The overriding outlook this week at The Americas Lodging Investment Summit (ALIS) at the JW Marriott in downtown Los Angeles was “cautious optimism,” of course. “Cautious” is the key word here compared to how the tea leaves were being read the same time last year when from an American perspective much more confident optimism prevailed. Others suggested this week that headwinds are starting to blow stronger and market clouds are clearly on the horizon, which should translate into greater uncertainty about near-term trading and development scenarios.

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