Both W Samui and Sheraton pattaya are not deducting the base / license fee in calculating the incentive which is unusual.
Looking at my report on the HMAs for the two hotels, it did point of this deficiency in the contracts. I checked again and noticed that under the definition of operating expenses, it provides a list of charges which are not operating and that includes "incentive management fees." If incentive management fees are not operating expenses, then might that not mean that base mgt fees are? If that is the case, then you may have an argument that SW has been over charging. You may have a case but not a strong one.