...Hold the Line: Fitch Ratings believes the lodging upcycle remains intact, notwithstanding the litany of concerns that has overtaken investor sentiment this year, which includes falling stock prices (since January), selected guidance cuts (late summer), weak August industry RevPAR data, and now additional guidance cuts and disappointing commentary around October transient demand during the third-quarter 2015 (3Q15) earnings season. Several of these concerns transpired alongside weakness in select key macroeconomic indicators during 3Q15. However, we believe U.S. GDP growth, consumer confidence and interest rates support continued healthy lodging demand. International visitation should stabilize as the anniversary of difficult currency comparisons occurs in 1Q16. And from an industry perspective, supply growth remains muted ¡ well below its 1.9% historical average and the rate of demand growth. Companies have also reported strong group revenues on the books for 4Q15 and 2016, as well as mid-single-digit...
