WHY: Head of Orange County’s hotel REIT with $1.6B market cap. Strategic seller of late, slimming down portfolio from 30 at the end of 2014 to under 20 now.

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RECENT: Company has its eyes open for buys of discounted properties, given its relatively low debt levels and conservative balance sheet. REIT has “more capital to go on offense earlier than most,” he says. Sold off property in Baltimore during downturn, while Times Square property’s future in doubt.

QUOTABLE: Pandemic-driven recession “is by far the most difficult operating environment our industry has ever faced.”