Valor Hospitality Partners manages 100+ properties across 22 countries and just added $1 billion in signings last year alone. The question isn't whether they're growing... it's who's actually holding the risk on the other side of all those management contracts.
Minor International wants to dump 14 hotels into a Singapore REIT, call it "asset-light," and let someone else worry about the CapEx. If you've ever watched a company renovate properties right before a sale, you already know what's happening here.
Xenia Hotels says renovation disruptions will cost $1 million in adjusted EBITDA this year against $70-80 million in capital spending. That ratio tells a story about guidance construction that every REIT investor should decompose before taking it at face value.
Sunstone's 2026 proxy drops a $750K CEO salary, a $500M buyback authorization, and $95-115M in CapEx. The numbers look clean. The question is what "clean" means when an activist is at the table and a major holder just walked.
