Against a backdrop of national and worldwide economic fragility and a continued restricted debt market, US hotel sector operating metrics continue to improve from the devastating downturn of 2008-2009. The strong rebound of demand for transient lodging accommodations that commenced approximately 15 months ago endures, and apart from any sudden economic or geopolitical shocks, lodging fundamentals are expected to continue to improve for several reasons including but not limited to:
•Steadily improving demand from corporate, group meeting and leisure generators;
•A limited new hotel supply pipeline, which is expected to remain muted for the foreseeable future;
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