Average annual growth in RevPAR (revenue per available room) over the past 20 years is 4.2 percent. In 2008, it was -2 percent; in 2009, it was -16.6 percent. “That’s the largest drop of all time,” said Michael Dominguez, vice president, global sales, Loews Hotels & Resorts, during a recent presentation. In two years, the hotel industry lost $22 billion in profits. In the past, hotels in need of cash could refinance based on equity. “Now there is no ...

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