New York panel reaffirms prolonged downturn
Yesterday, Proskauer Rose LLP and Ernst & Young held a seminar attended by many of the top New York-based people in the industry. Here are the summary results of the panels, which mirrors what I’ve been saying in this column for the past several weeks: 1. Nobody is willing to predict the next year, but the consensus was RevPAR will be down 15 percent to 20 percent, or maybe more than 20 percent, in 2009. 2. 2009 already is a lost year and a wipeout. 3. There’s hope but no conviction 2010 will be better, but nobody is willing to predict.