EFTA Document EFTA01385354

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Given the close relationship between occupancy and supply, we closely monitor the industry's construction pipeline. In October 2017, the total number of rooms under construction stood at 183k (flat versus the prior year). It is worth noting that the construction pipeline currently stands at 3.5% of existing supply, putting aggregate rooms in construction at -90% of peak levels. It's interesting to note that in 20