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3- calculate the Levered Beta for Lodging using the average Unlevered Beta and Lodging's long-term debt:equity ratio. 4- Calculate Lodging's Cost of Equity from the

3- calculate the Levered Beta for Lodging using the average Unlevered Beta and Lodging's long-term debt:equity ratio.

4- Calculate Lodging's Cost of Equity from the Levered Beta you calculated in (3).

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