LVMH CFO...owned real estate was a primary draw for LVMH, and that there were no plans to sell off any assets. "In our view, the fact that Belmond owns an extremely large share of their portfolio, and an unusually large share compared to peers, is a strong competitive advantage," Guiony added. "In other segments of hospitality, the distinction between operations and real estate makes much more sense, but as far as luxury hospitality -- and especially ultra-luxury hospitality -- is concerned, I think aligning the real estate and operations is extremely important. So that will not change."