you guys are arguing over semantics. the problem affecting this company is this tremendous cash pile they're not deploying. that HGI they bought may yield a relative $1 million in net operating income at a 10% cap rate annual. this company needs to deploy the cash they have faster. How long do they really need to get a deal done? they raised this capital 6 months ago with only one hotel!! they'll need to buy another two hotels before they're producing a profit for common shares. The speed of sales for their existing inventory is good, but the real story is how they'll deploy that cash pile of theirs. Just compare this to HT or other REITs like INN. Something is broken.