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Hersha Hospitality Trust (HT)
Bank of America Merrill Lynch 2012 Global Real Estate Conference Call
September 13, 2012 2:10 pm ET
Jay H. Shah – President and Chief Executive Officer-Hersha Hospitality Trust
Michael D. Barnello – Chief Executive Officer-LaSalle Hotel Properties
Mark W. Brugger – Chief Executive Officer-DiamondRock Hospitality Co
Kenneth E. Cruse – Chief Executive Officer-Sunstone Hotel Investors, Inc.
Andrew G. Didora – Bank of America/Merrill Lynch
Shaun C. Kelley – Bank of America/Merrill Lynch
PresentationAndrew G. Didora – Bank of America/Merrill Lynch
Welcome to the second last panel of this year’s Real Estate Conference. Checking in or out with our four distinguished Lodging REIT CEO’s. For those of you who don’t know me, my name is Andrew Didora and I cover the Lodging REIT from the equity research side for Bank of America Merrill Lynch. And at the other end of the panel is Shaun Kelley, the Head of Bank of America Merrill Lynch’s equity research coverage in the Gaming and Lodging space.
From the company today, we have CEO, Mark Brugger of DiamondRock Hospitality. Jay Shah, CEO of Hersha Hospitality; Michael Barnello, CEO of LaSalle Hotel Properties, and Ken Cruse, the CEO of Sunstone Hotel.
So gentlemen not certainly an interesting time in the hotel space, and Ken, I think you mentioned this to me in one of our most recent conversations that the industry is now in its the 30
th month of the RevPAR recovery, ever since turning positive in the beginning of March of 2010. The last cycle we showed a RevPAR recovery that’s about 60 months average cycles, of the last 70 months or more. So ever since turning positive this cycle, overall RevPAR has been pretty steady in the 7% to 9% range. Ken, just curious, what you attribute this steadiness to?
Kenneth E. Cruse