We anticipate other large portfolio opportunities and we expect to see private equity or other sources of private capital take advantage of favorable rates in the debt market to optimize pricing, from a seller's perspective.

GlobeSt.com: What other trends of interest are you seeing?

Michael Fishbin: We're also seeing private equity or private capital looking to invest not just in hotel real estate but in brand operators. For example, last year a private investor invested in Auberge Resorts, a small, luxury brand that was started in Napa Valley by a private family that plays into the lifestyle segment and its focus on experiences and authenticity. We're seeing other situations where private equity groups are looking for operators or brand operators to support their objectives. The capital is trying to line up with the industry know how.

Another interesting trend is the influence of foreign capital coming from China and the Middle East, China is very active while the Middle East has many players, both on existing properties and large scale development projects. Korea also is emerging.

GlobeSt.com: Why do you think we're seeing more foreign inbound investment than in past recoveries?

Michael Fishbin: At the macro level, investors are focused on travel as a means of growth. Also, hospitality has become more and more of a favorable asset class; there's an increased interest in travel. The backdrop for the industry is very favorable, there are checks and balances on supply and the outlook on the economy suggests about four more good years.

GlobeSt.com: The 2014 report talked about “alternative lodging products” having gained “industry recognition.” Does this refer to offerings like Airbnb, and do you see this as a threat to hotels?

Michael Fishbin: Yes, Airbnb, youth hostels and the like. But I don't think it's disruptive, there's a big growing pie and I think these trends stimulate more travel than what otherwise might have happened. It is maybe biting at the ankles a bit but its not a zero sum game. This trend creates a range of options for traveler and it brings customers into the market.

GlobeSt.com: Your report also touched on a much discussed group of travelers, millenials. You advised hotel executives to “understand how to meet evolving Millennial expectations in lodging and travel.” How are they doing?

Michael Fishbin: All the big brands are addressing it frin a physical perspective. The more social lobbies that we're seeing are an off-shoot of that, and then you get into technology enablement, healthy food choices, and better awareness of community engagement of communities, which includes giving back. Those all certainly are elements of it and those preferences are informing development.

I hear people say no one has gotten it but there are always varying levels of accomplishment.