POSITIONS
The Next Luxury Resort Destinations Are Already Inaccessible
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.
Capital
Launch Velocity Is Not Market Depth
Exit liquidity is frequently mispriced at launch. Sales velocity in week one measures marketing execution, not the depth of the market that will exist at exit.
Capital
Risk Transfer Is the Product
Presale structures transfer risk to buyers. Understanding this changes how the entire structure should be read — by both sides of the transaction.
Capital
Selection Discipline
Operator selection is a capital decision. Most developers treat it as a marketing decision. The cost of that confusion is measured at exit.