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This week in Opportunities:

Central American Markets Undergo Billion Dollar Development
Study Explores Relationship Between Airline Capacity and Hotel Demand
Opportunities Watch!
Executive Movers! See who's going where?
Travel Executive Employment Report

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OPPORTUNITIES NEWS & TRENDS

Central American Markets Undergo Billion Dollar Development

The Concord Group, a real estate consultancy firm, has published an analysis of recent Central American development projects that indicates international wealth is driving the development of luxury resorts and associated hotel-branded residences in a growing number of Central American nations. Luxury hotel brands, such as the Ritz-Carlton and Four Seasons, are increasingly bringing resorts and branded residences to Central American markets to meet international demand. These residences receive services and amenities from their associated hotels and may be put into the hotel’s rental pool to generate income. While luxury development in Central America has traditionally been focused in the mature markets of Costa Rica and Mexico, there are current and planned branded residential developments in emerging markets such as Panama and Belize.

• Residences are typically part of large-scale, master planned communities geared towards luxury second-home buyers.
• Amenities vary by community, but many include: marinas that can accommodate mega-yachts, signature golf courses and resort hotels.

• Major hotel-branded residences in Costa Rica include the Four Seasons at Peninsula Papagayo and the St. Regis in Puntarenas.
• Additional hotel brands with current or planned partnerships in regional developments include Mandarin Oriental, Ritz-Carlton, Trump and Rosewood.

• Major branded hotel residences in the region include the Ritz-Carlton and Trump at Cap Cana in the Dominican Republic and Mandarin Oriental at Christophe Harbour in St. Kitts.

• In return for providing initial funds at the first stage of a project, founder’s club packages may offer initial buyers high returns on their investments.
• Packages may include one or more residences, golf club membership, marina slips and access to private members-only clubs.

Study Explores Relationship Between Airline Capacity and Hotel Demand

According to the latest analytical data from PKF Hospitality Research (PKF-HR), U.S. hotels could face a decline in lodging demand greater than that experienced during the turmoil following the terrorist attacks on September 11, 2001. Under a worst-case scenario, a 1 percent decline in the number of seats flown within the U.S. will result in a 0.39 percent decline in the demand at the nation's hotels. These findings come from an in-depth econometric analysis performed by lodging experts PKF Hospitality Research. "Many industry participants have been speculating about the spillover effect a deteriorating airline industry will have on hotels," said Mark Woodworth, president of PKF Hospitality Research. "Our research measured the historical relationship between these two components of the travel industry. This allowed us to project just how much business hotels stand to lose given the cutbacks in capacity announced by the major airlines." Using historical data from Smith Travel Research, Moody's Economy.com, and the Department of Transportation, and controlling for the effects of changes in income and employment, PKF-HR found what many intuitively believe: a highly significant relationship exists between available seats and hotel room night demand. Given PKF-HR's second quarter Hotel Horizons(SM) forecast for 2008, a 3.9 percent reduction in lodging demand for the year would translate into approximately 40 million fewer room nights occupied, or $4.3 billion in revenue, on an annual basis.

Several factors, however, suggest that the decline might not be quite so bad. "As one would expect, the airlines are eliminating those flights that are in least demand and lowest in fuel efficiency. Some portion of the demand that would have booked a flight that is no longer available will simply adjust the timing of their travel plans. Trips will still be made," Woodworth noted.

