People Inc. already owns 26% of MGM and now wants the rest at a price that barely clears the pre-announcement stock. The gap between $48.30 and the $61 fair value estimate tells you exactly who this deal is designed to reward.
Mark Hoplamazian sold 120,000 shares for $23.8 million while Hyatt traded near its 52-week high and a month after an Investor Day promising "differentiation at scale." The gap between what a CEO tells investors and what he does with his own portfolio is worth decomposing.
Las Vegas Sands dropped 3% on a day the Dow finished green, yet the company repurchased $740 million of its own stock last quarter at $56.64 per share. When management buys at a 22% premium to today's price, either they're wrong or the market is.
Four Pritzker family trusts unloaded 93,000 Class B shares of Hyatt the same week the company unveiled a $1 billion buyback and its asset-light future. The timing tells a story the press release never will.
Xenia Hotels posted a clean return to profitability with double-digit FFO growth, but the real number worth examining isn't in the earnings release. It's in the insider transaction filed two days later.
