Private equity investors have been successful at acquiring entire chains and brands, recently beating out lodging real estate investment trusts. "Going forward, the question really isn’t whether the transactions market has recovered. It has. Rather, the question is how long we can expect the recovery to last," noted Suril Shah, a Starwood executive. "We feel we’re at the peak of the recovery right now. We’re confident things look good for the next 18 months, but are uncertain after that."