Statistically speaking, the PKF-HR regression analysis found that Miami, Orlando, Phoenix, and Denver have historically shown the most significant relationships between airline seats and lodging demand. This indicates that these cities are the most sensitive to changes in airline service. "What these markets have in common is that they are either major leisure destinations, or geographically situated in an isolated location away from other major metropolitan areas," said John B. (Jack) Corgel Ph. D., the Robert C. Baker professor of real estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR. "Conversely, cities that are very economically diverse, or those that are easily accessible from other metro areas via automobile or train, are best positioned to withstand cutbacks in airline capacity. Most of the major cities along the two coasts fall into these categories." Pricing levels also dictate the vulnerability of hotels to changes in the airline industry. In general, properties in the highest and lowest rated chain-scales are least susceptible to movements in airline capacity, while those in the middle stand to lose the most. "Historically, the performance of luxury hotels and budget-oriented motels is largely insensitive to changes in airline capacity. Conversely, lodging establishments in the upscale and midscale without food and beverage categories have exhibited the greatest historical vulnerability to changes in the airline industry. These two lodging segments are popular with mid-level business and leisure consumers that don't have quite the economic insulation of executive luxury travelers, or the bare-bones budget of construction crews and thrifty trekkers," Corgel said. For more information, visit www.pkfc.com/hotelhorizons.

OPPORTUNITIES WATCH!

The Hongkong and Shanghai Hotels, Limited Signs Heads of Agreement for a Proposed Hotel Development in Paris, France

The Hongkong and Shanghai Hotels, Limited (HSH) has announced that it has entered into a heads of agreement (HOA) with Qatari Diar Real Estate Investment Company (QD) for a proposed hotel development in Paris, France. The building is located on Avenue Kleber, one of the most prestigious arteries off the Arc de Triomphe, in the heart of Paris' tourist and business districts. Built in the early 20th Century, the building was, until 1936, home to the Majestic Hotel which at the time was one of the top grand hotels in Paris. Subsequently, it was owned by the French State, occupied by UNESCO and the French Ministry of Foreign Affairs which has recently been using it as the Centre International de Conferences. The building is currently owned by Qatari Diar. Under the HOA, the Company has agreed to purchase a 20% minority interest in the asset from QD and to subsequently jointly re-develop the building into a Peninsula hotel. The financial commitment of the Company in respect of the purchase of the minority interest in the asset, together with its share of the re-development costs, is expected to be in the region of approximately Euros 140 million. The expected date of opening is mid 2012. HSH's shareholders and potential investors should note that the HOA is a non-legally binding agreement and the proposed hotel development will be subject to binding agreements being entered into.

OPPORTUNITIES EXECUTIVE MOVERS!

AIRLINES: American Eagle has announced changes in leadership at its San Juan-based Executive Airlines operation in which Ed Criner, Executive's current president, will return mainland to oversee one of American Eagle's largest operations at Chicago O'Hare airport, and Pedro Fabregas, Vice President - Finance and Planning for Executive, will become President - Executive Airlines. Fabregas, a 25-year industry veteran, joined American Airlines in 1983 and quickly progressed through a number of management positions within the operation, including Passenger Service, Ramp Service and Facilities Maintenance. He moved to Executive Airlines in 1998 as Director - Finance and Administration, and has since contributed in a variety of roles, including Director - Sales, Marketing and Planning. In 2005, Fabregas was selected by the Senate of the Commonwealth of Puerto Rico as one of the most important business leaders in Puerto Rico. A native of San Juan, Fabregas holds a Bachelors degree in Administration from the University of the Sacred Heart and a Masters degree in Business Administration from the University of Miami School of Business.

