rs (120 months after trough demand to peak RevPAR). In that cycle, we had 71 consecutive months of demand growth outpacing supply growth. E dabit RevPAR Forecast Model 2011 2012 2019 2014 2016 2018 20171E) 20181E) Occupancy 60.0% 61.4% 62.3% 64.4% 65.4% 65.4% 65.7% 65.7% % th ange 240bps moan 90b