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This week in Opportunities:

U.S. Lodging Industry Sees Quarterly Boost
Hotel Survey Shows Profits Boost in 2004
Hilton Reports Record First Quarter Results
Massive Wynn Las Vegas Resort Makes Debut
Boyd Gaming Reports Record First Quarter
MGM Mirage Completes Mandalay Resort Merger
Indian Gaming Jobs Surpass 50,000 in California
Business Travel Survey Sees More Travel
Homeports Stay Hot in Booming Cruise Business
Royal Caribbean Discloses Top Executive Pay
Opportunities Watch!
Executive Movers! See who's going where?
Travel Executive Employment Report

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OPPORTUNITIES NEWS & TRENDS!

U.S. Lodging Industry Sees Quarterly Boost

The hotel sector continues to exhibit strong growth. According to Smith Travel Research, industry occupancy reached 58.4 percent in the first three months of 2005, up 2.8 percent versus first quarter 2004. First quarter average room rate increased 4.2 percent to $90.25 and revenue per available room (revPAR) improved 7.2 percent to $52.74. Industry room supply increased 0.6 percent in the quarter versus 1.0 percent growth in first quarter 2004. Industry demand (room nights sold) increased 3.5 percent in first quarter 2005 compared to demand growth of 5.4 percent in first quarter 2004. Room revenue for the quarter gained nearly 8 percent to $21.1 billion. In the month of March 2005 alone, occupancy increased 2.2 percent to 64.0 percent while room rate jumped 3.9 percent to $91.96. March REVPAR increased 6.2 percent to $58.86. "First quarter industry performance was impressive, particularly considering Easter fell in March this year versus April last year and that first quarter 2004 performance was strong", said Mark Lomanno, president of Smith Travel. "With approximately 100K hotel rooms currently under construction, we anticipate room supply growth will remain relatively low and healthy demand growth will continue, leading to higher occupancy and good pricing leverage for full year 2005."

Hotel Survey Shows Profits Boost in 2004

According to yet another survey, the typical U.S. hotel achieved an 11.4 percent increase in profits in 2004 over 2003 according to the Trends in the Hotel Industry published by PKF Hospitality Research (PKF-HR), an affiliate of PKF Consulting. This improved profitability follows a three-year industry recession that saw unit-level hotel profits decline 36.2 percent during the period 2001 through 2003. On the other hand, while the turnaround in unit-level profitability is certainly welcome news, the average hotel in the Trends sample is just barely achieving the same bottom line dollars they did back in 1996. "It is important to know that hotels currently are quite profitable; however, it may not be until 2006 or 2007 that the average U.S. hotel will match the profit margins and dollars achieved in the late 1990s," said R. Mark Woodworth, executive managing director of Atlanta-based PKF-HR. "Looking at historical 'financial recovery' patterns for the lodging industry, the strongest gains in profits usually begin to occur in the third or fourth year of recovery." PKF Hospitality Research projects profit growth in the range of 14 to 16 percent for 2005. Industry-wide profits started to improve in 2003, but the greater number of hotels in operation influences this statistic. "Changes in unit-level profits are much more meaningful for hotel owners, operators, investors, and lenders," Woodworth said. "Understanding unit-level changes in hotel profitability is critical to measuring management efficiency, incentive management fees, changes in values, return on investment, debt coverage, and industry solvency." In 2004, the hotels in PKF's Trends sample enjoyed a 7.6 percent increase in total revenue, which eventually led to the 11.4 percent growth in operating profits. Of all the different property categories, resort hotels achieved the greatest increase in profitability in 2004. With total revenue growing 9.0 percent, operating profits in this segment grew 17.2 percent. At the other end of the spectrum, profitability for limited-service hotels experienced a gain of only 6.2 percent, but these "drive-to" properties held up better after 9-11. All other property types (full-service, suite, and convention hotels) saw their profits grow in excess of 10 percent in 2004.

