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This week in Opportunities:

It's Official! The Hotel Industry Has Recovered
Double-Digit Profit Growth for U.S. Hotels in 2004-2005
Marriott Is Fortune's Most Admired Company in the Lodging
HSMAI Launches Special Interest Groups for Travel Marketers
Lodging Association Launches Diversity Newsletter
Opportunities Watch!
Opportunities Networking!
Executive Movers! See who's going where?
Travel Executive Employment Report

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OPPORTUNITIES NEWS & TRENDS!

It's Official! The Hotel Industry Has Recovered

Lodging Econometrics (LE), the industry authority for hotel real estate, has announced that in the nation's 25 largest lodging markets, a cyclical low 122 hotels having 16,126 rooms opened in 2004 - down from 147 hotels with 26,227 rooms in 2003. The forecast for new openings in the Top 25 Markets calls for only slight increases in 2005 to 140 hotels with 18,061 rooms and to 152 hotels with 19,329 rooms in 2006. Said LE President Patrick Ford: "Such low levels of new supply in the industry's most important markets coupled with significant increases in occupancy, ADR and RevPAR (revenue per available room) are leveraging positively and are driving the industry's overall operating performance and should continue to do so over the next few years." The markets that are recovering the fastest from bottoms experienced post-9/11 are those with a higher mix of leisure over commercial travel. These markets should continue to be strong operationally over the next two years because of continued increases in leisure travel - particularly by international tourists who see the U.S. as a terrific travel bargain due to the falling dollar. Markets that are particularly benefiting from international travel are Anaheim, Oahu, Orlando, Miami, New York, San Francisco and Washington. A bit slower to respond are the financial and business centers where white-collar job growth is lagging and increased corporate Merger and Acquisition activity continues to cause some job loss. The office vacancies that this can create often serve as a drag on CBD vitality and further postpone lodging development activity. Cities with heavy manufacturing concentrations will be the last to fully recover. This means at least another two years of economic recovery will be required before there are new hotel construction announcements of significance in Central Business Districts (CBDs) and the inner suburbs of our leading cities. Operating results in 2004 were far better than originally forecasted, and after a detailed analysis of operating results, LE reports that Anaheim, Miami, Norfolk, Oahu, San Diego and Tampa are now fully recovered and are presently operating at their pre-9/11 peaks. Another six - Los Angeles, Orlando, Philadelphia, Phoenix, St. Louis and Washington, D.C. - are forecasted to recover to their pre-9/11 levels during 2005, followed by at least another three - Nashville, New York and Seattle - in 2006. After strong 2004 second half operating performance, Philadelphia, San Diego and Tampa have been added to LE's forecasted list of Markets Expected to Outperform Industry-wide Operating Trends in 2005 and 2006. The market leaders that will drive the recovery and are expected to outperform industry up trends now include: Anaheim, Los Angeles, Miami, New York, Oahu, Orlando, Philadelphia, Phoenix, San Diego, Tampa and Washington, D.C. For more information, visit www.lodging-econometrics.com.

Double-Digit Profit Growth for U.S. Hotels in 2004-2005

Want more evidence of the boom in hotel business? The typical U.S. hotel achieved an estimated 13.3 percent increase in profits in 2004, and is projected to enjoy another 14.1 percent boost to the bottom-line in 2005, according to the 2005 P&L Forecast published by PKF Hospitality Research (PKF-HR). This improved profitability follows a three-year industry recession that saw unit-level hotel profits decline 36.2 percent from 2000 to 2003. Hotel profits are defined as income before deductions for capital reserve, rent, interest, income taxes, depreciation, and amortization. The forecast is based on a preliminary analysis of U.S. hotel financial statements collected by PKF-HR for its 2005 annual Trends in the Hotel Industry survey, according to R. Mark Woodworth, executive managing director of Atlanta-based PKF-HR. The analysis considered all hotel property types throughout the nation and incorporates the results of the PKF/Torto Wheaton Research (TWR) Winter 2005 Hotel Outlook forecast. The turnaround in profitability starts with strong increases in hotel revenues. PKF-HR estimates that total hotel revenues grew 7.3 percent in 2004 and will increase another 7.0 percent in 2005. "Leisure, business, and convention travelers began to hit the road again during the second half of 2003 and continued into 2004," said Woodworth. "With hotel occupancy rates approaching pre-recession levels, hotel managers have been able to get more aggressive with their pricing strategies. In 2004, the hotels in our trends sample are estimated to have increased their room rates by a healthy 3.7 percent. Look for an additional 5.3 percent jump in 2005." The recovery in hotel revenues and profits appears to be occurring across all types of hotels. All five property types tracked by PKF-HR are projected to experience double-digit increases in profits in 2005. Copies of the study may be purchased through the firm's web site at www.pkfc.com, or by calling Claude Vargo at (404) 842-1150, ext. 237.

