| The PIP provides a renovation scope and timeframe that a hotel buyer must implement following a change of ownership. In recent years, PIP expenditures have increased greatly, rendering an outsized impact on sale proceeds. Complicating the matter, with the hospitality industry enjoying steady RevPAR growth for nearly a decade, most brands have become more aggressive in their PIP requirements, asking for more capital to be spent as the industry enjoys this profitable period. FULL ARTICLE | 
