The document summarizes the global hotel industry performance in 2014 and provides an outlook for 2015. Some of the key points include: - The hotel industry saw strong demand growth outpacing supply in most regions in 2014, with RevPAR increasing in the majority of global markets. - The US hotel industry had 57 consecutive months of RevPAR growth and set record performance levels in 2014. Revenue per available room also increased in 16 consecutive months in Europe. - The Asia Pacific region saw international tourist arrivals increase by 12 million year-over-year and mostly positive performance across markets, with the exceptions of Northeast Asia and Southeast Asia. - The hotel development pipeline remains robust in many countries, particularly in Asia, which