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This week in Opportunities:

New Armani Hotel Chain Gets Backing
Kimpton Gets Funding to Boost Boutiques
U.S. Hotels Post $16.7 Billion Profit In 2004
Royal Caribbean Adds Size to Existing Ships
Celebrity Cruises Launches New Century
Accor Expects to Double China Hotels by 2007
Opportunities Watch!
Opportunities Networking!
Executive Movers! See who's going where?
Travel Executive Employment Report

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OPPORTUNITIES NEWS & TRENDS!

New Armani Hotel Chain Gets Backing

Call it the birth of a new luxury hotel chain. Giorgio Armani S.p.A. and EMAAR Hotels & Resorts LLC executed a formal agreement between the two companies for the development of a unique international collection of Armani Hotels and Resorts. Under the terms of the agreement, Armani is awarding a long term license to EMAAR for the operation of a collection of luxury hotels and resorts, whereby EMAAR will be fully responsible for real estate, construction, management and operations, with Giorgio Armani overseeing all aspects of content, design and style, including interiors and amenities, incorporating the various Armani fashion, furnishings and beauty collections. EMAAR Properties has established a wholly-owned subsidiary, the EMAAR Hotels and Resorts LLC, along with separate management company exclusively dedicated to the management and operations of the Armani Hotel and Resort collection. These companies are under the direction of Mohamed Alabbar and are being staffed by highly experienced managers recruited internationally from within the luxury hotels sector. Armani has also established an Armani Hotels and Resorts division at its headquarters in Milan, which for the last one year has been actively developing the design concepts. The agreement foresees the opening of at least seven luxury hotels and three vacation resorts within the next 10 years backed by an investment of over $1 billion from EMAAR. The first hotel is expected to be opened by the first quarter of 2008 and it is already under construction as part of EMAAR Properties' Burj Dubai development. The Dubai Armani Hotel will include 175 guest rooms and suites restaurants and a spa, covering more than 40,000 square meters.

Kimpton Gets Funding to Boost Boutiques

Look for more growth on the boutique hotel front! Kimpton Group Holding, LLC, parent company of Kimpton Hotel & Restaurant Group, last week launched Kimpton Hospitality Partners, L.P., a limited partnership formed to acquire, develop and redevelop boutique/lifestyle hotel properties in select major U.S. metropolitan cities and resort areas across the country. The KHP Fund seeks to acquire over $450 million of hotel properties over the next two years. With the KHP Fund, Kimpton becomes the first branded hotel company with an institutionally funded dedicated fund for the acquisition and development of hotel and mixed-use (hospitality-retail-residential) properties. The KHP Fund will utilize a multi-pronged strategy for investments: Acquire existing hotels in desirable locations where the property is underutilized and where opportunities exist to reposition as a Kimpton hotel; acquire non-hotel buildings that can be converted to Kimpton hotel properties; acquire or develop Kimpton hotels within mixed-use developments; acquire boutique hotels in good physical condition and in need of some redevelopment or repositioning. The KHP Fund will play a critical role in Kimpton's future plans for growth, which include additions to the company's existing 39 properties, 25 percent of which are adaptive re-use projects. Primary target urban and resort markets for acquisitions include New York, Boston, Washington D.C., Miami and other South Florida cities, Los Angeles, Napa Valley, San Diego, Seattle, and Chicago.

U.S. Hotels Post $16.7 Billion Profit In 2004

The U.S. hotel industry last year generated profits of $16.7 billion on room revenues of $86 billion and all-time high total revenues of $113.7 billion. Smith Travel Research (STR), which does performance benchmarking for the industry released the results of its 2005 HOST (Hotel Operating Statistics) study, based on year-end 2004 results. Hotel profit in 2004 was 30.5 percent higher than in 2003, when the industry achieved profits of $12.8 billion. Industry revenue increased 8 percent from $105.3 billion in 2003. Gross operating profit as a percent of total sales (GOP) increased from 35 percent in 2003 to 36.6 percent in 2004. Said Randy Smith, co-owner and CEO of STR: "With a RevPAR increase of 7.8 percent in 2004, hoteliers were able to lessen the impact of higher labor, insurance and fuel costs and built on their strong 2003 results. Of the roughly 1.6 billion room nights available close to one billion room nights were sold in 2004 and we expect this strong performance to continue throughout 2005." Mark Lomanno, president of STR, added: "Record room revenues and total revenues are indicators that the industry has capitalized well on the resurgence of the business traveler. But industry profits are still below the levels of the year 2000 when GOP reached 40.9% and profits topped $22.5 billion. Hoteliers need to remain vigilant in both their pricing and keeping cost increases under control in a variety of areas, but the increase in GOP shows that this process has already begun."

