If you have vacation rental units in condo hotels you will find this intereting.
In 2015 the Hardrock condo-hotel in San Diego was challenged by thier apartment owners in a landmark case in which they declared that the Hardrock was not paying them a fair distribution at 43%.
The Hardrock attorneys hired me as thier expert because of the many metric studies I had done and published on "what is a typical and fair revenue distribution for condo-hotels.
The Hardrock Condo Hotel won the case because the apartment owners were receiving 43%. This amount enabled the hotel and unit owners to fairly split proceeds. 4 diamond condo hotels typically distribute 43%-45%.
It is important to note that condo owners purchasing units in 2005-2006 purchased at highly inflated values before the real estate market collapased. Those owners may never realize a positive cash flow when mortgages are included.
The reason vacation rental companies are able to distribute so much more to apartment / home owners is because they DO NOT carry the high overhead of the condo hotel program who owns specific commercial units in the condo.
Vacation Rental Companies can make the same profit as a hotel (15%-20%) if they guard profits carefully.