Fideuram Intesa Sanpaolo sold 8,153 shares of Expedia in Q1, cutting its position by 75.8%. The interesting part isn't the sale — it's what Expedia's own capital allocation tells you about where OTA economics are heading next.
RLJ Lodging Trust is the hottest lodging REIT on the board right now, and Wall Street is calling it a momentum play. But the real engine behind that 52% run isn't momentum... it's a portfolio strategy built on premium-branded urban conversions that either validates everything I believe about brand positioning or is about to teach a very expensive lesson.
Pebblebrook beat Q1 estimates by 39% on FFO and nearly 5% on revenue, but the 327 basis points of margin expansion tells a more important story about what this portfolio actually earns after years of repositioning toward resorts.
RLJ Lodging Trust posted 4.8% RevPAR growth in Q1, but the 45 basis points of margin expansion underneath it tells you something more important about what's actually working in urban select-service right now... and what most operators are still leaving on the table.
