2016 category changes with net upward bias

Effective March 1, 2016, SPG moved 168 hotels up at least one category and 114 down. While more balanced than some Marriott years, the net movement still raised costs for a meaningful portion of the portfolio ahead of the later Marriott merger.

What to do: Pre-merger SPG category lists still offered planning value; treat annual hotel category updates as de facto mini-devaluations.