In the K-shaped economy, the race for irreplaceable hotels is going strong. Investors are chasing the top half of the “K,” targeting the luxury spending of travelers whose pocketbooks are most insulated against global disruption and inflation.

I have spent the better part of my career helping people find the right ones — and part of that job means meeting annually with hotel sales directors and asking hard questions.

I grew up right outside of Waikiki at the base of Diamond Head. My family ran a hotel company, and even after we moved to Colorado, we go back at least twice a year to see my siblings who stayed behind.