The resurgence of global travel has undoubtedly breathed life back into lodging REITs, but for the sophisticated investor, the narrative has evolved. It is no longer enough to track occupancy rates and tourist arrivals. In an era of “higher-for-longer” interest rates and geopolitical friction, the resilience of a portfolio depends on its Capital Recycling Efficiency and its ability to evolve beyond traditional hospitality. CapitaLand Ascott Trust (CLAS), the largest lodging trust in Asia Pacific with S$8.9 billion in total assets and a sprawling portfolio of 106 properties, is currently navigating a high-stakes transition. While the return of the “event economy” provides a tailwind, management is playing a much more complex game. The central challenge: how do you maintain DPU Accretion and stable payouts when several of your highest-profile trophy assets are offline for major renovations?...