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At the micro level, SOHO targets properties that possess a very high "barrier to entry" and are well located in areas benefiting from multiple demand generators.Opportunistic Buying Strategy We believe that SOHO's investment strategy will outperform the broad hotel market in the long run. Focusing on top markets and on the macro as well as the micro level should reward investors with stronger cash flow growth and better value preservation over time. This is especially true if the assets can be bought at opportunistic prices due to prior managerial issues or deferred capex.

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