Memos

Strategic observations on structure, signal, and advisory logic.

The Five-Star Mirage

The brand is not what happens at check-in. It is what happens when the guest is invisible.

Permission to charge a premium is lost the moment the repair becomes a risk.

Permission without incentive is not development.

Construction does not create risk. It reveals the risk that was already accepted.

Everyone looks premium now. The only remaining signal is operational coherence.