Lodging is a cyclical industry, passing through four distinct phases over time: peak, contraction, trough, and expansion. Most industry experts believe that 2007 was the previous peak of the current business cycle, following six years of expansion from the 2001 industry recession. According to STR, the demand for lodging increased for six consecutive years from 2002 through 2007, while average daily room rates (ADR) grew in excess of 4.5 percent during the latter four years. … Continue reading Ten Years Later, Have Lodging Assets Recovered?