Hotel & Motel Management - March 2009 - (Page 42)

H&MM March 2009 | HotelWorldNetwork.com 42 News & Analysis INDUSTRY COVERAGE “You’re only a seller in today’s market if you have to be.” RICHARD CONTI, THE PLASENCIA GROUP reality of a reeling economy didn’t strike hoteliers until September. On Sept. 15, 2008, the collapse of Lehman Brothers Holdings, a major hospitality lender, signiﬁed distress. “My guess is that if Lehman hadn’t gone under in September, [average daily rate] would not have gone negative in the fourth quarter of 2008,” said Mark Lomanno, president of Smith Travel Research. “The effect on the lodging industry, or the effect on the economy in general, of Lehman going out of business was probably, in order of magnitude, no different than Sept. 11.” Near-total shutdown Continued from page 1 which were the main vehicle for liquidity over the past several years. “Until a new system comes into place to replace that, we’re going to be losing a lot of liquidity in the industry, which will only lengthen the amount of time until recovery,” Hennessey said. Occupancy and revenue per available room saw gradual declines throughout 2008, but the Deal breaker Beyond a drop in demand, the failure of the credit market has had the most dramatic effect on those who deal day to day with transactions in hospitality real estate. Property values have plummeted to record lows and most at LIIC agreed with Steve Johnson, EVP of real estate for Driftwood Hospitality Management, who said a large disconnect between sellers and buyers remains because sellers aren’t ready to take a hit. “The ﬁrst question we ask when we see a property for sale is, ‘What’s the reason for the sell?’” said Thom Geshay, SVP of business development for Davidson Hotel Co. “You wouldn’t sell in this market unless you had pressure to do so.” “You’re only a seller in today’s market if you have to be,” added Richard Conti, president of The Plasencia Group. “That’s why there is no product.” Cahill said the smaller deals— those less than $12 million—are still getting done, mostly ﬁnanced THINK TANK LIIC’s mission The Lodging Industry Investment Council (www.liic.ws) is the premier think tank in the hotel industry. Its members include a diverse mix of 70 inﬂuential leaders in the real estate and ﬁnance ﬁelds. Membership is by invitation. Co-chairmen: Mike Cahill, CEO and founder of HREC—Hospitality Real Estate Counselors; Sean Hennessey, CEO of Lodging Investment Advisors; and Jim Butler, partner, Jeffer Mangels Butler & Marmaro H&MM is the sole media sponsor of LIIC and provides exclusive coverage of the council’s membership meetings and private roundtables throughout the year. CIRCLE NO. 145 LIIC&H&MM http://www.HotelWorldNetwork.com http://www.liic.ws http://www.valleyforge.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - March 2009

Hotel & Motel Management - March 2009 Contents News Perspective Green Focus Legally Speaking Franchise Law Sales Clinic Legal FAQ Trends & Stats Timeshare On Finance Management Companies Stuggle to Cut Costs While Keeping Guest Satisfaction Up Top Third-Party Management Companies Chart Hot Products Technology Marketplace Ad/Editorial Index Checking Out

Hotel & Motel Management - March 2009

Hotel & Motel Management - March 2009 - Hotel & Motel Management - March 2009 (Page Cover1) Hotel & Motel Management - March 2009 - Hotel & Motel Management - March 2009 (Page Cover2) Hotel & Motel Management - March 2009 - Contents (Page 3) Hotel & Motel Management - March 2009 - News (Page 4) Hotel & Motel Management - March 2009 - News (Page 5) Hotel & Motel Management - March 2009 - Perspective (Page 6) Hotel & Motel Management - March 2009 - Perspective (Page 7) Hotel & Motel Management - March 2009 - Green Focus (Page 8) Hotel & Motel Management - March 2009 - Green Focus (Page 9) Hotel & Motel Management - March 2009 - Legally Speaking (Page 10) Hotel & Motel Management - March 2009 - Legally Speaking (Page 11) Hotel & Motel Management - March 2009 - Franchise Law (Page 12) Hotel & Motel Management - March 2009 - Franchise Law (Page 13) Hotel & Motel Management - March 2009 - Sales Clinic (Page 14) Hotel & Motel Management - March 2009 - Sales Clinic (Page 15) Hotel & Motel Management - March 2009 - Legal FAQ (Page 16) Hotel & Motel Management - March 2009 - Legal FAQ (Page 17) Hotel & Motel Management - March 2009 - Trends & Stats (Page 18) Hotel & Motel Management - March 2009 - Trends & Stats (Page 19) Hotel & Motel Management - March 2009 - Timeshare (Page 20) Hotel & Motel Management - March 2009 - Timeshare (Page 21) Hotel & Motel Management - March 2009 - On Finance (Page 22) Hotel & Motel Management - March 2009 - On Finance (Page 23) Hotel & Motel Management - March 2009 - Management Companies Stuggle to Cut Costs While Keeping Guest Satisfaction Up (Page 24) Hotel & Motel Management - March 2009 - Management Companies Stuggle to Cut Costs While Keeping Guest Satisfaction Up (Page 25) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 26) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 27) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 28) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 29) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 30) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 31) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 32) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 33) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 34) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 35) Hotel & Motel Management - March 2009 - Top Third-Party Management Companies Chart (Page 36) Hotel & Motel Management - March 2009 - Hot Products (Page 37) Hotel & Motel Management - March 2009 - Technology (Page 38) Hotel & Motel Management - March 2009 - Technology (Page 39) Hotel & Motel Management - March 2009 - Technology (Page 40) Hotel & Motel Management - March 2009 - Technology (Page 41) Hotel & Motel Management - March 2009 - Technology (Page 42) Hotel & Motel Management - March 2009 - Technology (Page 43) Hotel & Motel Management - March 2009 - Marketplace (Page 44) Hotel & Motel Management - March 2009 - Marketplace (Page 45) Hotel & Motel Management - March 2009 - Marketplace (Page 46) Hotel & Motel Management - March 2009 - Marketplace (Page 47) Hotel & Motel Management - March 2009 - Ad/Editorial Index (Page 48) Hotel & Motel Management - March 2009 - Ad/Editorial Index (Page 49) Hotel & Motel Management - March 2009 - Ad/Editorial Index (Page 50) Hotel & Motel Management - March 2009 - Ad/Editorial Index (Page 51) Hotel & Motel Management - March 2009 - Ad/Editorial Index (Page 52) Hotel & Motel Management - March 2009 - Ad/Editorial Index (Page 53) Hotel & Motel Management - March 2009 - Checking Out (Page 54) Hotel & Motel Management - March 2009 - Checking Out (Page Cover3) Hotel & Motel Management - March 2009 - Checking Out (Page Cover4) 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