Hilton Reports Record First Quarter Results

The lodging sector continues to be strong by individual company as well. Hilton Hotels Corporation last week reported first quarter 2005 net income of $64 million, a 73 percent increase from $37 million in the 2004 period. Diluted net income per share was $0.16 in the first quarter, compared with $0.10 in the 2004 quarter. The $0.16 of EPS equals the company's record for a first quarter since Hilton became a stand-alone lodging company in 1999. Said Stephen Bollenbach, Hilton's co-chairman and CEO: "The optimism for 2005 that we expressed at the end of 2004 has thus far been borne out, with each of our three businesses not only showing excellent results in the first quarter, but demonstrating sustainable growth. Strong demand from both business and leisure travelers, particularly the former, is enabling us to significantly increase room rates at most of our owned hotels. New York and Hawaii, our two biggest markets, have been especially strong, benefiting from increased demand, limited new competitive supply and a significant gain in international in-bound travel from Europe and Asia owing in part to the weak dollar. Our expectation is that these, and our other important markets, will continue to perform well in future periods, with Chicago improving in the second quarter of this year."

Massive Wynn Las Vegas Resort Makes Debut

Wynn Las Vegas, the most expensive casino in the world, opened April 28, marking the latest installment of the evolution of the Las Vegas Strip. The $2.7 billion resort opened as Las Vegas is riding a wave of record tourism and booming real-estate prices. Several major Strip casinos have added upscale hotel towers or will soon open new ones, including Caesars Entertainment Inc.'s Caesars Palace. Mandalay Resort Group in December 2003 opened THEhotel adjacent to Mandalay Bay, and the Bellagio, owned by MGM Mirage, opened a spa tower, complete with a fountain of liquid chocolate, last December. Wynn Las Vegas' 2,700 rooms have floor-to-ceiling windows with views of the Strip, the mountain and lake, or the resort's 18-hole golf course. The complex also sports 18 restaurants, some run by celebrity chefs, theaters, a spa and dozens of designer boutiques along with a Ferrari Maserati dealership. The resort also has proved to be a boon for employment in Vegas, with more than 5,000 employees.

Boyd Gaming Reports Record First Quarter

More good news on the gaming front. Boyd Gaming Corporation reported record adjusted earnings of $0.64 per share, an increase of 121 percent over the $0.29 per share reported in the first quarter last year. This result represents the third quarter in a row in which adjusted earnings per share were more than double the comparable quarter in the prior year. The company reported record EBITDA of $170 million for the first quarter, an increase of 111 percent over the $81 million reported for the first quarter last year. This is the third consecutive quarter in which the Company reported EBITDA more than double the amount reported in the comparable quarter a year earlier. Revenues for the first quarter were a record $567 million, an increase of 72 percent over the $330 million reported for the first quarter last year. Said Bill Boyd, chairman and CEO of Boyd Gaming: "In the booming Nevada market, our quarterly EBITDA broke the $100 million mark for the first time, nearly three and a half times what it was in last year's first quarter. The Las Vegas locals market remains one of the best places to operate in our business, and in the quarter we derived about half of our EBITDA from the stellar performances of our locals-oriented properties. And Borgata continues to prove what great results a fabulous, well-run facility can produce as it continues to outdistance the competition in the Atlantic City market. The coming addition of South Coast to our Las Vegas locals portfolio, the expansions that are underway at Borgata, the major expansion now going on at Blue Chip, the just-opened expansion at Delta Downs, and the early planning efforts on an exciting major development on the 63-acre Stardust site will place great assets in proven successful markets. We believe we have among the best growth pipelines in the gaming industry today."

MGM Mirage Completes Mandalay Resort Merger

Here's more news on the Vegas opportunities front. MGM Mirage announced that it has completed its $7.9 billion acquisition of Mandalay Resort Group. "This is an historic moment not just for our company, but for the industry," said Terry Lanni, chairman and CEO of MGM MIRAGE. "The combination of MGM MIRAGE and Mandalay Resort Group creates the world's leading gaming, entertainment and leisure company. There will be unrivaled opportunities in our dynamic new organization. Our dream combination of people and assets creates the best opportunity to serve an ever more diversified customer base. In representing all segments of the resort and gaming industry, we are better able to meet those needs and strategically realize revenue growth. "MGM MIRAGE now owns and operates 24 hotel and casino properties in Nevada, Mississippi and Michigan and has investments in three other properties in Nevada, New Jersey and the United Kingdom. The company has more than 70,000 employees and pro forma revenues of more than $7 billion.

