The first quarter of 2010 was quiet for the lodging industry, but that quickly changed in the second quarter, says Jay Shah, CEO of Hersha Hospitality Trust. This "will be the year that the lodging sector turned the corner." For the larger CRE industry, the big question is when the debt markets will become more active and valuations will start to turn around. "I don't see anything that suggests to me we won't see a more robust debt market, but the question is when that will happen," he said.

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