While hotel REITs outperformed most other REIT sectors last year, it is unclear if they will continue to lead growth in 2010. "We can comfortably say now that the bottom is behind us," said Mark Woodworth, president of PKF Hospitality Research. "It's been a long, painful ride down the hill, but the [first] quarter is when we see demand start to turn around." The Dow Jones Equity Hotel REIT Index rose 66% last year, erasing a 59% decline in 2008.

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