Indian Gaming Jobs Surpass 50,000 in California

The gaming boom continues - and it means more jobs. Job growth created by California Indian casinos and their tribal governments grew by nearly 14 percent for the year ending March 2005, the California Nations Indian Gaming Association said. Preliminary statistics supplied by the California Employment Development Department also revealed tribes employed 50,800 workers in March 2005, up 0.2 percent from the previous month and 13.9 percent over March 2004.

Business Travel Survey Sees More Travel

Business travel is on the rebound, which is good for all segments of the travel business. American Express Business Travel has released its latest Global Business Traveler Survey that found a large majority (86 percent) of business travelers are expecting to increase the number of trips they take over the next 12 months. The highest expectations for travel are from the Chinese, where nearly 69 percent of business travelers expect to take more business trips, compared with 42 percent for Mexicans, 41 percent Americans, 34 percent Japanese and 33 percent Australians.

Homeports Stay Hot in Booming Cruise Business

One of the hottest areas in the cruise business is homeports. For example, more people are choosing to depart from New Orleans and New York on their cruises than ever before. Departures from New Orleans were up by 33 percent while departures from New York grew 27 percent in 2004, according to statistics released by the Maritime Administration (MARAD). North American cruise passenger traffic increased overall by 12.8 percent in 2004, with more than 9.4 million passengers traveling on the 17 major cruise lines. These figures are up from the 8.3 million passengers traveling on the same lines in 2003. Although ports in Florida continue to account for the majority of cruise passenger departures, passenger departures from Miami fell by 10 percent. The outlook was better for Fort Lauderdale and Port Canaveral where departures grew by 11 percent. The Western Caribbean continued to be the most popular destination, with 33 percent of the cruises traveling to this location. Cruises to Mexico's Pacific Coast experienced the largest growth in popularity, with a 32 percent increase in passengers. The total number of days passengers spent cruising increased by 15 percent in 2004. Cruises lasting six to eight days are still the most common, even though cruises nine days or longer grew 38 percent. The survey results mark the first time cruises lasting nine days or more have surpassed two to five day long cruises.

Royal Caribbean Discloses Top Executive Pay

Royal Caribbean Cruises Ltd. has disclosed the individual compensation of its top officers in a filing with securities regulators. Richard Fain, chairman and chief executive officer of the Miami-based cruise company, earned $986,539 in salary and a bonus of $2,119,688 last year. Company President Jack Williams, who is stepping down in June, was paid $895,673 plus a bonus of $1,191,328 in 2004. Also among the five most highly compensated Royal Caribbean executives were Chief Financial Officer Luis E. Leon, Royal Caribbean International President Adam Goldstein and Executive Vice President for Revenue Brian J. Rice Adam Goldstein, president of Royal Caribbean International, will receive base compensation of $525,000 per year, according to a financial filing. Celebrity Cruises president Dan Hanrahan's annual base salary will be $425,000. The base pay for Brian Rice, executive vice president-revenue performance, is $350,000. All three executives are eligible for additional performance-based cash bonuses and equity or long-term incentive rewards. Fain's salary and bonus are comparable to that of Carnival Corp. Chairman Micky Arison, who was paid $700,000 plus a $2.4 million bonus last year.

OPPORTUNITIES WATCH!

Four Seasons Opens New Hotel in Qatar

The luxury hotel segment just keeps growing. The Four Seasons Hotel Doha in Qatar opened its doors on April 23. The 232-room hotel, crowned by domes of intricate latticework, is a focal point of Doha's prestigious West Bay Complex and a new addition to the city's skyline. The property offers a host of amenities from its own private beach and 110-berth marina to the Spa and Wellness Centre and Doha's most extensive meeting and banqueting facilities. Four Seasons currently has 66 hotels in 29 countries, and more than 20 properties under development, For more information, visit www.fourseasons.com.

