Host Hotels, the world's largest hotel REIT, said last week that revpar for the full year would at best be flat.
And in a break from its usual practice it failed to make any forecasts for 2009 as current market volatility makes visibility difficult.
Guidance was tweaked down from the earlier position of between a 1% rise and a 1% fall, to now expecting revpar in the range flat to a fall of 1% for the full year 2008.
Just over six months ago the company thought revpar could grow by between 2% and 4%. And until recently it had forecast that next year revpar would decline by between 4% and 6%.
The company said the final quarter of this year is likely to be down between 3% and 5%. This is the point were rates are likely to come under pressure, according to Morgan Stanley analysts.
Host blamed airline capacity cuts for slumping demand in the first half but its third quarter results were better than expected, with a decline of revpar of 2.1%, at the top of the most recently forecast range of a drop of between 2% and 4%.