In early 1991, Darryl Hartley-Leonard, then president of Hyatt Hotels, made a prediction that was to foreshadow a dark period in hotel profitability. He warned his fellow hoteliers to "survive til '95" in a keynote speech at the American Hotel and Motel Association annual meeting, and at several other large meeting planner gatherings shortly thereafter. His prediction that the overbuilt hotel situation, coupled with an oncoming economic recession, would mean hard times for the hotel ...

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