Canadian steel duties at 50% and a 100% tariff threat on European goods are hitting hotel renovation budgets from both sides simultaneously. The owners doing the math right now are the ones who'll survive the PIP cycle with their equity intact.
When BlackRock and Vanguard collectively own 30% of a 15-hotel REIT that's been buying back its own stock at $9.77 a share, someone's making a bet that the underlying real estate is worth more than the market says. The question is whether that bet pays off for the people actually running those hotels.
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