The Hotel Times - March 2008 - (Page 2)

EDITORIAL OUTLOOK » BY STEPHANIE RICCA EDITORIAL 600 Superior Ave. East, Suite 1100, Cleveland, OH 44114 Jeff Higley, EDITORIAL DIRECTOR . . . . . . . . . . . . jhigley@questex.com Ph: (216) 706-3728 | Fax: (216) 706-3711 Stephanie Ricca, MANAGING EDITOR . . . . . . . . . . sricca@questex.com Ph: (216) 706-3791 | Fax: (216) 706-3711 Elaine Simon, SENIOR EDITOR. . . . . . . . . . . . . . . esimon@questex.com Ph: (216) 706-3782 | Fax: (216) 706-3711 Stacey Mieyal Higgins, SENIOR EDITOR. . . . . . . . .shiggins@questex.com Ph: (216) 706-3783 | Fax: (216) 706-3711 Heather Gunter, ASSOCIATE EDITOR . . . . . . . . . . hgunter@questex.com Ph: (216) 706-3792 | Fax: (216) 706-3711 Jason Q. Freed, ASSOCIATE EDITOR. . . . . . . . . . . jfreed@questex.com Ph: (216) 706-3727 | Fax: (216) 706-3711 Emily Hanna, ASSOCIATE EDITOR . . . . . . . . . . . . ehanna@questex.com Ph: (216) 706-3784 | Fax: (216) 706-3711 Amy B. Witek, ART DIRECTOR . . . . . . . . . . . . . . . . awitek@questex.com Lodging’s litmus test Look for indicators ADVERTISING/SALES/CIRCULATION 600 Superior Ave. East, Suite 1100, Cleveland, OH 44114 John McMahon, GROUP PUBLISHER . . . . . . . . jmcmahon@questex.com 757 Third Ave., 5th Floor, New York, NY 10017 Ph: (212) 895-8243 | Fax: (212) 895-8212 Matt Waddell, PUBLISHER . . . . . . . . . . . . . . . . .mwaddell@questex.com 2835 N. Shefﬁeld Ave, Suite 236, Chicago, IL 60657 Ph: (773) 880-2240 | Fax: (773) 880-2241 Mary Malloy, NORTHEAST, INT’L. . . . . . . . . . . . .mmalloy@questex.com Ph: (216) 706-3790 | Fax: (216) 706-3711 Brian Levine, SOUTHEAST . . . . . . . . . . . . . . . . . . blevine@questex.com 757 Third Ave., 5th Floor, New York, NY 10017 Ph: (212) 895-8285 | Fax: (212) 895-8215 Jason Wallace, WEST . . . . . . . . . . . . . . . . . . . . . .jwallace@questex.com 1461 S. 375 E., Kaysville, UT 84037 Ph: (801) 499-9999 | Fax: (801) 315-4137 Brian Olesinski, CLASSIFIEDS, RECRUITMENT, DIRECTORY . . . . . . . . . . . . . . . . . . . . . . . . . . bolesinski@questex.com Ph: (216) 706-3794 | Fax: (216) 706-3711 Heidi Spangler, DIR., AUDIENCE DEV. . . . . . . . . . hspangler@questex.com Ph: (216) 706-3705 | Fax: (216) 706-3714 S am Zell is back—at least to the hotel industry. As we were putting together this debut issue of The Hotel Times, news broke that the Chicagobased real-estate developer bought a 7.7percent stake in Starwood Hotels & Resorts, equating to a total purchase price of $7.4 million. The transaction makes him the second-biggest shareholder of the company, falling behind Barclays Global Investors. It’s not so much the purchase price or the companies involved that is signiﬁcant; it’s more that this transaction indicates that the hotel real-estate market is still healthy, despite global recession concerns. Could a transaction like this be a litmus test? As Zell goes, so does realestate? Zell’s recent transaction history centered around commercial real-estate buys and sales, particularly on the West Coast and in the Midwest United States. When Zell sells, he makes good money when values are high. In other words, when Zell sells, you wish you had sold your stock in that company the day before he did. In one of our feature stories, (Lodging’s balancing act, page 30), we look at where lodging real-estate falls as an asset class and what the future holds. Private housing, commercial and retail realestate are pulling back a little, but as much as some people want to say hotels are following suit, experts still cite a lack of evidence to that point. Will that change? Sure it will. That’s part of the reason we’re launching The Hotel Times now— to stay on top of trends like these and act as watchdogs for how trends spread around the globe. We know you don’t conduct your business in a vacuum. Hotel investing is a local game played on an international game board. Peaks and valleys in supply and demand, occupancy and consumer spending create rifts that sometimes turn into waves and other times just ﬁzzle out. With each issue of this new magazine, and supplemented by digital products in between publishing dates, our editorial team and high-proﬁle columnists will take you through the big picture and the small details of what drives transactions and what the resulting trends mean on a global scale. This magazine goes hand-in-hand with the International