Marriott Is Fortune's Most Admired Company in the Lodging

Fortune magazine has named Marriott International, Inc., as the most admired company in the lodging industry for the sixth consecutive year. Marriott's No. 1 ranking is the result of a poll of 10,000 executives, directors and securities analysts who judge companies based on "innovativeness, employee talent, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment and quality of products/services." Fortune's rankings show that Marriott ranked number one in the lodging industry specifically for employee talent, use of corporate assets, and long- term investment. Marriott also ranked first overall among the companies from all industries in the Baltimore-Washington area included on the list. "We are very proud that the nation's top business leaders have once again ranked Marriott as the most admired lodging company," said J.W. Marriott, Jr., chairman and chief executive officer. "Our business model, our brands, our leaders, and above all, our associates are the keys to our success." The list appears in Fortune's March 7 issue, available on newsstands Feb. 28 and at www.fortune.com.

HSMAI Launches Special Interest Groups for Travel Marketers

The Hospitality Sales & Marketing Association International (HSMAI) has launched Special Interest Groups (SIG) in five industry segments: Hotel Internet Marketing, Cruise Internet Marketing, Revenue Management, Resort Marketing, and Hotel Director of Sales & Marketing. Each SIG is led by an Advisory Board comprised of industry leaders who are responsible for initiating projects and programming to serve the specific needs of these unique constituencies. Among the SIGs initiatives are to stage Strategy Conferences with expert speakers and panel discussions that are attended by industry professionals to discuss their specific industry's most critical issues. Each of the SIGs has a dedicated web page, which can be accessed at www.hsmai.org/Members/specialinterest.cfm. Among the benefits of being a member in an individual Special Interest Group are: Quarterly e-mail newsletters, participation in a member-only discussion forum Web Board, access to exclusive industry segment news and related resources, invitations and preferred pricing at Strategy Conferences for the SIG and other HSMAI events; other benefits of HSMAI membership, including a subscription to the quarterly HSMAI Marketing Review magazine and the ability to attend regional HSMAI chapter events.

Lodging Association Launches Diversity Newsletter

Considering a career in the hospitality business, but want to know more about diversity policies and programs? The American Hotel & Lodging Association (AH&LA) recently launched Prism, a newsletter focusing on the people and ideas impacting diversity in the hotel industry. Produced in consultation with the association's Multicultural & Diversity Advisory Council (MDAC), the publication is part of a larger, nationwide initiative to promote multi-culturalism and inclusion; and help hoteliers leverage the business advantages of diversity. Issued quarterly in electronic format, Prism profiles hoteliers, line-level employees, CEOs, and other professionals leading the hotel industry toward a more inclusive era. Personality sketches and informal interviews convey a sense of individuals both within and beyond the context of the industry. A "Fast Facts" section illustrates the direct connection between diversity and the lodging industry's financial performance. "The difference between Prism and other industry publications is its singular focus on inclusion," said AH&LA President and CEO Joseph McInerney, CHA. "For those considering a career in the hotel industry, Prism shows how individuals from every background are forging exciting, high-growth careers in lodging. For industry leaders, the publication underscores the benefits of pursuing a diverse employee, vendor, and customer base." In addition to Prism, AH&LA has also launched a diversity section on its web site, www.ahla.com/diversity. Under the direction of the MDAC, the site is a central source for research, market data, articles, terms, and events. Prism is a complimentary benefit of membership in AH&LA and article excerpts are posted on the association's new site. For more information on Prism or AH&LA's national diversity initiative, contact Kathryn Potter, vice president of marketing and communications, at kpotter@ahla.com.

