Development Slows

The one-two punch of September 11 and the stagnant economy has slashed the number of hotel development and renovations projects scheduled for 2002. Marriott will open 125 properties this year versus 170 in 2001; Renaissance Hotels & Resorts will open only 10 hotels in the coming year; and Starwood Hotels has also reported a slowdown. Industrywide, according to PriceWaterhouseCoopers, 6 percent of hotel projects scheduled for completion in 2002 and 2003 have been canceled or deferred. With