Ashford's portfolio mix seeks to obtain the best yielding investments possible combined with capital appreciation opportunities. The mix follows dominant strategies, while allowing for value added secondary strategies to enhance total returns. Ashford's dominant strategy is direct hotel ownership followed by loans and other structured finance investments in lodging. Most of our investments consist of Upper-Upscale and Upscale hotels, yet we opportunistically pursue Mid-Scale and Luxury when the returns justify the investment. We focus on investing in the top 25 MSAs, but allow for high yielding opportunities in other markets as well.
While Marriott and Hilton comprise the majority of our branded hotels, we own hotels affiliated with other brands or independents where we see value. Our investment flexibility maximizes the broadest based opportunity to invest shareholder capital and optimize total returns.