When BlackRock and Vanguard collectively own 30% of a 15-hotel REIT that's been buying back its own stock at $9.77 a share, someone's making a bet that the underlying real estate is worth more than the market says. The question is whether that bet pays off for the people actually running those hotels.
Vanguard just reported owning zero shares of Pebblebrook Hotel Trust, and if you stopped reading there, you'd miss the only part that matters: nobody sold anything.
Citigroup slashed its RLJ Lodging Trust position to $2.05 million... a rounding error for a bank that size. The interesting part isn't why Citi sold. It's what RLJ's full-year numbers say about who's actually making money in this portfolio.
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