Hotel developers are busy at work, as the number of rooms under construction in the U.S. at the end of last month was up 23.1% from the same period the year before. But financing is still a big challenge for developers. "The equity used to get them two to three projects; now it’s one because of the lower loan to values that the lenders are willing to do," said Deno Yiankes, president and CEO of White Lodging’s investments and development division, of small developers.

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