Capital concentrating in mature resort corridors will enter markets that have already absorbed the demand that justified building there. The next generation of assets will emerge in geographies that are currently difficult to reach.
The most common error in private capital allocation is not the wrong asset. It is the wrong counterparty. Structures fail because the capital at the table was not built to hold the position long enough for the thesis to resolve.
Product design failure is the most reliable signal of a developer who cannot underwrite correctly. The gap between price and product is always visible — eventually.
The operator is not a service provider appointed after the asset is designed. The operator is the asset. Sequence determines outcome.