Final answer:
The REIT Modernization Act allows REITs to manage the properties they own, making the statement true.
Step-by-step explanation:
Answer:
The statement "The REIT Modernization Act made one change that is very positive for the lodging industry: It now allows REITs to manage the properties they own." is True.
The REIT Modernization Act was passed in 1999, and it brought significant changes to the operations of Real Estate Investment Trusts (REITs) in the United States. One of the changes is that REITs are now allowed to manage the properties they own. This change has provided REITs with more control over their properties and has given them the flexibility to implement strategies to maximize their returns.
By being able to manage their properties, REITs can directly influence the efficiency of operations, maintain quality standards, and make decisions that align with their business objectives. This change has been beneficial for the lodging industry as it allows REITs to have a more active role in managing their hotel properties, leading to improved performance and increased value.