Cornell Research Center Opens New Forum for Industry Experts
The “Ask the Board” forum starts the year with a question that many are asking: What is your perspective on the outlook for 2009? Eight industry executives and researchers offer a lively and diverse set of responses. For example, Michael Egan, chairman and founder of job.travel, expects a return to economic growth in 2009, due to the liquidity created by the Federal Reserve. In contrast, Richard Rizzo, director of consumer research for General Growth Properties, cautions that consumer reticence will delay recovery for most or all of this year. Looking directly at the hospitality industry, Adam Weissenberg, U.S. tourism, hospitality, and leisure leader for Deloitte & Touche, believes both business and leisure travel will continue to struggle, with little prospect for a recovery before the fourth quarter. Mark Lomanno, president of STR Global, concurs by pointing out that his firm expects both declining demand and falling room rates. The glimmer of hope in that picture, Lomanno added, is that room supply growth is slowing, also due to economic concerns.
Other “Ask the Board” participants point to the opportunity that lies in the current economic situation. Those include Gerald Lawless, executive chairman of Jumeirah Group, and Charles Chang, assistant professor at the School of Hotel Administration. Summarizing the discussion, Sherwyn said, “I believe we'll be in for a wild ride.”
About The Center for Hospitality Research | A unit of the Cornell School of Hotel Administration, The Center for Hospitality Research (CHR) sponsors research designed to improve practices in the hospitality industry. Under the lead of the center's 74 corporate affiliates, experienced scholars work closely with business executives to discover new insights into strategic, managerial and operating practices. The center also publishes the award-winning hospitality journal, the Cornell Hospitality Quarterly. To learn more about the center and its projects, visit .
Center partners and sponsors: AIG Global Real Estate Investment, American Airlines Admirals Club, Davis & Gilbert LLP, Deloitte & Touche USA LLP, Denihan Hospitality Group, Expedia, Inc., Four Seasons Hotels and Resorts, Fox Rothschild LLP, FX Real Estate and Entertainment, Inc., General Growth Properties, Inc., HVS, InterContinental Hotels Group, job.travel, JohnsonDiversey, Inc., Jumeirah Group, LRP Publications, Marriott International, Inc., Marsh's Hospitality Practice, Mobil Travel Guide, Inc., PricewaterhouseCoopers, Proskauer Rose LLP, Smith Travel Research, Southern Wine and Spirits of America, Inc., SynXis (a Sabre Holdings Corporation), Taj Hotels Resorts and Palaces, Thayer Lodging Group, TIG Global, Thompson Hotels, Travelport, WATG, and WhiteSand Consulting
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