Where the risk/reward needle moved the most since January and how you regained control: A handful of deals are getting traction through the assumption of existing debt or lenders’ willingness to work with stabilized, cash-flowing assets, but conviction matters more than ever now. Every deal requires a compelling story and the right partners to close. 

More or less optimistic than in January and why: The volume of broker activity tells me the market is moving. That said, pricing expectations and cap rate spreads remain wide, which means deal identification takes real discipline. We're more optimistic directionally, but the volume of activity makes selectivity more important than ever.

The smartest way to protect margin without sacrificing long-term value: We rely on our business intelligence tools to get ahead of margin creep before it becomes a problem. Real-time data visibility lets us make targeted adjustments at the property level rather than reacting to trends after the fact. Our main goal is to protect performance without cutting what drives the guest experience and owner returns.

The most thought-provoking idea you heard at ALIS Design+ and how you applied it:

There's a lot of noise around AI in design. I find tools like Google Gemini-style renderings useful because they show owners what an existing space could become. The visual storytelling accelerates alignment early in the process. HE Labs, Hotel Equities' innovation platform explores similar technologies. Execution of the space still belongs to the professionals, and that won't change.

A contrarian bet you’re willing to make right now: Corporate travel programs will further lean into AI-powered booking management within the next few years. That may lead to corporate transient becoming more price-competitive and harder to differentiate on relationship alone.