Robert LaFleur Quotations

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.

The quarter was pretty good. The 13.3 percent is impressive.

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,

It's the uncertainty. Investors are pretty tuned into it and want to know what's going on.

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

The core operations seem to be doing well.

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,

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.