While we’re seeing 3-to-1 category increases (seems bad!) it’s interesting that these are very different from similar clusters of increases in the past.
Previously we’ve seen a lot of high end hotels become more expensive as redemptions. This time we’re seeing lower category hotels go up the most. The bulk of the action with these changes are in the bottom half of the chart’s distribution. The biggest grouping of changes is category 3 hotels becoming 4’s, while we also see 1’s become 2’s and 2’s become 3’s.