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Lodging Leaders: Recovery a While Away

NEW YORK CITY-But lack of new supply will help the industry bounce back.

By Maria Wood | Updated on June 04, 2009

NEW YORK CITY-A panel of lodging CEOs do not foresee an immediate turnaround to the industry’s fortunes. However, with a lack of new supply coming on line in the near future, they expect the recovery, when–and if–it happens, to be quick and strong.

Those views were expressed during a press conference held during this week’s New York University International Hospitality Industry Investment Conference at the Waldorf-Astoria. The “Coffee Talk” panel included: Eric A. Danziger, CEO of Wyndham Hotel Group; Stephen P. Joyce, president and CEO, Choice Hotels International; Gary M. Mendell, chairman and CEO, HEI Hotels & Resorts; Frits van Paasschen, president and CEO, Starwood Hotels & Resorts Worldwide Inc.; Gilles C. Pelisson, chairman and CEO, Accor; Mitesh B. Shah, senior managing principal and CEO, Noble Investment Group; and W. Edward Walter, president and CEO, Host Hotels & Resorts Inc.

Moderating the panel was Jonathan M. Tisch, chairman and chief executive officer, Loews Hotels, and co-chairman of the board and office of the president, Loews Corp.Although he stated he is typically optimistic, Shah said, “I can’t see anything that gives me optimism that a recovery is going to start in short order.” Yet he added, “There is no supply growth, so when there is a recovery, it will be more pronounced than it would have been in the other previous recessions of the early ’80s.”

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