RE:Who benefits from the sale of hotels?No... I think they sold the hotels because they are facing a big wall of debt maturities in 2024 that they have to refinance and they are freaking out over the interest rates being quoted. Looking at their most recent debenture offering at > 9% is certainly sobering.
The sale of hotels is a solid plus and a good move at a good price which will give them some financial breathing room.
I don't think they should engage in significant share repurchases unless they are very comfortable with the debt maturities schedule.