CONTENTS 00Preamble TOCContents 011. EXECUTIVE SUMMARY 022. THE PROBLEM: WHY TRADITIONAL HOTEL INVESTMENT IS BROKEN 033. THE HOMEUNITY SOLUTION: FOUR-LAYER SEPARATION 044. LEGAL FRAMEWORK: SWISS STRUCTURE AND BANKRUPTCY REMOTENESS 055. HRPT & THE TRAVEL CLUB: YOUR USAGE LAYER 066. HPOT: YOUR PARTICIPATION LAYER (PER-ASSET SERIES) 077. UNDERSTANDING NOI: WHAT DRIVES YOUR DISTRIBUTIONS 088. THE DISTRIBUTION WATERFALL: WHERE YOUR MONEY COMES FROM 099. FROM HOTEL TO YOU: THE TWO CONTROL LAYERS 1010. SYSTEM ARCHITECTURE: EIGHT LAYERS EXPLAINED 1111. BLOCKCHAIN & DATA: BSC, ORACLES, AND SYSTEM REALITY 1212. HAFS DEEP DIVE: ONBOARDING, ACR, AND PROTECTION MECHANISMS 1313. WHAT YOU'LL SEE: REPORTING AND TRANSPARENCY 1414. TRAVEL CLUB ECONOMICS: HOW USAGE AFFECTS NOI 1515. DIGITAL TWIN GOVERNANCE: AUTOMATED MONITORING WITHOUT CONTROL 1616. RISK SCENARIOS: WHAT CAN GO WRONG AND WHAT HAPPENS 1717. REGISTRY MECHANICS: SNAPSHOTS, RECORD DATES, AND TRANSFERS 1818. EXIT OPTIONS: SECONDARY MARKETS AND DISPOSITION 1919. GOVERNANCE AND VETO RIGHTS: WHO DECIDES WHAT 2020. ROADMAP: WHAT'S NEXT Appendices A–F 21Appendices · A — Glossary 22APPENDIX B: TECHNICAL REFERENCE — FORMULAS AND CALCULATIONS 23APPENDIX C: STATUS TAXONOMY — READING THE SYSTEM STATE 24APPENDIX D: HOW TO READ YOUR ASSET FACTSHEET 25APPENDIX E: REGULATORY FRAMEWORK SUMMARY 26APPENDIX F: CONTACT INFORMATION AND RESOURCES
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