Our hotel equity and debt investments have traditionally been concentrated in North America. We focus primarily on the full-service, upper-upscale tier across all major hotel brands and the boutique sector, as well as the luxury, resort and conference segments. In Western Europe, we also pursue debt and equity investments in the hospitality space. Due to our extensive experience and investment activities, we maintain strong relationships with major hotel brands, independent management companies and major institutional borrowers.
Globally, we also invest in hotels through securitized, public market real estate.