Ocean Two is pleased to offer unit owners a Barbados condo rental pool profit sharing agreement with the hotel operation. Owners have the option to place their unit in the rental pool that is managed by Ocean Hotels. There is no maximum number of nights that an owner can occupy their unit, however, there are terms and conditions as set out in the Rental Pool Management Agreement in order to ensure the revenue maximization and efficiency for all owners participating in the pool.

The rental revenue is pooled and shared amongst owners participating in the rental pool through a share system, which is directly correlated to the square footage of the unit purchased. All owners whose unit(s) is available for rent will share in the revenue for that particular night. When owners are in their residence, they will not be eligible for rental revenue for the occupancy period.

The following are some key points regarding the rental pool structure:
 

• The operating year for the rental pool is July 1 to June 30th (following year).

• Owners must notify Ocean Hotels by April 1 for the following operating year of their intended period of use in order to ensure that their unit is available. Requests after this date will be subject to availability. Ocean Hotels will endeavour to fulfill owners’ requests at all times but due to contractual obligations, cannot guarantee availability of an owner’s unit after the April 1 deadline.

• Owner occupancy shall consist of no more than fourteen (14) peak nights and unlimited non-peak nights. These stipulations have been put in place to ensure maximum revenue earning potential for all owners and to satisfy contractual obligations made with tour operators and trade partners.

• Peak nights shall refer to the following periods (dates subject to change at the discretion of the board and Ocean Hotels, notice of any changes shall be provided to owners by March 1 prior to the operating year).

  • July 28 - September 6

  • October 22 - November 1

  • December 21 - January 6 (“Holiday Period”)

  • February 12 - February 26

  • April 5 - April 16

Owners will be responsible for electricity costs, housekeeping (mandatory once per week and departure cleaning), turn-down service (if used) and any other incidental costs such as telephone, restaurant/bar charges and room service etc. when occupying their unit.

Owners can rent their unit individually for a period not less than nine (9) months. Management will maintain an account for each individual owner in the rental pool wherein it shall deposit the owner’s rental revenue. On a quarterly basis, the Management will issue each owner with their dividends and statement of account.