For better or worse, much of the new property development we're seeing in the US is now select service rather than full service. There was an interview with the Marriott CEO the other day where he said a lot of that is because it's been easier for property owners to get bank loans for select service properties as of late over full service properties, so most of their domestic pipeline is in that area.

In many urban markets, I can also see why a HP would be more attractive for a property owner than a HR. I see many cases where a chain's select service property in a city center prices at close to, and sometimes even more, than the full service property... this in spite of the fact that the operating costs are undoubtedly lower for the former.