In the midst of this declining hotel economy, Maritz and Wolff saw an opportunity to invest in and apply their value-added ownership approach to urban and resort hotel properties. Understanding that investment in under-performing, full-service luxury urban and resort hotel properties is most attractive just prior to a market’s recovery (while capital still is limited and competition is scarce), they designed their investment strategy to target selected top-tier properties to which they could add value at just the right time.