Hotel prices are not yet reflecting the positive momentum in RevPAR. However, we expect prices for hotel properties to rise in the next quarter based on our repeat sales index. A comparison of current operating yields relative to borrowing cost suggest that hotel investors expect most of investment performance to come from capital gains when the hotel is sold rather than operating performance. We also expect a further compression in hotel cap rates going forward. However, we anticipate positive price momentum to occur in smaller hotels with moderate increases (if any) for larger hotels based on our forward looking barometers. This is report number 10 of the index series.