What are your options? Should you:

• Focus on adding more third-party management contracts?
• Merge into or sell to a larger competitor?
• Raise capital and acquire assets to gain long-term control over your
• destiny and build enterprise value? Let's take a quick look at the options.

Grow Third Party Management Contract Business. If you make a decision to grow the third-party management business and not pursue a capital strategy, you'll not likely escape the vagaries of short-term contracts, pressure on base fees and termination of your contracts upon sale of the assets you manage. You might build brand distribution, but you live at risk under tight performance criteria, sometimes unreasonable budget expectations, and unpredictable owner exit strategies.

Merge or Sell. With a good portfolio, unique brand or attractive niche product, if the timing is right, you might have the opportunity to combine with a large public or private competitor. Unfortunately, while giving up control, you're unlikely to receive cash. And, you will likely exchange that control for an investment in the acquiring company. You're ability to exit your position will be restricted for some period of time. You will not have achieved any liquidity, and you'll be at risk for market shifts, while having ceded control ...