Are Turning Points in Business and Hotel Cycles the Same?

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Key Takeaways

Hotel supply cannot quickly respond to changing demand conditions suggesting that hotel and business cycle turning points may occur at different times, contrary to conventional wisdom. 
Hotel market turning points at peaks preceding downturns are equally likely to happen before, after, or coincidentally with those of the general economy. 
Hotel market turning points at troughs preceding recoveries are more likely to happen coincidently with those of the general economy.