For the most recent trailing 12-month period ending July 2019, RevPAR growth for independent hotels was 3 percent compared to branded properties’ 1.1 percent.

The RevPAR growth variance is primarily a result of branded properties achieving higher occupancy levels. Branded properties achieve 360 basis points higher absolute occupancy than independent properties. Now that we are late in the cycle, occupancy levels are capping out. This makes it more difficult for branded properties to capture high-occupancy growth, while independent properties can still gain occupancy growth.