APLE trades 29% below one fair value estimate while analysts split between downgrade and overweight. The per-key math tells a more complicated story than either side wants to admit.
Marriott just signed its first New Zealand St. Regis in a market where luxury lodges are crushing it... but the gap between "luxury brand promise" and "luxury brand delivery" has destroyed owners before, and 145 keys in Queenstown is a very specific bet.
Marriott just signed a 145-key St. Regis in one of the world's most proven luxury leisure markets, and for once, the math behind a splashy brand debut might actually hold up... if you ignore the part where the owner has to deliver butler service in a labor market that barely has bartenders.
2025 gave us the first full-year decline in occupancy and RevPAR since the pandemic... but the executives describing it as "uneven" are burying the real story. Some operators thrived. Some got crushed. And the difference wasn't luck.
