I think it makes since. The average book value of the 20 hotels was more than the average book value of the 106 hotels. While that doesn't mean that the average market value is higher, it makes it probable to me. I sent a letter to W2007 Grace Acq. I asking which of the 126 hotels are excluded from the 106. No answer was forthcoming. If any of you know the 20, please post.
Two items. (1) The subordinated debt of $50 mil., where will it wind up? and (2) one of the reasons given for not paying a dividend was the 3/15 maturity of a less than $4 mil. debt, come on get real.