The Hotel Times - December 2008 - (Page 4)

EDITORIAL 600 Superior Ave. East, Suite 1100, Cleveland, OH 44114 Paul J. Heney, EDITORIAL DIRECTOR . . . . . . . . . pheney@questex.com Ph: (216) 706-3728 | Fax: (216) 706-3711 Stephanie Ricca, EDITOR IN CHIEF . . . . . . . . . . . . sricca@questex.com Ph: (216) 706-3791 | Fax: (216) 706-3711 Victoria Burt, MANAGING EDITOR . . . . . . . . . . . . . . vburt@questex.com Ph: (216) 706-3743 | Fax: (216) 706-3711 Jason Q. Freed, SENIOR EDITOR . . . . . . . . . . . . . . jfreed@questex.com Ph: (216) 706-3727 | Fax: (216) 706-3711 Jennifer Kovacs, SENIOR EDITOR. . . . . . . . . . . . . jkovacs@questex.com Ph: (216) 706-3782 | Fax: (216) 706-3711 Heather Gunter, ASSOCIATE EDITOR . . . . . . . . . . hgunter@questex.com Ph: (216) 706-3792 | Fax: (216) 706-3711 Emily Hanna, ASSOCIATE EDITOR . . . . . . . . . . . . ehanna@questex.com Ph: (216) 706-3784 | Fax: (216) 706-3711 Chris Crowell, ASSOCIATE EDITOR . . . . . . . . . . .ccrowell@questex.com Ph: (216) 706-3783 | Fax: (216) 706-3711 Amy B. Witek, ART DIRECTOR . . . . . . . . . . . . . . . . awitek@questex.com www.TheHotelTimes.com DECEMBER 2008, VOL. 1, NO. 4 Where bottom is the Talk to any hotelier, developer, lender or broker, and they all seem to agree on one thing— 2009 will be a year of economic recession across the globe. “The only debate is about how deep and long the recession will be,” said Daniel Thorniley, senior VP of The Economist Group. ? 8 ADVERTISING/SALES/CIRCULATION 600 Superior Ave. East, Suite 1100, Cleveland, OH 44114 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 Doug Kereszturi, CLASSIFIEDS, RECRUITMENT, DIRECTORY . . . . . . . . . . . . . . . . . . . . . . . . . . dkereszturi@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 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 » By Paul J. Heney and Jennifer Kovacs 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 Janelle Heller, SR. PRODUCTION MANAGER. . . . . jheller@questex.com Ph: (218) 279-8834 | 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, BACK ISSUES, SINGLE CURRENT COPIES . . . . . . . . . . . . . . . . . . . . . .hspangler@questex.com Ph: (847) 763-9594 | Fax: (847) 763-9694 EVENTS Liz Crawford, DIR., HOTEL & INVESTMENT EVENTS Ph: (714) 338-6725 . . . . . . . . . . . . . . . . . . lcrawford@questex.com Columns 12 Capital Outlook Wait for market stability, then act Departments 3 Business Outlook Opportunities still exist for many »By James T. Merkel 18 In Closing Three-point plan to thrive in 2009 »By Stacy Silver 6 In The News 14 Timeshare Report Timeshare presents challenges, opportunity PRESIDENT & CEO—Kerry C. Gumas EXECUTIVE V.P. & CFO—Tom Caridi EXECUTIVE V.P.—Tony D’Avino EXECUTIVE V.P.—Robert S. Ingraham EXECUTIVE V.P.—Jon Leibowitz EXECUTIVE V.P., CORP. DEV.—Claudia Flowers 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. »By Russell Savrann »By Jennifer Kovacs THE HOTEL TIMES is published quarterly by Questex Media Group, Inc., 306 W. Michigan St., Suite 200, Duluth, MN 55802. Subscription rates: $35 for 1 year, $55 for 2 years in the United States & Possessions; $47 for 1 year, $77 for 2 years in Canada and Mexico; all other countries $80 for 1 year, $135 for two years. Single copies (prepaid only): $6.50 in the United States; $8 in Canada and Mexico; $15 all other countries. Back issues, if available are $9 in the U.S.; $11 in Mexico and Canada; $22 for all other countries. International subscriptions will be subjected to $75 per annual order for air-expedited service. Include $6.50 per order plus $2 per additional copy for U.S. postage and handling. Canadian G.S.T. number: 840 033 278 RT0001, Publications Mail Agreement Number 40017597. Printed in the U.S.A. Printed in USA 4 The Hotel Times December 2008 www.TheHotelTimes.com http://www.TheHotelTimes.com http://www.TheHotelTimes.com

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The Hotel Times - December 2008 Business Outlook Contents In the News Where is the Bottom? Capital Outlook Timeshare Report In Closing

The Hotel Times - December 2008

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