We're seeing a slowing in U.S. GDP growth, which is connected to slowing room demand. Couple that with the fact that we have all these hotels that were built over the last couple of years opening, supply and demand are now unbalanced, and occupancies are either not growing or declining.
STR's Jan Freitag said, "We are now nine consecutive years into the up cycle, and at this point, it's just really hard to keep growth going."