Royal Caribbean Adds Size to Existing Ships

Cruise lines aren't just building new ships to meet growing demand; they're increasing the size of existing vessels. Royal Caribbean's third ship to be extended, Enchantment of the Seas, lies in dry dock this month, where workmen are laboring round-the-clock to add a 73-foot midsection and other major innovations. Enchantment of the Seas will return to sea for sea trials and soon afterwards will resume service on July 7, 2005. The lengthened ship will have 151 new staterooms and a number of new venues and amenities, including soaring suspension bridges on Deck 10, a vitality course with four fitness stops, an interactive water fountain play area and the first bungee trampolines at sea. Enchantment of the Seas will sail a series of New England/Canada sailings from Cape Liberty Cruise Port in Bayonne, N.J., Philadelphia and Boston when she reenters service in July.

Celebrity Cruises Launches New Century

Royal Caribbean isn't the only company to be augmenting its existing tonnage. Last week Celebrity Cruises, Royal Caribbean's sister company, announced plans to revitalize its 77,713-ton Century, which entered service in December 1995. Following an approximately $55-million makeover beginning in April 2006, and marking Celebrity's most extensive refurbishment to-date, Century will emerge from a five-week dry dock period on June 2, 2006, with 314 new verandas. The revitalization project also will result in the addition of 14 new suites, 10 new staterooms ranging from inside to veranda category, an expanded number of ConciergeClass category staterooms and a new specialty restaurant.

Accor Expects to Double China Hotels by 2007

French hotel group Accor S.A. reportedly expects to double its number of hotels in China and Hong Kong to 50 by 2007. Accor, which like many other top hotel chains is expanding rapidly in the region, operates hotels under various names, including Sofitel, Novotel, Mercure and Ibis. I plans to spend about 50 million euros ($61.6 million) to build 26 hotels in China in the next two years, including 15 Ibis hotels. The company also said it will open eight Sofitel hotels under management contracts. One will open in the ancient Chinese capital of Xi'an in June and two others by the end of this year in Hangzhou and Haikou. Others are planned for the cities of Xiamen, Suzhou, Shi Jia Zhuang, Nanjing and Liyang. The number of Chinese tourists traveling abroad and within China is expected to double to 50 million by 2008 from the current 25 million. Accor now runs 20 hotels in China and four in Hong Kong. Around the world, Accor has about 4,000 hotels in 90 countries. Accor is also expanding into India, with the first Novotel to open at the end of this year in the city of Hyderabad. Two Ibis hotels will be added next year, and another three the following year.

OPPORTUNITIES WATCH!

Ritz-Carlton Sets Russia, Grand Cayman Openings

The Ritz-Carlton Hotel Company is continuing its growth program to open new luxury resorts around the world. Ritz-Carlton will open its first property in Russia mid-year 2006, a 332-room hotel in Moscow. "Our expansion into Russia signifies an exciting strategic move for The Ritz-Carlton Hotel Company. With the Russian economy thriving, it is the ideal time to establish our brand in the capital. Ideally located near the Kremlin, Russia's seat of power for almost eight centuries, and the adjacent Red Square with its colorful domes of St. Basil's Cathedral, we look forward to welcoming Muscovites to the new hotel as well as discerning business and leisure travelers," said Simon Cooper, president and chief operating officer. The hotel will be located just off Red Square and within walking distance of the Kremlin, St. Basil's Cathedral, Lenin's Mausoleum and the Bolshoi Theater. Separately, The Ritz-Carlton, Grand Cayman is nearing completion and remains on track for a late fall opening, according to its developer. The resort will feature 365 guestrooms and suites, the first La Prairie Spa in the Caribbean, five dining venues including two restaurants by Eric Ripert of top-ranking New York restaurant Le Bernardin, several bars and lounges, a 6,000 sq. ft. luxury retail emporium featuring premium brands, the island's largest ballroom, a tennis center by Nick Bollettieri, Ambassadors of the Environment by Jean- Michel Cousteau children's program, and a Greg Norman-designed nine hole golf course. Ritz-Carlton currently operates 59 hotels in the Americas, Europe, Asia, the Middle East and Africa. More than 20 projects are under development around the globe, including two in Beijing over the next year.

