Although the price of hotels along the east coast declined again this quarter the rate of decline has continued to lessen. Hotels in gateway cities reversed course, outperforming hotels in non-gateway cities. Our moving average trendlines and standardized unexpected price performance metrics indicate that both large and small hotels remain undervalued, pointing to a buy opportunity. There are indications that lenders appetite for hotels continues to increase. A reading of our tea leaves suggests that we should see positive price momentum for both large and small hotels. This is report number 38 of the index series.