What should an investment committee take away?

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Use a counted inventory before using a market-size forecast. Public boutique research supplies a useful national room base, but not a verified inventory restricted to this desk’s room-count and affiliation criteria. The narrower addressable acquisition universe remains unmeasured. ( costar.com ) Deal activity has recovered without establishing uniform price appreciation. JLL reported higher full-year investment volume for 2025, while the 2026 surveys reviewed use materially different transaction universes. Their headline prices per key should not be combined into one valuation benchmark. ( jll.com ) Similar prices per room can buy very different income streams. Bellmoor and Chamberlain provide particularly useful evidence because their public disclosures include both consideration and earnings-based pricing. Their reported capitalization rates differ substantially. ( sec.gov ) A disclosed deed value is not necessarily the complete acquisition price. Hotel Maren illustrates why a buyer must distinguish real estate consideration from the total going-concern transaction. ( commercialobserver.com )

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