Yes. Steve, I''ll take both of those questions. You are correct on the timeshare cash. I think it was 315 million in 2009 and 140 million or 150 million for what we''re expecting here in 2010. We''re going to continue to pull cash out of time share and haven''t yet made a projection beyond that. But I think the number would be closer to the 2010 number than 2009 and will depend on securitizations and velocity and all the things you could imagine. In terms of your bull whip effect, I like that turn of phrase. We''ve been talking internally about some degree of pent up demand. We''ve certainly seen that on projects that companies were planning and then put on hold or meetings or conventions that they normally held each year but they held off on. And I think you will some of that bouncing back. And in fact that''s largely, I think what explains the growth in transient and bookings for group over the last few months.

Jason Koval

Next question, please.

Operator

Your next question comes from Josh Attie from Citi.

Josh Attie - Citigroup

Thanks. It seems you guys have made the strategic decision to be a net seller of real estate over the next year or two. Can you walk us through what the reinvestment priorities beyond growing the fee side of if business which shouldn''t excuse me that much capital? Also, do you feel like you need to get an investment grade credit rating before you repurchase shares or ask the Board for new authorization?

Frits D. van Paasschen

Yes. this is Frits again. You''re absolutely right about us being a net seller of real estate. We''ve talked in the past and continue to pursue an asset-light strategy. The reality of the matter is though this is not a great time to be selling assets. What we would be looking for today is a multiple of peak EBITDA somewhere in the double figures. And given the decline in EBITDA that would be a very high multiple today and we may get it, we may not.

In fact, if you look at the sales we made in 2009, we were, in fact, able to average over 20 times EBITDA for what we sold. To the second part of your question, in terms of reinvestment, I think there are two areas where we would be investing. The first and most importantly is making ourselves the best operator of global hospitality brands around the world which means investing in IT technology and support so that we can bring as much value as possible for our owners and partners.

The other thing that we''re going to explore on a selective basis is, if this is not a great time to sell assets but we have hotels that could be shaped up and perform better by having put some capital in and I''m thinking about, for example, the ballroom at the Phoenician, as an example. Those might be projects we would undertake as a way to try to put the properties we have for sale in the best shape possible. And then in terms of investment grade for share repurchase, we would like to get to investment grade and I think only after that we''d really think seriously about significant share repurchase. Next question, please.

Operator

Your next question comes from David Loeb from Baird.

David Loeb - Robert W. Baird & Company, Inc.

Frits I want to applaud your efforts at cost control both at the property level and with corporate G&A. Can you give a little bit of view on domestic brand market share trends, RevPar penetration for example, 2009 versus previous years?

Vasant M. Prabhu

In terms of market share trends, we''ve seen in the early part of the year, some of our brands were harder hit, given where they sit in the pricing spectrum but we saw the year go by, we saw some significant improvement in the share picture. At the end of the year with W and Westin, on Sheraton we''re in the process of launching the big program to communicate the changes that have been made.

Sheraton did lose share last year but our expectation is that will return as we go out and explain to people everything that has gone on with Sheraton. That''s in the U.S. In general, outside the U.S., we had a very good year. We gained share in most parts of the world, especially in places like Asia and Latin America. So, it''s a story that, as you always know, it''s hotel by hotel and location by location, region by region.

Frits D. van Paasschen

So that you are looking at numbers in the lodging business compared to other businesses that I''ve been in is a slightly more imperfect measure. What we''ve seen generally in up cycles we tend to do better in terms of share performance. In down cycles we tend to do worse. This cycle was no exception particular well the hard fall-off that we saw on the luxury side of the business.