Hotel management agreements appear to becoming shorter. Reasons for this shorter term include all the following except:

	A.	Increased competition among managers for a limited number of new hotels in relatively slow-growing markets.
	B.	Key money is provided until the hotel is open and the manager is actively operating the hotel.
	C.	A shift away from branded managers to franchised hotels being managed by independent managers.
	D.	An increase in the number of non-branded hotels managed by independent managers.