Chapter 23 - THE COMMONWEALTH HOTEL
Kensington considered selling the Commonwealth Hotel.
Lenora’s family legacy.
Investors offered enormous premium.
Old Lenora would have refused because Sterling wanted sales.
New Lenora evaluated.
No reflex.
Independent valuation.
Employee plan.
Historic preservation covenant.
Tax consequences.
She approved sale?
Maybe preserve one asset could be symbolic. Better she chooses not based on attachment but economics.
Board concluded sale not necessary after refinancing.
So no sale.
Then years later maybe reconsider.
The point:
Her consent became business judgment again.
Not battlefield.
She said:
“I thought I wanted to keep it because it was mine.”
“And?”
“I want to keep it because cash flow is excellent.”
I laughed.
Good.
No trauma symbolism required.
Then Harbor Vale opened.
Successful enough.
Coraline’s reduced stake still valuable.
Kensington management contract earned fees.
The deal that triggered violence could exist in fairer form.
That was uncomfortable.
Also healthy.
Good transactions do not justify bad methods.
May you like
Bad methods do not automatically make every underlying asset worthless.
Precision.
