On a recent spring day Litt, 52, stands in front of one of his targets, NYC's Knickerbocker Hotel, with its Beaux Arts redbrick and limestone facade. Litt is one of the biggest shareholders in the Knickerbocker's owner, FelCor Lodging Trust, with nearly 4%. He briefly pays homage to the hotel's elegance, then describes how he is pushing FelCor to sell its landmark Manhattan property and refocus on its more profitable hotels near airports in Atlanta and Nashville and its resorts in Florida, South Carolina and California. Short in stature and pugnacious in manner, with tightly cropped hair, Litt walks a block south to 41st and Broadway before stopping in front of a vacant Citibank branch. "Look at all this frontage," Litt says. He points to the bottom floors of 1440 Broadway, a 25-story office tower owned by New York REIT Inc., another of his fund's holdings. Last fall Litt joined a chorus of investors calling for the REIT to be sold.