A-B Q4 STRs Down 1.4%; Montejo Promised to More Markets

Dear Client: A-B Q4 2014 STRs were down 1.4% and 1.7% for full year in the U.S., an improvement over Q3's reported dip of 1.9% and 1.8% respectively. (They estimate industry STRs flat for the quarter and down 0.6% for the year.) And, as promised last quarter, STWs got closer to depletions: they were flat in Q4, and down 1.5% for full year. Market share continues to be a battle: it was down approximately 60 bps in Q4 and 50