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.
