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March 14, 2004

World Travel & Tourism Council forecasts that Montenegro will become the Fastest Growing Travel & Tourism Economy in the World

In Montenegro for 2004, WTTC is forecasting: Demand : Encompassing all components of Travel & Tourism consumption, investment, government spending and exports to grow 8.2% (real terms) and total EUR322.6 ... The ten-year annualized growth (2005-2014) forecast is 10.3% per annum, ranking Montenegro the number one fastest growing Travel & Tourism market in the world out of 174 countries covered by WTTC's 2004

WTTC

Press Release Sales & Marketing

March 11, 2004

Summit Hotels & Resorts Sets Sights On 2004 Growth

The hoteliers polled believe that 2004 will see a recovery after the problems of the past few years, with many forecasting an increase for leisure travel as a result of pent up demand. ... Technology now plays a key role in bookings and also in satisfying the demands of business travellers.

Preferred

Press Release Finance

March 9, 2004

Lodgian Reports 2003 Results

The lower revenues resulted from a decline in occupancy, room rates and catering revenues that reflected a general weakness in travel demand, business disruptions associated with renovations at a number ... "Our remaining properties have long-term growth potential and are being upgraded and positioned to take advantage of the forecasted rebound in travel and the lodging industry," he added.

Lodgian

Press Release Finance

March 9, 2004

Three Lodging Segments Will Lead Performance Improvement for U.S. Lodging Industry in 2004

NEW YORK, After three years of industry-wide contraction, PricewaterhouseCoopers forecasts lodging demand will increase 4.5 percent in 2004, and lodging industry supply will grow 1.4 percent in 2004. ... PricewaterhouseCoopers forecasts Upper Upscale demand to increase by 5.4 percent in 2004, Upscale demand to increase by 7.9 percent in 2004 and Midscale without F&B to increase by 7.5 percent.

PwC (US)

Press Release Finance

March 9, 2004

Global Travel & Tourism Poised for Robust Growth in 2004 - WTTC Reports

Releasing forecasts prepared on its behalf by Oxford Economic Forecasting, which follow the United Nations standard for Tourism Satellite Accounting, the WTTC reported that the Travel & Tourism recovery ... Worldwide for 2004, WTTC is forecasting: Demand: Encompassing all components of Travel & Tourism consumption, investment, government spending and exports to grow 5.9 per cent (real terms) and total $5.5

WTTC

Press Release Finance

February 26, 2004

Four Seasons Hotels Inc. reports results for fourth quarter and year end 2003

As travel demand trends continue to improve, we anticipate a stronger financial performance in 2004." ... demand.

Four Seasons

Press Release Sales & Marketing

February 26, 2004

WTTC Releases 2004 Economic Forecasts for US Travel & Tourism

For 2004, WTTC is forecasting: Demand: Encompassing all components of Travel & Tourism consumption, investment, government spending and exports to grow 7.3% (real terms) and total $1.5 trillion in 2004 ... The ten-year annualized growth (2005-2014) forecast is 4.1% per annum illustrating the outlook for robust recovery in 2004.

WTTC

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Mews

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Tambourine

Press Release Finance

February 23, 2004

Host Marriott Reports Results of Operations for Fourth Quarter and Full Year 2003 and Issues 2004 Guidance

amounts) Low-end of Range Full Year 2004 Forecast Per Share Income (Loss) Shares Amount Forecast net loss available to common shareholders $ (112) 322.1 $ (.35) Adjustments: Depreciation and amortization ... share amounts) Low-end of Range First Quarter 2004 Forecast Per Share Income (Loss) Shares Amount Forecast net loss available to common shareholders $ (43) 320.3 $ (.14) Adjustments: Depreciation and

Host

Press Release Finance

February 18, 2004

John Q. Hammons Hotels, Inc. Reports Year-End and Fourth Quarter 2003 Results

Operations Outlook We forecast that the industry should recover throughout 2004, generating RevPAR above 2003 levels. ... These statements contain the words "believe," "anticipate," "estimate," "expect," "forecast," "project," "intend," "may," "will," and similar words.

John Q. Hammons

Ad Tambourine One

All you need is one.

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Tambourine

Press Release Sales & Marketing

February 18, 2004

Final Results 2003 - Chain Hotels In Europe: Within A Very Difficult Context, A Drop In Activity In 2003 That Met Expectations - MKG Reports

The 2003 MKG Consulting forecasts predicted a drop in RevPAR between -2% and -4%: the year closed with a fall of 3.5%. ... Compared to last year, however, the trend is down and the demand is slowing: the occupancy rate lost 1.7 points at the end of 2002; it lost 1.2 points at the end of 2003.