HOTELS & RESORTS: Leigh Ann Pettus has joined Prestige Resorts & Destinations, Ltd. as a regional director of sales, based in Nashville, Tenn. This new addition to the sales team further strengthens Prestige's presence in the Southeast. A 20 year veteran of the hospitality industry, Pettus will work with meeting professionals throughout the state, focusing primarily on the healthcare industry and educational field. During the last seven years, Pettus has been a sales and marketing consultant, using her extensive, award-winning experience to help large and small companies. For most of her career, Pettus was director of worldwide accounts for Radisson Hotels and Resorts, where she primarily worked with Fortune 500 companies on their meetings, special events and business travel. She was honored as Sales Manager of the Year and also received the company's Sales and Marketing Achievement Award. Carlson Corporation, Radisson's parent company, bestowed the Top Achiever Award to Pettus. She was appointed to a special task force to help launch the Radisson Diamond Seven Seas Cruise Lines' first luxury cruise ship designed for high-end meetings and incentives. Pettus has also held positions at Ramada Hotels, Renaissance Hotels and the Lawson Corporation, where she was named employee of the year... Crestline Hotels & Resorts, Inc. has announced the appointment of Paula Rinker as Director of Sales for the 158 guest room Hilton Garden Inn BWI Airport, Maryland. Rinker joins Crestline Hotels & Resorts from Star Hotels in Columbia, MD, where she was the Corporate Director of Sales and Marketing for four properties. She brings more than 18 years of hospitality industry experience to her new role having also held management positions with Baywood Hotels, Holiday Inn Hotels, Omni Hotels & Resorts, and Marriott. Rinker is an active community volunteer and has won many industry accolades including: The Academy Award, Friend of the Academy -- Baltimore Academy of Travel, Hospitality, & Tourism -- 2001, and a proclamation from the City of Baltimore Mayors Office in recognition of contributions for tourism... DiamondRock Hospitality Company ("DiamondRock") has announced that Mark W. Brugger has been named Chief Executive Officer, effective September 1, 2008. After that date, Bill McCarten, DiamondRock's current Chief Executive Officer and Chairman of the Board of Directors, will continue in his role as Chairman. In addition, the Board of Directors has announced that, effective September 1, 2008, it will expand the Board of Directors from 6 members to 7 members through the appointment of Brugger as a member of the Board of Directors. Brugger is one of the founders of DiamondRock and has served as its Executive Vice President, Chief Financial Officer and Treasurer since its formation in 2004. In this role, he led all of the Company's capital markets activities, helped to formulate strategies, and sourced a number of DiamondRock's hotel acquisitions. Prior to joining DiamondRock, Brugger had significant experience in real estate and lodging as a Vice President for Marriott International, Inc., where he was involved in numerous hotel transactions. He has also held the position of Vice President of Investment Sales at Transwestern Commercial Services and as Land Development Director at Brookfield Homes. Brugger received his Juris Doctorate from American University School of Law and his Bachelor of Arts from the University of Maryland at College Park... Barcelo Hotels & Resorts announced the appointment of Pamela Payne, CMP as a Director of Meeting & Incentive Sales for the South Central region of the United States. Payne joins Barcelo from Sol Melia Hotels & Resorts where she was Regional Director of Group Sales. She brings more than 17 years of meeting and incentive hospitality sales experience to her new role. Prior to her tenure with Sol Melia Hotels & Resorts, Payne was the Director of Sales for the Radisson Resort Hill Country hotel, San Antonio, TX, and the Corporate Director of Sales & Marketing for Allegro Hotels & Resorts in Miami, FL. She is a Certified Meeting Planner (CMP) and has numerous industry accolades including: Top Producer for Sol Melia Hotels & Resorts for five consecutive years, and nominations for Supplier of the Year and Special Project of the Year from GaMPI. She attended the University of Houston in Houston, TX... Tim Poster and Tom Breitling will be joining Wynn Resorts subsidiary Wynn Las Vegas as Sr. Vice Presidents of Strategy and Development. As long-standing business partners, Tim and Tom have together helped to pioneer the online travel industry with the development and ultimate sale of Travelscape to Expedia. This Las Vegas oriented travel company established a sales model that was eventually adopted and more fully exploited by the leading internet-based travel agencies. It wasn't long after selling Travelscape that Tim and Tom orchestrated the acquisition of the Golden Nugget, and turned their attention towards revitalizing this classic casino property. As the principal operators, they expanded their knowledge and understanding of integrated resort operations and managed to reinvigorate this downtown Las Vegas gem. Their collective experiences and their entrepreneurial drive, make them ideally suited to assist Wynn as it prepares for another period of substantial growth and change.

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