Starwood to Manage Westin Annapolis in Maryland

Starwood Hotels & Resorts Worldwide, Inc. announced a franchise agreement with an entity formed by Jerome J. Parks Companies and The Carlyle Group for a new 225-room luxury hotel under its upper-upscale Westin brand as the centerpiece of a new $200 million mixed-use development project, Park Place of Annapolis, Md. The 12-acre development will also consist of two five-story Class "A" office buildings, boutique-style retail, cafes, restaurants, and 208 luxury condominium units. A state-of-the-art performing arts center is also being planned for the project. The hotel will be developed by JBJ/Carlyle Park Place, L.P. based out of Annapolis, Md., and will be managed by Davidson Hotel Company based out of Memphis, Tenn. The Westin Annapolis will be a 225-room full service hotel. Westin Hotels & Resorts, with 121 hotels and resorts in 31 countries and territories, is owned by Starwood Hotels & Resorts Worldwide, Inc.

DayJet Unveils On-Demand Jet Executive Team

DayJet Corporation, which launched last week, announced its management team, board of directors and $18.3 million in initial funding. DayJet plans to operate the nation's first "Per-Seat, On-Demand" jet service to transform regional business travel beginning mid-year 2006. Founded in January 2002 under the research and development codename Jetson Systems, DayJet Corporation is led by Edward Iacobucci, a prominent high-tech entrepreneur. The company has been working for more than three years to develop the enabling technologies and operational infrastructure for a new option in regional transportation. DayJet's management team includes: Iacobucci, president and CEO, a successful entrepreneur and system software expert who brings more than 25 years of expertise to DayJet. In 1989 he co-founded Citrix Systems, Inc. and served as chairman of the board through 2000. Prior to founding Citrix, he worked at IBM for 11 years, where he was a key part of IBM's entry into the commercial software business. He also led the joint IBM-Microsoft design team that launched the modern era of multi-tasking personal computing operating systems. Chief Financial Officer John Staten brings over 15 years of experience in finance, operations, strategic planning and information technology, including launching and growing new businesses, building strategic partnerships and managing operations. Prior to joining DayJet, Staten served as CFO of NetSpeak Corporation, a global provider of VOIP telecommunications technology. Vice President-Advanced Technology Robert Spaulding has more than 25 years of system software, hardware and executive management experience at companies ranging from his own start-up to IBM, where he worked for 14 years. Vice President-Engineering Brad Noe has over 20 years of computer software management, planning, design and development experience from IBM, Motorola and NetSpeak Corporation. Director-Marketing and Communications Vicky Harris has over 15 years of marketing experience, including a dozen years in technology marketing management. Before joining DayJet Corporation in 2002, she worked at Citrix Systems for nine years, where she held several senior marketing positions, including six years as worldwide corporate communications manager. Director-Sales and Market Development Julie Murphy brings over 15 years of international sales and business development experience gained at multi-national blue-chip technology companies (including Compaq and Novell) in the U.S., Europe and Africa. Prior to DayJet, Murphy worked at Citrix Systems for four years where she was responsible for developing relationships with leading wireless and workforce mobility providers. For more information, visit www.dayjet.com.

OPPORTUNITIES EXECUTIVE MOVERS!

AIRLINES: World Air Holdings, Inc. announced several senior management changes associated with the acquisition of North American Airlines, Inc. North American will continue to be managed independently under its respective operating certificate, now part of the World Air Holdings organization along with World Airways, Inc. and World Risk Solutions, Ltd. Randy Martinez, who formerly held the president and chief executive officer (CEO) titles for World Air Holdings and World Airways, remains CEO of World Air Holdings. Jeff MacKinney, previously the chief operating officer of World Air Holdings and World Airways, has been promoted to president of World Air Holdings. Reporting to MacKinney at the World Air Holdings level will be: Charlie McDonald, senior vice president and chief operating officer, World Airways, Inc.; Steve Harfst, senior vice president and chief operating officer, North American Airlines, Inc.; Charlie Addison, senior vice president of operational support services; and Rob Binns, senior vice president of marketing and planning.