OPPORTUNITY WATCH!

La Quinta Promotes Rea to President, Seeks CFO

La Quinta Corporation promoted David Rea to President and Chief Operating Officer. He will continue to report to Francis W. ("Butch") Cash, who will remain the company's chairman and chief executive officer. Rea will have responsibility for company owned hotel operations, sales and marketing, information systems, human resources and administration. The company will immediately commence a search for a new chief financial officer to replace Rea. In other management changes, Wayne Goldberg has been promoted to executive vice president of operations. A. Brent Spaeth has been promoted to executive vice president of corporate administration. Spaeth will also continue in his role as senior franchise operations officer. Reporting to Cash will be the president and COO; the chief development officer and president of the company's franchising organization; the general counsel; and the to-be-identified chief financial officer. La Quinta Corporation is one of the largest owner/operators of limited- service hotels in the United States. Based in Dallas, Texas, it owns, operates or franchises more than 590 hotels in 39 states under the La Quinta Inns, La Quinta Inn & Suites, Baymont Inns & Suites, Woodfield Suites and Budgetel brands.

Starwood to Open 70 Hotels in the Next Two Years

Here's a company that's still very much on the growth path. Starwood Hotels & Resorts Worldwide, Inc. said it will open more than 70 new hotels in 2005 and 2006 in choice destinations around the globe. Nearly half of these new hotels are outside of the United States, marking an exciting period of global development for the hotel giant. "Our development momentum continues to be strong and we've won more than our share of hotel deals," said Steven Heyer, Starwood's chief executive officer. "Our W and St. Regis brands are very sought after by the development community and Westin was actually the world's fastest growing upper upscale brand in 2004 and is a terrific growth vehicle with lots of opportunities abroad. Sheraton is perhaps the most global brand in its category and its international pipeline is quite robust, particularly in China which is the hottest hotel market on the globe. Our moderately-priced Four Points by Sheraton brand still has plenty of room to grow both in the United States and abroad and we continue to aggressively expand the brand."

OPPORTUNITIES NETWORKING!

Meet with Top Hotel Revenue Management Pros

On May 16-17 in Miami, EyeforTravel is running the third annual Revenue Management and Pricing in Travel event. The premier forum for revenue management and pricing professionals, this conference brings together all sectors of the travel industry: airlines, hotels, travel agents, tour operators and online intermediaries. At this year's event hear participants include leading travel companies such as Expedia, Carnival Cruises and Delta Air Lines. The conference offers an opportunity to network with leading revenue management, distribution and pricing experts, share cutting edge strategies and experiences. It also offers topical interactive discussions and practical advice that provide executives with the resources they need to apply successful revenue management strategies directly into their organization. Revenue management expert Steve Pinchuk, will join top industry professionals such as Cendant's vice president of revenue management for distribution and Mark Travel's vice president of strategic profit optimization. Topics include: How is Revenue Management evolving? And how do you integrate RM with other aspects of your business? Hear Harlan Bennett from Delta Air Lines deliver his keynote speech on the rationale behind implementing Delta's new Simplifares pricing strategy. Take part in in-depth workshops, where George Van Noten, executive director of distribution for Fairmont Hotels, will discuss the importance of an integrated revenue plan. Hear from tour operators, resorts and online distributors as they explain what impact the latest craze for dynamic packaging will have on revenue management techniques. Book before March 11 and take advantage of the special early bird rate. This is a risk free opportunity as all places are transferable and fully refundable up till April 22. For more information, visit www.eyefortravel.com/rmusa2005. Register directly on the secure website at: https://secure.firstconf.com/travel/rmusa2005/secure.asp or email helen@eyefortravel.com.

Meet Resort Management Execs in Phoenix

A comprehensive, solutions-driven agenda, ranging from the Internet and distribution to business development, the latest research engines and cutting-edge trends will be presented at the Fifth Annual Resort Management Conference sponsored by The University of Denver's School of Hotel, Restaurant and Tourism Management, and the Hospitality Sales & Marketing Association International (HSMAI) at the Pointe South Mountain Resort in Phoenix, April 3-5, 2005. The two-day conference also features general session speakers Peter Yesawich, president and CEO of Yesawich, Pepperdine, Brown & Russell, and Mark Lomanno, president of Smith Travel Research. Registration is $545 for HSMAI members and members of allied industry associations ($645 after March 1, 2005) and $595 for non-HSMAI members ($695 after March 1, 2005). Go to www.resortconference.com for a full program and registration information.

