machski
Well-known member
No, they were artificially boosting the properties by about a star. It had to stop but to go from say a 1 to a 2 star, the property had to get a paved parking lot, covered front entry drive for starters. And that was just outside improvements which is a considerable amount of capital. Not to mention the units themselves. SR knew they couldn't demand owners fork up for the upgrades so releasing the properties was the option chosen. It also freed capital for SR to focus on the hotels, which while owned in shares, they have more control over upgrades and improvements than condos.How did the star rating get them out? Owners were unhappy with it?
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