Second quarter results came in significantly below expectations - with ADR levels up 1.2 percent, and occupancy levels down 0.1 percent, resulting in a tepid RevPAR increase of 1.1 percent.

Mitigating a steep decline in group occupancy levels was mild growth in transient demand, as well as strong growth in the contract segment. Between flattening occupancy and an overall lack of pricing power, RevPAR grew at a modest level, as hotels traded occupancy for rate.