The 100 number is interesting.
I can't imagine anywhere near that many new hotels being built or acquired in 4.5 years, so most must come from the existing Starwood/ design portfolio.
There are a certain number of existing SPG hotels which you could move over. Maybe ~10 Luxury Collection and an unknown number of hotels that don't quite fit in their existing brand. That would still leave you quite short.
Does this mean that some of the Design hotels would move into the "standard" SPG portfolio? Does anyone have any other potential scenarios?