These brokerage firms remain bullish, given its significant exposure to a pickup in corporate travel, region/chain scale segmentation, and high-quality management team. With the strongest balance sheet among the public lodging REITs, they believe HST is best positioned to make large-scale accretive acquisitions, which will likely drive significant expansion in valuation multiples. With a high-quality portfolio, an enviable balance sheet, and strong management team, HST remains well positioned to exploit the inevitable lodging upswing that will likely persist for the next 4-5 years.