These firms remain bullish on continued strength in revenue drivers (near-term RevPAR growth, channel checks, and 2011 rate outlook) as well as sustained growth in emerging markets and international growth. Most of these firms anticipate that Starwood will remain focused on maximizing shareholder value and improving its financial position. These firms remain optimistic based on compelling long-term cycle dynamics, diminishing supply, and an eventual business travel rebound. Starwood remains well positioned in the hotel space given its international growth profile, leverage to a recovery in hotel fundamentals and owned asset value. The new hotels will further position Starwood and its development partners for long-term growth and success. The firms remain optimistic on Starwood’s transition to an asset-light model. They expect sales proceeds to be redeployed into new growth markets (likely Asia) or returned to shareholders via dividends or share repurchases.