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Hersha Hospitality Trust's CEO Presents At Bank Of America Merrill Lynch 2012 Global Real Estate Conference (Transcript)

Well, this recovery has been interesting the steadiness to date; it has been a product of business trends more than anything for our portfolio, and just in the business trends, the recovery actually occurred before the recovery in RevPAR for our industry. So the business trends probably is going on for greater than 12, 35, 40 months. What we have is today and what we are now starting to see over the last three, or four quarters is the Group business. So strength in the business has been very good. Now we’re seeing an added layer of strength and demand trends on some good business.

We’ve talk about peer some and all of our peers have said similar statistics, where pace of the industry is up 6%, pace for the team is up 13% and more importantly productivity, which is our Group room focused our future period, year-to-date is up 20%. That is a hugely positive background, I think we’ve got, good urban growth of continued growth in the industry, but to answer your question directly that to-date trend is larger than field by business trends and for those travelers are cutting back on their own.

Andrew G. Didora – Bank of America Merrill Lynch

Okay. Mark how does aligned with what you’re seeing, I mean you guys also have a number of larger Group boxes Marriott 20 year preferred partners and currently, they have a little line on the Group side so, are you seeing the same trends that Ken seeing and kind of did you guys see a bit of difference going into the second half in terms of some of that booking behavior because a we know a lot of it’s really tied and be forth in we’re locked into book for the route, but it seems like that might be starting to change?

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