers related to deferred revenue as of December 31, 2024 was recognized as revenue during 2025 (2024: $8,263,469), consistent with the satisfaction of performance obligations in the current period.

No revenue was recognized in 2025 relating to down payments from performance obligations satisfied (or partially satisfied). This is primarily due to the nature and timing of the Company’s development projects, for which the stage of completion is measured over an estimated construction period ranging from 24 to 48 months.

The Group applies an appropriate method for measuring progress toward complete satisfaction of its performance obligations, consistent with IFRS 15 requirements for over-time revenue recognition.