Have any of you lived through a full STR market cycle?

[Sean Bramble]

Were any of you investing in STRs back in '07/'08/'09? I'm trying to understand how much (%) revenues drop in a down market so that I can factor this into my underwriting. Seems like most of us on here are relatively new to the asset class, but would love to hear from any of you who have been in the game long enough to know what happens to demand in a slow market first hand