OPPORTUNITIES EXECUTIVE MOVERS!

CRUISE LINES: Gordon Buck, a 27-year veteran of Carnival Cruise Lines, has been promoted from director to vice president-port operations. Buck is responsible for serving as a liaison with port agents and various government agencies, as well as overseeing port planning and logisticsÖJackie Foggitt has departed as vice president-international sales for Carnival Australia and John Molinaro has been named as her replacement. Molinaro will be responsible for international as well as domestic sales.

HOTELS & RESORTS: Peter Liguori has been promoted to president of Hyatt Gaming Management, Inc. The company operates casinos and casino resorts in North and South America, and the Caribbean. Liguori joined Hyatt Gaming in 1998 as vice president and chief financial officer. He brings to his new position almost 25 years of experience in land-based, riverboat and Native American casinos throughout the United States and abroadÖInterContinental Hotels Group (IHG) named Keith Biumi as regional vice president, Crowne Plaza Development, Northeast and North Central Regions. Based in Atlanta, and reporting to Craig Mueller, vice president, business development, Northeast and North Central regions, Biumi will be the regional vice president responsible for development through management contracts and franchising of the Crowne Plaza Hotels & Resorts brand in the Northeast and North Central U.SÖLe MÈridien Hotels and Resorts has appointed Kenneth Sorensen as general manager of Le MÈridien Cyberport, Hong Kong. Sorensen will in his role spearhead the business and growth of Hong Kong's only south-side hotel with a key focus on driving revenue, grow marketshare and further strengthen the hotel's strategic positioningÖHilton Hotels Corporation has promoted Timothy Powell to director, franchise development, Western Region. In this new position, Powell will be responsible for franchise development for Southern California and Arizona for brands in the Hilton Family, including Hilton, Conrad, Doubletree, Embassy Suites Hotels, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn and Homewood Suites by Hilton. Powell reports to Gregory Francois, vice president of franchise developmentÖ Pyramid Advisors LLC (Pyramid), a Boston-based hotel development, management and ownership firm, announced that Cyrus Di Tommaso has been named general manager of the former Hilton Hotel in Tarrytown, N.Y. Pyramid recently signed a contract to operate the 250-room property, which reopened February 17 under new ownership as the Doubletree Hotel-Tarrytown. Di Tommaso joins Pyramid with more than a decade of management experience, most recently as general manager of the 448-room Sheraton Stamford hotel in ConnecticutÖ The new Great Bay Beach Resort & Casino, St. Maarten's landmark resort reopening on February 12, 2005, has appointed Renato Moretto as general managerÖSteve Dorcy, who has served as general manager of the historic Plaza Resort & Spa for the past year, has been named vice president and general manager of the entire Plaza Complex. Dorcy will oversee staff and operations at multiple resorts along nearly half a mile of beachfront property in Daytona Beach. Dorcy is also charged with overseeing the renovation and condominium conversion at The Plaza Resort & SpaÖ.Jameson Inns, Inc., a leading hotel company, and owner and operator of Jameson Inn and Signature Inn hotels, announced that D. Anthony Maness has been named vice president of hotel operations, replacing Gregory Winey, who recently left the company. Maness has been a member of the company's executive team since joining Jameson in July 1998 as a regional managerÖ

