Hilton beat its own guidance with 3.6% RevPAR growth and raised its full-year outlook, but the real signal is buried in CEO Chris Nassetta's "C-shaped economy" comment... demand is shifting away from luxury and toward the middle of the portfolio, and that changes the math for every owner holding a select-service flag.
A hospitality REIT bought a suburban Philadelphia DoubleTree for $22.3 million in 2022, closed it last November, and just won zoning approval to convert all 253 rooms into 213 apartments. The math that killed this hotel is the same math staring at half the aging select-service properties in suburban America right now.
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