Despite some hefty mergers and acquisitions in the news recently, 2016’s transaction activity is off to a slow start. According to Lodging Econometrics’ latest U.S. Transactions Trend Report, there were 252 hotel transactions in Q1–the lowest volume recorded since Q3 2012. There was no M&A activity reported in Q1. Only 42 of the hotels sold were part of portfolio transactions, the lowest total in four years. The remaining 210 hotels were single-asset transactions.