I didn't have a vague understanding until I saw your post, and spent 10 minutes trying to learn. While 10 minutes wouldn't be sufficient for the investment community, I think it is probably good enough for this thread.

Following are my assumptions:
-Swire owns ~40% of PP on paper
-but, when you consider the fact that it also has minority stakes in the hotels, maybe we can put the true number at ~60%
-as anchor tenants, and equity holders, the hotels are more important than Starbucks, but it would foolish to count out the value of Starbucks in the grand scheme
-the SL and Conrad are an easy comparison because they are the exact same in terms of physical plant
-this will continue to be the case after Conrad rebrands
-I'm guessing that Fullerton is going to price itself at 20% less than the SL
-it could go in the other direction, and invest $100 million on renovations in order to fetch 20% more than the SL, but the odds of this are pretty low
-Swire won't care as long as the rent is paid