It was a clean beat. It was a quarter with true operations-driven upside.

I am not alarmed by that at all. It's not a change in the expectations for the business performance; it's a change in the size of the company.

Investors bought into Hilton's strategy of selling assets, buying back stock and moving to a more fee-based business ... This would be a dramatic shift in strategy.

There are economies of scale you can enjoy as an owner when you have a large portfolio of assets as Blackstone has now. At some point you may see Blackstone doing an IPO of the portfolio.

I think it could get noisy; it could get ugly from a PR point of view. (But) it's more headline risk than any real financial risk.

There is not a long demonstrative history of these types of actions being successful over the long term.

It reassures the investment community that private equity is still very interested in investing in the hotel business.

The core operations seem to be doing well.