At the time, Sternlicht boasted that he would "change the paradigm" in the hotel industry.
As the epicentre of business travel shifts east, the hotel industry is gearing up to meet the increased demand.
Modest proposal for the hotel industry: Charge only a nickel a minute and raise your room rate.
It is also proving a major spin-off for the hotel industry, especially in the Republic's border counties.
When this recession-warning gauge passes the threshold probability of 50%, the U.S. hotel industry enters a recession.
The US hotel industry does seem to be softening, but there is a lot of economic uncertainty.
Charles Ledsinger chuckles when he remembers his days at one of the hotel industry's most tightly controlled chains.
The hotel industry, for example, says it has suffered about a 30 to 40 percent drop in occupancy.
"The London hotel industry has provided 40, 000 rooms to (Games organisers) Locog at a specially reduced rate, " he said.
All major banks have their headquarters or offices in these cities and it's the same for the hotel industry.
Prior to diving into the hotel industry, Mr. Sillerman had a sterling track record building businesses and selling them.
In recent years, Mr. Burkle has invested more heavily in the hotel industry.
We look at how travel managers are keeping a closer eye on expenses and how the hotel industry is coping.
Mr. Olshan said in an interview that, without the right industry expertise, Morgans is missing out on the boutique-hotel industry's growth.
This has been a year of recovery for the hotel industry, as both business and leisure travelers have begun to spend more.
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"The budget hotel industry is very stable and demand holds up in a crisis, " says Olivier Petreschi, director at the Carlyle Group.
The British Hospitality Association (BHA) said the hotel industry fully supports the Olympic Games but it is demand-led and prices reflect demand.
W. Marriott, Jr. said the move was a bold one to move out of the growth-stunted years that the hotel industry has sustained.
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Mr. Gellein said that the U.S. hotel industry likely still has at least two more years left of improvements before the next downturn.
Hotel industry officials say they have not conducted surveys of hotel compliance but say all major hotel chains have made their pools accessible.
"As the clientele of the lifestyle hotel industry matures, it's about being fun but also more important about providing comfort and luxury, " says Mr. Zobler.
Many international cruise companies have their eyes set on China's growing number of travelers, who are propelling the airline and hotel industry domestically and overseas.
When Charles Ledsinger Jr. became chief executive of Choice Hotels in 1998, the hotel industry was adding rooms by the thousands, and ever-fancier ones at that.
"There is no doubt that the UK hotel industry will see a major phase of regeneration over the next decade, " Travelodge's property director, Paul Harvey, said.
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Successful scent branding in the hotel industry not only strengthens brand loyalty and produces repeat guests, but it also generates additional revenue from the sale fragrance products.
In the luxury hotel industry there is a lot of amenity one-upping, and hotels routinely steal innovative ideas from one another, and hopefully this one will be pilfered.
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Franchising, an approach central to the U.S. hotel industry and Cendant's way in China as well (see " The Bed Business"), is for another day, in Liang's view.
As the economy continues to struggle, travel-budget cuts may pose challenges for the hotel industry, which has only gradually rebuilt its occupancy levels and room rates since 2009.
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The Moscow hotel industry has also had a good summer, helped by the city's 850th anniversary celebrations in September, which drew at least 1m Russian and foreign visitors.
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