As a revenue-generating and significant value-enhancing feature, owners of Diamond Residences can elect to include their Residence in the Diamond Residence Rental Program, through the Elounda Peninsula all-suite Hotel.

To be eligible, interiors must be consistent in layout with hotel requirements as originally planned, and must be decorated according to one of the styles proposed (Contemporary or Traditional). The units are reviewed at the beginning of each calendar year for interior condition confirmation, any changes or updates required are immediately specified.

Under the program, owners declare at the beginning of each calendar year their reserved dates for their own use for that year and surrender the rest to the hotel as inventory to be operated as hotel units. Rack rates are communicated prior to that. A specific sub-lease agreement is executed each year.

Net Accommodation Revenue (which is gross minus all taxes, travel agent fees, a hotel handling fee, occupancy fees, housekeeping and related charges, credit card commissions and the cost of any special packages or “gifts” to hotel guests) achieved for any residence participating in the program is split 60% for the owner and 40% for the hotel.

Owners have to accept a Refurbishment Reserve, which is kept aside and used for updating units wishing to participate in the program.