Declining stock prices may challenge transactions in the U.S. hotel market, as real-estate investment trusts and other companies gain less equity to close deals, analysts say. A weak financing environment will cause a more difficult transactions environment, says Smedes Rose, an analyst at Keefe, Bruyette & Woods. "If you are purchasing assets, what you are underwriting is going to be impacted by the larger macroeconomic outlook," Rose said.

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