Palace Resorts Opens First Cozumel Property

Here's another top all-inclusive resort company on the growth track. Palace Resorts has opened the Cozumel Palace, the latest addition to the company's line of all-inclusive luxury resorts. Palace Resorts acquired the Cozumel Palace, formerly the Hotel Plaza Las Glorias Cozumel, in early 2004 and immediately began renovations to the 176-room property. "The opening of Cozumel Palace marks Palace Resorts' most recent venture into an area outside the Cancun/Riviera Maya region of Mexico," said Maira Briceno, director of marketing for Palace Resorts. Palace Resorts offers six all-inclusive properties in Cancun and the Riviera Maya. In addition to Cozumel Palace, three new Palace Resorts will open later this year including Vallarta Palace, Playacar Palace and Le Blanc Spa Resort, a new luxury brand for Palace Resorts. For more information, visit www.palaceresorts.com.

Loews Develops New Lake Las Vegas Resort

Lake Las Vegas Resort, a 3,592-acre residential, golf and resort community just minutes from the Las Vegas Strip, said Loews Hotels will build its first hotel in Nevada at the billion-dollar resort. The new Loews Hotel, Loews Lake Las Vegas Resort, will become part of a successful resort community nestled around a 320-acre lake boasting three championship golf courses, multi-million dollar homes, high-end retail and award-winning restaurants. The Loews Lake Las Vegas Resort will have an estimated 400 rooms with 40 suites and will feature 40,000 square feet of meeting space and two restaurants. Ground breaking on Loews Lake Las Vegas Resort is scheduled for 2006, with a grand opening slated for 2008.

W Hotels Sets Puerto Rico Caribbean Debut

W Hotels Worldwide announced today plans for the first W Hotel in the Caribbean, W Vieques-Martineau Bay, located on the island of Vieques, is scheduled to open in fall of 2006. It will have 156 guest rooms and villas, two restaurants including one pool-side cafe, an 8,000 square foot spa and a 3,000 square foot bar. Starwood Hotels & Resorts Worldwide, Inc., W's parent company, signed an agreement with Reig Capital Puerto Rico, Inc., which owns the 42 acre beachfront site. The property will be managed by W Hotels. W Hotels currently has 20 properties in cities around the world. Recent openings include W's first property in Asia, W Seoul-Walkerhill, which opened in August 2004 and its first property in Canada, W Montreal, in October 2004. In addition, there are more than a dozen W Hotels in the development pipeline in city and resort destinations.

OPPORTUNITIES NETWORKING!

Meet Top Hospitality Revenue Experts!

A "who's who" of revenue management executives from leading hospitality companies and travel concerns will headline the agenda at the second annual Hospitality Sales & Marketing Association International (HSMAI) Revenue Management Strategy Conference, to be held in Los Angeles on June 20, 2005 at the Los Angeles Convention Center in conjunction with the HITEC conference. Speakers include executives from companies such as Carlson Hospitality, Northwest Airlines, Intercontinental Hotels Group, Marriott International, Yahoo, SideStep, Kayak, and Hotwire, among others. The opening keynote will be from Mark Bergen, Ph.D, Professor, Carlson School of Hospitality Management at the University of Minnesota. The conference also includes a vendor/partner showcase, concurrent breakout sessions, and a recap of roundtable discussions and closing remarks. The registration fee for HSMAI members is $245 and $400 for non-members. The non-member fee includes a one-year HSMAI membership. For more information, call Mary Hanger at 703-610-9024. To register, visit www.hsmai.org.

OPPORTUNITIES EXECUTIVE MOVERS!