HOTELS & RESORTS: Dennis Szefel, group president of Delaware North Companies Hospitality, said he will act as president of Delaware North Companies Parks & Resorts. Szefel will assume operational responsibility for the largest revenue-producing unit of Delaware North Companies, one of the largest privately held companies in the United States. The change is a temporary one that will be in effect until a successor is appointed for Bruce Fears, former president of Parks & Resorts, who resigned. Szefel's accepting day-to-day operational responsibility for the fast- growing subsidiary represents a return to the business that he established over 10 years ago at the 90-year-old Delaware North CompaniesÖInterContinental Hotels Group has unveiled a Greater China leadership team to drive the initiatives that will reinforce the Group's leadership position in China. Reporting to Chief Operating Officer-North Asia Edmond Ip, the newly formed team includes five seasoned hospitality professionals with impeccable track records and expertise ranging from business development to investment and operations management. InterContinental currently has 48 hotels across its brands, in major gateway and secondary cities in Greater China. The members of the Greater China Leadership Team are: Kieron Ritchard, vice president, strategy, China: Ritchard will assess market opportunities and develop the growth strategy for Greater China. Jerry Huang, vice president, development, China: Huang leads the development team in driving the Group's expansion in Greater China and extending its brand distribution in key locations. Michael Liu, vice president, joint ventures and asset management, China: As head of the capital deployment team, Liu will identify suitable new potential partners and ensure the optimal use of capital to increase the China portfolio. Ooi Joon Aun, vice president, hotel openings, China: Ooi will leverage his project management skills to manage and oversee pre-opening hotels, including the provision of systems and tools support to ensure a smooth operational transition, resulting in a successful launch for the hotels. Bruce McKenzie, regional vice president, operations, China: McKenzie is in charge of the existing portfolio of hotels in China, to achieve operational and service excellence. He will work with the hotels to drive market share, profitability, guest and employee satisfaction and brand consistencyÖHilton International announced the immediate appointment of Armin Schroecker, general manager of the Hilton Toronto, as regional director Canada. In his new role, Armin oversees the operations of the five Hilton International hotels in Canada, while he continues managing the Hilton Toronto. His additional responsibilities include liaising with the Hilton Canada National Sales & Marketing office in Toronto, and assisting with hotel development efforts in Canada. Armin joined the Hilton Toronto in March 2004 from his previous position as general manager of London's flagship property, The Langham Hilton.

TOUR OPERATORS: Andy Christo was appointed vice president, tours and cruises at Homeric Tours, Inc. Christo has spent the last 20 years serving the Greek market, while holding executive positions at the Greek National Tourist Office, Royal Olympic Cruises, Golden Star Cruises and Epirotiki Lines. While at Royal Olympic Cruises, Christo served as vice president, tour operator sales. As director-U.S.A. of Golden Star Cruises, Christo headed the U.S. office in New YorkÖCollette Vacations announced the appointment of Nicky Manning as the company's new marketing manager. Manning will serve in the company's United Kingdom office. Manning has been employed in marketing for seven years beginning at Panorama Holidays as a marketing executive involved in a broad spectrum of responsibilities from advertising, exhibitions and events, website development, and public relationsÖHawaii World added Nancy Ecker, CTC, to its sales team. Ecker has been named regional sales manager, covering Southern California's Orange County, San Diego and Palm Springs areas. At Hawaii World, Ecker will be responsible for developing and strengthening existing travel agency relationships, training travel agency personnel on destination and product enhancements, and representing the company at various industry events.

TRAVEL TECHNOLOGY: ITA Software Inc., a leader in innovative airline distribution technology, named Derek Lewitton, former director of distribution strategy and planning for United Airlines, as vice president of sales. At United, Lewitton spearheaded the airline's new channel strategy to lower distribution costs, including the pursuit of GDS alternatives that would serve corporate and travel agency partners. Part of his responsibilities involved evaluating all of the new distribution technology solutions.

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