Here is a company report from Thomas on Sunborn following the H2 results. 
Sunborn International’s H2 figures were weaker than our expectations due to surprisingly soft room occupancy rates. We have raised our estimates for the company’s cost levels in the coming years and slightly postponed the upcoming London yacht hotel investment in our forecasts. We are lowering our target price to EUR 0.21 (prev. EUR 0.22). Following the share price decline, we are upgrading our recommendation to Reduce (prev. Sell).