Hotel Investment Forum, held annually in Berlin. This year’s Forum, March 3-5, is chaired by André Martinez, managing director and chairman of global lodging at Morgan Stanley. Speakers include Reto Wittwer, president and c.e.o. of Kempinski Hotels SA; Sir David Michels, strategist with Strategic Hotels and Resorts; Frits van Paasschen, president and c.e.o. of Starwood Hotels & Resorts; and James Chappell, managing director of The Bench, just to name a few. We hope you enjoy this issue and the coverage to come. Drop us a line with comments. sricca@questex.com Managing editor BUSINESS DEVELOPMENT Stacy Silver, BUSINESS DEV. DIRECTOR. . . . . . . . ssilver@questex.com Ph: (954) 306-0747 | Fax: (954) 697-6265 J. Richard Casson, ASSOCIATE BUSINESS DEV. DIRECTOR . . . . . . . . . . . . . . . . . . . . . . . . . rcasson@questex.com Ph: (212) 895-8426 | Fax: (212) 895-8210 PRODUCTION 306 W. Michigan St., Suite 200, Duluth, MN 55802 Jamie Kleist, ASST. PRODUCTION DIR.. . . . . . . . . jkleist@questex.com Ph: (218) 279-8855 | Fax: (218) 279-8812 Änna Abbott, PRODUCTION MANAGER. . . . . . . . aabbott@questex.com Ph: (218) 279-8840 | Fax: (218) 279-8815 MARKETING/MAGAZINE SERVICES MARKETING/MAGAZINE SERVICES Ilene Schwartz, Kroll Direct, LISTS . . . . . . . . . . . .ilene@krolldirect.com Ph: (216) 371-1667 | Fax: (216) 371-1669 PERMISSIONS . . . . . . . . . . . . . . . questexpermissions@reprintbuyer.com Ph: (800) 494-9051 Ext. 100 REPRINTS . . . . . . . . . . . . HotelandMotelManagement@reprintbuyer.com Ph: (800) 290-5460 Ext. 100 SUBSCRIPTIONS, CUSTOMER SERVICE . . . .hspangler@questex.com Ph: (216) 706-3705 | Fax: (216) 706-3714 BACK ISSUES, SINGLE CURRENT COPIES Ph: (216) 706-3705 | Fax: (216) 706-3714 PRESIDENT & CEO—Kerry C. Gumas EXECUTIVE V.P. & CFO—Tom Caridi EXECUTIVE V.P.—Robert S. Ingraham EXECUTIVE V.P.—Tony D’Avino EXECUTIVE V.P., CORP. DEV.—Claudia Flowers V.P. & G.M.—Don Rosenberg V.P., DIGITAL MEDIA—Seth Nichols V.P., HUMAN RESOURCES—Diane M. Evans Copyright 2008 Questex Media Group, Inc. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopy, recording or information storage and retrieval system, without permission in writing from the publisher. Authorization to photocopy items for internal or personal use, or the internal or personal use of speciﬁc clients, is granted by Questex Media Group, Inc. for libraries and other users registered with the Copyright Clearance Center, 222 Rosewood Dr., Danvers, MA 01923; phone: (978) 750-8400; fax (978) 750-4470; call for copying beyond that permitted by Sections 107 or 108 of the U.S. Copyright Law. For those not registered with the CCC, send permission request to questexpermissions@reprintbuyer.com; phone: (800) 494-9051 Ext. 100. The Hotel Times does not verify any claims or other information appearing in any of the advertisements contained in the publication, and cannot take any responsibility for any losses or other damages incurred by readers in reliance on such content. The Hotel Times welcomes unsolicited articles, manuscripts, photographs, illustrations and other materials but cannot be held responsible for their safekeeping or return. Questex Media Group, Inc. provides certain customer contact data (such as customers’ names, addresses, phone numbers and e-mail addresses) to third parties who wish to promote relevant products, services and other opportunities which may be of interest to you. If you do not want Questex Media Group to make your contact information available to third parties for marketing purposes, simply call toll-free (216) 706-3705 between the hours of 8:30 a.m. and 5:00 p.m. CT and a customer service representative will assist you in removing your name from Questex Media Group’s lists. Printed in USA The Hotel Times March 2008 www.TheHotelTimes.com http://www.TheHotelTimes.com http://www.TheHotelTimes.com

Table of Contents Feed for the Digital Edition of The Hotel Times - March 2008

The Hotel Times - March 2008 Business Outlook Editorial Outlook Contents Conference Preview Capital Outlook What's Driving Growth? European Outlook Development Outlook Fractional Outlook Branding Source List Insurance Outlook Brokers Update Brokerage Outlook Lodging's Balancing Act Transactional Facts Lending Outlook Lenders Source List In Closing

The Hotel Times - March 2008

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