While a lack of opportunities is likely to weigh on the near-term growth, these firms expect the Company's strong asset quality and best-in-class management team to position it well during an economic recovery. They believe the Company maintains a high quality, geographically diverse asset portfolio, a solid balance sheet with low medium-term maturity risk, and a deep and experienced senior management team capable of executing on value-added acquisition opportunities that may emerge. They maintain their neutral stance based on compelling lodging cycle dynamics (low supply, recovering demand), accelerating top-line growth, and the Company’s ability to redeploy capital accretive, partially offset by high near-term valuation. Moreover, the firms continue to believe that HST has significant leverage to a recovery, driven by REIT structure (pure ownership), strong brands, great locations, and recent renovations.