The bears’ pessimism isn’t unfounded. Hotel revenue growth has begun to decelerate after a long positive cycle. STR projects that RevPAR, which now stands at about $80, will grow 5.7% in 2016, down from 6.5% in 2015 and a sizzling 8.1% in 2014. As in other industries whose shares have looked shaky of late, you can pin some of the blame on China’s slowdown, since Chinese leisure and business travelers have become major revenue drivers. “Markets like New York, San Francisco, Los Angeles, and Miami could see softness because of slower growth from the Chinese consumer,” says Chad Beynon, senior lodging analyst at Macquarie Capital.