Finding investment opportunities in Europe
, key markets
You know, the real challenge for us in Europe isn't so much which market, but finding opportunities. We'd love to be in Paris and London, and you know, in Rome – the key markets – but the biggest challenge is finding hotels to buy that meet our return requirements. So we tend to look for high returns, 15-20% return on our money, and although I'd love to be in those markets, what's available really dictates what we buy. So the first hotel we bought was in Monaco, the one we're looking at now is in, you know, we're looking at things in Amsterdam, so it's very much driven by what's available, rather than where we'd like to be.