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The volume of research specifically directed at lodging real estate investment trusts (REITs) is slender, although numerous studies have been conducted on REITs generally. Studies of REITs generally have found that regulatory requirements disperse ownership and focus management’s attention on its position as the shareholders’ agents. While REITs have carried more uncertainty of results than conventional real estate investments, they remain a vehicle for relatively small investors to participate in large real estate holdings. Despite the presence and apparent success of lodging REITs, no study has specifically addressed which ownership format is most suited to the hotel industry.


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