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( — GROWING OPTIMISM ABOUT A REVIVAL OF business and leisure travel has made Wall Street crazy for hotel stocks that investors abandoned in late 2008 and early 2009. Really crazy, based on the shares’ valuation.

Hotel profits are highly sensitive to modest changes in occupancy levels and room rates. As they say in the industry, room rates change overnight, allowing hotel operators to benefit quickly from an economic upturn, like the one that’s apparently under way in the U.S.

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