AIRLINES: UAL Corporation, parent company of United Airlines, announced changes in the responsibilities of two senior executives. Senior Vice President-Strategic Sourcing and Chief Procurement Officer Richard Poulton will take on additional enterprise-wide responsibility for information technology and business development. Poulton's expanded duties include corporate development activities, technology infrastructure, continuous improvement programs and strategic sourcing. Poulton will now hold the title of senior vice president-business development, reporting to United Chairman, CEO and President Glenn Tilton. Executive Vice President-Strategy Douglas Hacker will lead efforts to assess United's ancillary businesses as part of completing United's Chapter 11 restructuring. Hacker will initially focus on San Francisco-based MyPoints.com. Hacker played an integral role in the development of United's loyalty and e-commerce businesses, including Mileage Plus, MyPoints.com, united.com, Orbitz and Hotwire. He also served as the first president of UAL Loyalty Services and as chief financial officer of United.

CRUISE LINES: Cruise West, a second-generation, family-owned business and the largest American-owned cruise line, named Warren Sukernek as vice president sales, marketing and reservations. Sukernek will oversee all aspects of Cruise West's growing sales and marketing programs, in addition to orchestrating all logistics to meet an increasing demand for reservationsÖRick Strunck has joined Norwegian Cruise Line as director of itinerary planning. Strunck assumes responsibility for planning routes for NCL, Orient Lines and NCL America, effective immediately. He reports to Steve Riester, vice president-planning and analysis. Based in South Florida, Strunck has served as a consultant for the past six years.

HOTELS & RESORTS: Kerzner International Limited, a leading international developer and operator of destination resorts, casinos and luxury hotels, announced the succession plan for the Bahamas business in response to the retirement of President/Managing Director Paul O'Neil. George Markantonis, who joined the company as president/managing director of Atlantis, The Palm, Dubai in February 2004, will succeed O'Neil, who will officially leave his post in early 2006. Markantonis will assume his new position in September 2005 and will report directly to Howard Karawan, president/managing director of the company's Destination Resorts business. Markantonis will be based in The Bahamas. With Markantonis's promotion and move to The Bahamas, continued development of Atlantis, The Palm, Dubai will be handled by Alan Leibman, president/managing director of Kerzner's destination resort casino development, Mazagan, in El Jadida, Morocco ÖLe Meridien Hotels & Resorts has appointed Achim Brueckner as general manager to spearhead the re-opening of Le Meridien Khao Lak Beach Resort & Spa in Thailand in October this year, after it was damaged by the tsunamiÖCedar Fair, L.P., a publicly traded partnership which owns and operates seven amusement parks and five water parks, announced that Peter Crage has been elected as corporate vice president-finance and chief financial officer, effective July 4, 2005. Crage, 43, will be replacing Bruce Jackson, who announced his retirement last month. Since rejoining Cedar Fair in August 2004, Crage has served as Cedar Fair's vice president and corporate controllerÖCrestline Hotels & Resorts announced the appointment of Alfred Wiles, CHA, as general manager for the L'Enfant Plaza Hotel. The hotel is the hallmark of Washington, D.C.'s L'Enfant Plaza which was acquired by The JBG Companies, and is undergoing a $300 million redevelopment which includes becoming the home to the new National Children's MuseumÖThe Mansion on Forsyth Park, a Kessler Collection property, has appointed Gregory Leinweber as director of sales at the luxury Savannah, Ga., property. Leinweber comes to the hotel with over 15 years of experience, previously serving as the assistant vice president of marketing and leasing for the Village Green Companies.

DESTINATIONS: Richard Peterson, a seasoned hospitality and convention and visitors bureau executive, has joined LA Inc. The Convention and Visitors Bureau as senior director of travel industry and tourism development. In his new position, Peterson is responsible for developing the strategy for working with the leisure travel industry both domestically and in Canada. In addition, he will oversee the Los Angeles Travel Academy, an international travel agent training program and The Travel Industry Familiarization Program.

TRAVEL TECHNOLOGY: Reservation Center, Inc., a subsidiary of travel industry distribution and settlement services provider Onelink4travel, Inc., has hired Donald Dawayne Flor as its vice president of sales and marketing. Flor most recently was founder and president of iGroups, a sales/marketing consultancy providing programs for scores of clients in the travel industry as well as in electronics, high-tech, food manufacturing, fitness equipment and other fields.

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