Forget stand-alone hotels. Mixed use real estate will drive travel’s next golden age. : All-cash deal by Bill Gates' family office, Cascade Investment LLC, gives Four Seasons Hotels an ... [+] enterprise value of $10 billion The Delta variant is still raging, sending would-be travelers back into lockdown. The classic investment strategy to ‘always buy when the blood’s on the street’ has had well over a year to play out, leaving almost no undervalued assets left to buy. And luxury hotels typically lose money unless they operate at very high occupancy rates.