Then think about how that hotel chain$($s$)$ has$($have$)$ been affected over the past $3$ years, specifically using a general stock valuation model: $1)$ Dividends, $2)$ Growth of the dividends and earnings, and $3)$ The Required Return on the stock. What drives each of these three variables for a hotel company$/$group$?$ For each variable, has that number most likely gone up$,$ gone down? Why? And how does that affect overall valuation $($in terms of the stock valuation model$).$