Short term group travel down, and Washington DC market remaining soft.
Individual business travel and leisure travel "remains strong".
Growth in new management contracts, especially abroad very impressive.
The aggressive stock repurchase program (due to healthy cash flow) remains effective (and it is ) and will continue, especially at current valued price.
Summary: Performance in future not as strong as initially hoped for, but still impressive. The macro factors (strengthening economy - vs. prior, and very successful mgmt. contract performance) remain positive, same property growth continues (industry leaders in revpar). As posted in this forum, great deals in DC, so come on down.