Accor named Brian Deeson as senior vice president-Asia Pacific/Greater China. In his new position, Deeson will be based in Shanghai and assume responsibility for all business and leisure hotels in greater ChinaÖBenchmark Hospitality International, which manages 28 resorts, conference centers and hotels in the United States and Japan, has announced the addition of the historic Berry Hill Plantation Resort, located in South Boston, Va., to its management portfolio. The elegant Greek Revival-style property, originally built as an antebellum mansion in 1842, will reopen in June of this year. William Carder has been appointed by Benchmark to formally reopen and manage the Berry Hill Plantation Resort, a circa 1842 antebellum estate that is listed on the National Register of Historic PlacesÖOrient-Express Hotels Ltd. has announced several new appointments at its European and North American properties, including new management for its three latest properties in, St. Petersburg, Ravello and Santa Barbara. Thomas Noll has been appointed general manager of the Grand Hotel Europe in St Petersburg. This 301-room landmark property was recently acquired by the company on Feb. 10, 2005. In Italy, Giampaolo Ottazzi has been appointed general manager of the Hotel Caruso in Ravello, due to open in June 2005. Franco Girasoli has been appointed hotel manager of the Villa San Michele in Florence and Andrea Filippi has been appointed regional director of sales and marketing for Orient-Express Hotels four Italian properties. In Santa Barbara, Calif., Clive O'Donoghue has been appointed general manager of El Encanto Hotel & Garden Villas. Noll joins Orient-Express Hotels from the Corinthia Nevskij Palace Hotel in St. Petersburg, where he was general manager for over three and a half yearsÖThe Beach House on Barbuda has announced the appointment of Christiane Hansen to the position of general manager. In this role, Hansen will oversee the day-to-day operations of this luxury resortÖ Albert Mertz has been named general manager of Mandarin Oriental, Riviera Maya, Mexico which is scheduled to open in December 2005. Mertz was instrumental in the successful opening of Mandarin Oriental, Miami, where he held the dual role of resident manager and director of food and beverage for the past four yearsÖRadisson Hotels & Resorts has promoted Pam Smith to the director of sales and marketing for the Radisson Plaza Hotel Myrtle Beach. Her responsibilities include setting monthly, quarterly and annual sales goals and objectives while providing direction for the sales and marketing team; spearheading and driving the Radisson's sales and marketing strategies; managing the inbound and outbound sales channels; creating budgets and schedules; assigning and monitoring job responsibilities and assignments as well as developing and executing marketing plansÖLe MÈridien Hotels and Resorts has appointed Alka Alimchandani as director of marketing, Asia Pacific. Based in Hong Kong, Alimchandani will support the deployment of the brand throughout the region. Her focuses are to develop and implement the global and regional marketing products and programs, and advertising campaigns, within Asia Pacific.

TOUR OPERATORS: Classic Custom Vacations Chairman Ron Letterman announced that Dave Ferran, who has been with Classic for over 10 years, will be promoted to regional director of sales, leading Classic's efforts in Southern California and the Southwestern United States. The move was prompted by the resignation of longtime Classic employee, Terri Lester, who has accepted a position with Four Seasons Resort Aviara. Prior to joining Classic, Ferran was a global account director for Starwood Hotels & Resorts.

TRAVEL AGENCIES: Carlson Wagonlit Travel Associate Division said Marc Moore has been promoted to director of franchise Sales. In his new role, Moore will be responsible for growing the travel agency powerhouse's nationwide network of experienced and reputable travel agency locations. Moore will manage the sales process for converting strong existing travel agencies to the Carlson Wagonlit Travel brand. He will oversee a sales team of three managers.

TRAVEL TECHNOLOGY: e-Travel, a global leader in online travel solutions and the e-commerce unit of Amadeus, has restructured its senior management line-up. JÈrÙme Destors and Denis Lacroix will be charged with joint responsibility for driving the continued growth of the business unit. Destors will take the newly-created position of commercial director and be responsible for sales, marketing, account management and implementation for all areas of the business. Lacroix will continue to serve as product development director and maintain his successful leadership of Amadeus e-Travel's product development and quality control as well as provide operational support for the business unit. Ian Wheeler, vice president of marketing at Amadeus, who has led the e-Travel team since its formation in 2002, continues as the Amadeus executive responsible for the divisionÖICE Europe Ltd. ("ICE Europe"), a leading provider of cruise programs and Internet marketing technology for the leisure industry, announced the promotion of Michael Laws to managing director, ICE Europe. In his new role, Laws is responsible for managing the strategic direction of ICE Europe and ensuring successful client sales, affiliations and service delivery.

DESTINATIONS: The San Francisco Convention & Visitors Bureau (SFCVB) has announced that Dan Goldes has returned to the Bureau as vice president, member and community relations, and Tina Wu has been promoted to vice president, finance and administration. The changes follow the retirement of executive vice president Dale Hess after 33 years of service to the SFCVB.

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