Hotel & Motel Management - March 2009 - (Page Cover1) SPECIAL REPORT MANAGEMENT COMPANIES Page 24 SPECIAL REPORT INTERSTATE HOTELS TOPS THE LIST Page 26 GET MORE INFORMATION Page 4 HotelWorldNetwork.com News Analysis, Trends and People Since 1875 A HotelWorld Network Publication | Vol. 224, No. 3 | March 2009 ‘A near-total shutdown’ By Jason Q. Freed SENIOR EDITOR Lenders, buyers, sellers and operators discuss stagnant hotel real estate market San Diego–This year’s first Lodging Industry Investment Council roundtable was much larger than expected, with many in the hospitality real estate market coming prepared to ask ques- Page 20 tions and discuss survival tips. If there was one question that represented a theme, it was from Lodging Investment Advisor’s CEO Sean Hennessey: “What needs to happen to stop the bleeding?” From a disruption of deals to flailing fundamentals, those who own and operate hotels said they are seeing their markets get worse every day. “Everyone sees this as an event—not your normal recession—and we’re trying to get through it together,” said Angelo Stambules, VP of lending, hospitality for Capmark. SEE RELATED STORY: Timeshare industry shifts focus from development to operations The parallel between the failure of the economy and its effect on the hospitality industry has never been more clear. In fact, Mike Cahill, CEO of Hospitality Real Estate Counselors, said he is worried the economy is not in a recession, but more of a “controlled depression.” “It really has to do with a fundamental difference in the time length of the cycle,” Cahill said. “Normally a recession is something that has to do with overcapacity or oversupply and is relatively short term. I just don’t see what the catalyst is going to be that’s going to stop this downward propulsion toward more layoffs and more people just not having jobs.” Hennessey discussed the effects of the financial meltdown on the hospitality industry, blaming “a near-total shutdown” of securitized mortgage markets, See Near-total shutdown | page 42 SECOND IN A SERIES: WORKING WITH MILLENNIALS New tactics needed to train Gen Y workers By Emily Hanna ASSOCIATE EDITOR Vegas bets on tradition Developers hope new projects continue to increase demand By Jason Q. Freed SENIOR EDITOR National Report–Team members from Signature Worldwide, a training and marketing company that specializes in the hospitality industry, recently went into a typical hotel training session like they would any other. But this time they found a marked change: Trainees were text messaging, talking and seemingly not paying attention to the lessons. “At first, [the trainers] thought it was just rude,” said Lisa Kalmar, instructional designer at Signature Worldwide. Soon after, they discovered See Millennials | page 41 CITYCENTER LAND LLC CityCenter’s Vdara Hotel and ARIA Resort & Casino are accepting reservations, but the Harmon Hotel component has experienced setbacks—like much of the Las Vegas pipeline. Las Vegas–If one positive can come from the current financial crisis and its effect on hotel development in Las Vegas, it’s that visitors may see less of the tower cranes and wooden facades that have been constant eyesores littering Las Vegas Boulevard for the past 10 years. The Las Vegas skyline was expected to receive a major transformation over the next few years, but challenging economic conditions and turmoil in the credit market has some developers scaling back and even canceling plans. “The credit crisis and weak consumer confidence have negatively affected development in Las Vegas,” said Gamal Aziz, president and CEO of MGM Mirage Hospitality. “Projects have been delayed or canceled and many existing developments are having a difficult time securing capital.” See Las Vegas | page 47 http://www.HotelWorldNetwork.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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