If we take the narrow FT definition of luxury (like Amanhotels, FS, Dorchester, PEN):

Do real luxury hotels earn real annual returns?

Or is it mostly for appreciation of real estate value?

Or rather a prestige benefit for Ultra-HNWI hotel owners?

I hear that the best money is earned in the 4 star category.

And undoubtedly a lot of the flagships struggle.