That is my opinion as well. In most cases, I would expect re-categorization to reflect average rates across a full year -- not just these past few months. However, some areas of the country (and world) will certainly recover faster than others.

But there are also some properties that I believe barely squeaked into a higher category last year but have not been able to charge as much throughout the year to justify maintaining that category during the next recategorization.

I'm not expecting a huge change, but I'm expecting it for at least several Cat 4/5/6 properties.