Ladenburg Thalmann just initiated coverage on Apple Hospitality with a neutral rating and called its 34% EBITDA margin the highest in select-service. That number deserves decomposition before anyone calls it a moat.
A 146-room Maui resort bought for $33 million in 2023 is getting the St. Regis treatment by 2027, and the math behind this conversion tells a very different story than the press release.
IHG is celebrating a 2% uptick in business transient revenue. Elena Voss asks what that number actually buys an owner after fees, inflation, and the cost of chasing it.
