“When times get better, normally supply increases. In the hotel market, supply hasn't increased, it has shrunk,” says David Scypinski, senior vice president, industry relations, Starwood Hotels and Resorts, Washington, D.C. Demand, on the other hand, has skyrocketed in the past two years, creating the largest gap between the change in demand and the change in supply in decades. In the top 25 markets, room demand rose 6.2 percent in 2004 and another 4 percent in 2005, while supply grew just ...

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