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Transient corporate demand has been a weak spot in the ongoing recovery of the U.S. hotel industry. Of the three demand drivers for hotel rooms — leisure, group and corporate — the corporate piece has yet to fully rebound. Throughout the pandemic recovery, leisure demand has led to strong occupancy levels and healthy room rate growth. Group demand has also returned to just below pre-pandemic levels. But corporate demand still lags, and this appears to be related to the performance of the office sector.