Hospitality ON

Press Release

February 17, 2004

New Cornell Study Helps Restaurant Managers Maximize Revenue

Using a model based on revenue per available seat hour, Kimes identifies two key levers that can be used to maximize revenue - demand-based pricing and duration management. ... The study underscores the value of setting prices according to certain characteristics of customer demand.

CHR

Press Release Finance

February 11, 2004

Winston Hotels Reports Fourth Quarter, Full-Year 2003 Results

"Hopefully 2003 was the bottom of the most recent cycle for the hotel industry, which appears to be poised for recovery after a protracted three-year period of declining business travel demand," said Bob ... For the first quarter of this year, the company forecasts a positive increase in RevPAR of 1 percent to 3 percent, compared to the first quarter of 2003.

Winston Hotels

Press Release Finance

February 4, 2004

Starwood Reports Fourth Quarter and Full Year 2003 Results

Fourth quarter results reflect a 2.8% tax benefit as compared to a 5.0% tax benefit forecast at the end of the third quarter of 2003. ... Fourth quarter results reflect a 2.8% tax benefit as compared to a 5.0% tax benefit forecast at the end of the third quarter of 2003.

Starwood

Press Release Sales & Marketing

February 1, 2004

Despite one of the worst years in international tourism, the French hotel industry managed to record only a moderate drop in RevPAR in 2003 - MKG Reports

Forecasts from MKG Consulting's econometric model, published in March 2003, announced a rise in RevPAR for 2003 from 2% to 4%, while calculating on the basis of a normal improvement in the international ... The drop in demand was kept under control in the budget hotel industry, which continued to rely upon a continued domestic market.

Hospitality ON

Press Release Finance

January 27, 2004

Extended Stay America, Inc. Releases Fourth Quarter, 2003 Financial Report and Announces Quarterly Cash Dividend to Stockholders

for lodging products in the overall lodging industry, and in demand for the Company's extended stay lodging products. ... The recent positive REVPAR trends in the industry and the positive REVPAR we experienced in December are an encouraging signal of increasing demand for lodging products.

Extended Stay

Press Release Sales & Marketing

January 27, 2004

Global troubles took toll on tourism in 2003, growth to resume in 2004 - WTO Reports

significant was the growth in intra-regional travel in the Middle East, while the governments of countries in both regions started to show much more support for tourism development. 2004 PROSPECTS Forecasts ... The large pent-up demand for travel is bound to express itself as soon as circumstances allow according to the leading decision-makers and analysts on the WTO World Tourism Barometer panel, said Mr.

UN Tourism

Opinion Article

January 27, 2004

Lessons From Sars, Lessons For The Future ? | by Bert van Walbeek

Euroland Inbound” Significantly fewer overseas trips Significantly fewer business trips Growth noted particularly in the Eastern Hemisphere Less traditional plane trips Explosion in low-cost demand ... The reports were no longer referred to as ‘forecasts’ but ‘scenarios’. It was noted that ‘forecasts’ suggested a definitive outcome.

The Winning Edge

Press Release Sales & Marketing

January 14, 2004

MPI and American Express Report Predicts Stronger Year Ahead For Meetings Industry Amid Challenges Of Shifting Business Dynamics Between Buyers And Sellers

DALLAS - The multi-billion-dollar global meeting industry is anticipating a healthy year-over-year performance as planners and suppliers equally forecast an average 4 percent growth in spending and revenue ... Write-in responses also indicate that planners will persist in asks for quick proposal turnarounds and value-added offerings, while suppliers expect higher demand will re-establish an upper hand on rates

MPI

Press Release Sales & Marketing

January 8, 2004

Within A Very Difficult Context, A Limited Drop Has Been Seen In 2003 For The European Hotel Industry - MKG Reports

certainly resulted in their finishing the year with less pronounced drops in occupancy rates than the previous year.The light at the end of the tunnel is almost at hand, all the more so since economists forecast ... … MKG Consulting's mission is (1) To assist and advise customers in their decision-taking process, through objective conclusions and operational recommendations and (2) To meet customers' needs and demands

Hospitality ON

Report Sales & Marketing

January 7, 2004

Interview w/ Bjorn Hanson, Ph.D., PwC's leader of the Hospitality & Leisure Practice - 'What are the Prospects for a Recovery of Travel, Tourism and Conventions?'

PwC's Bjorn Hanson, Ph.D, joins us to discuss his recent report and PwC's forecast for 2004. In this streaming audio interview, we also discuss RevPar and the meetings and conventions business. ... Related Press Release: Recent Economic Revival Expands Lodging Demand and Accelerates Occupied Room Nights to a Record Level During Q4 2003, Heralding Start of New Expansionary Cycle for U.S.

PwC (US)