This is public-source investment research, not an appraisal, legal opinion or recommendation to purchase a particular hotel.
- The boutique census is broader than the desk’s acquisition criteria. A verified property-level filter remains outstanding.
- The annual revenue proxy is calculated, not an audited or publisher-reported market total.
- The transaction ledger is selected and disclosure-biased. Undisclosed small deals are not represented proportionately.
- Company announcements establish what the parties reported; the desk has not independently inspected every closing statement or underlying operating account.
- LWHA’s estimated prices and the Maren deed-value issue remain explicitly qualified.
- Partial third-quarter transaction commentary is not presented as a complete Q3 2026 survey.
- Industry conferences, podcasts and job advertisements were researched as qualitative and operating-context sources, not treated as substitutes for transaction documents or measured market samples.
Bottom line: There is enough evidence to support serious boutique hotel acquisition research. There is not enough to justify a universal boutique cap rate, a blanket rate-premium assumption or a national price-per-key shortcut. The next useful dollar of diligence should resolve the subject property’s earnings, required capital and contractual obligations.