EFTA Document EFTA01385353

3 January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Lodging Outlook As we approach the end of the year, the performance of the US lodging industry continues to be driven by growth in individual business and leisure travelers, partially offset by weak group demand. Where are we at the cycle' It is our belief that we are currently at the later innings of the recovery. RevPAR in this part of the cycle is characterized by flat to slightly lower occupancy levels and m