ands at 3.5% of existing supply, putting aggregate rooms in construction at -90% of peak levels. It's interesting to note that in 2008, the peak in RevPAR coincided with supply growth exceeding 2%. The 1990's cycle, however, was able to withstand nearly 30 months of supply growth in excess of 2%. Whi

ion to the relationship between demand growth and supply growth. It is worth noting that while the current cycle has lasted 96 months so far (since RevPAR troughed during the downturn to October 2017), we've had 84 months of demand growth exceeding supply growth. The real key to anticipating the next