May was not a good month for publicly traded hotel stocks, according to STR. The Baird/STR Hotel Stock Index decreased 5.3% in May 2016 to close the month at 3,013. Year to date, the index is down 2.6%.

"Uncertainty surrounding investor sentiment in April and May erased the index gains we saw at the end of the first quarter," said Amanda Hite, STR's president and CEO. "That sentiment surely reflects the industry's decelerating performance, but as we indicated in our revised forecast last week, we are still on track for record RevPAR (revenue per available room) levels through 2017. As the 'where are we in the cycle?' debate continues, we believe that solid summer months will bring the public markets more in line with actual industry performance and the values realized by investors."

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