It amazes me during this economic downturn - when hotel values have in some cases declined 50 percent or more and existing properties can be purchased at bargain prices - that hundreds of hotel developers all over the world are still looking to build new projects. In fact, HVS has never been busier performing feasibility studies for those projects to evaluate. Why build new at what would equate to replacement cost when you can buy an existing hotel at 33 to 50 percent of replacement cost? There are plenty of reasons.