According to the survey, investors’ ‘buy’ sentiment is the dominant investor intention and 54 percent of investors are aggressively targeting distressed assets as their first choice for investment. Applying the decline in trailing 12-month RevPAR to investors’ target gross room revenue multiplier suggests that values have declined by 26 percent since the mid-year 2008 survey. Over the next 12 months, 26 percent of respondents anticipate further RevPAR declines, while 74 percent expect flat or improving performance.