Richard A. Smith of FelCor Smith cited “phenomenal” growth in the lodging sector during 2015.

NEW YORK CITY—Judging by the discount at which lodging REIT stocks have traded lately, “we’re in a recession, apparently,” quipped Richard A. Smith, president and CEO of FelCor Lodging Trust, during a panel discussion Monday afternoon at NYU’s annual hotel conference. In fact, Smith and other REIT C-suite executives pointed to “phenomenal” 2015 growth and strong prospects for more of the same this year, while investors perceive that the sector is nearing the end of the cycle and value operating companies accordingly. “You can’t fight the tape,” Smith commented.