Which lodging segment would you actually hold passively into 2027?

Sorting through four offerings and they're all the same asset class on paper and nothing alike underneath. Trying to make the segment choice explicit rather than picking whichever sponsor calls back first.

Extended stay, suburban, 70% of guests staying five nights or more. Lower operating margins per dollar of revenue on the paper I've read, higher occupancy floor, less housekeeping labor per room night, and the demand base is projects and relocations rather than vacations. Held up better than most in the last downturn. Also the segment everybody now says held up better, which means it's priced that way.

Select service, interstate and suburban, upper midscale flag. The workhorse. Easiest to underwrite, easiest to finance, and the easiest thing in America to build across the street from you.

Urban full service. Group and corporate demand, meeting space, food and beverage that either contributes or bleeds. Highest operating complexity and the widest range of outcomes depending on the operator. Real barriers to new supply in a good urban location.

Leisure destination. Best rate power in a strong economy and the most direct exposure to discretionary spending. Insurance costs in a lot of these markets have gone somewhere unpleasant.

The backdrop I'm holding all four against is an economy that softened entering 2026 with unemployment up, which cuts against the leisure and group cases and doesn't obviously help the interstate crew business either. Against that, capital seems to be rotating toward hospitality for yield, which usually means entry pricing gets worse before fundamentals get better.

I genuinely don't know which of these I'd want to own if I had to hold it through a bad year and couldn't sell.