ABSTRACT
Over just a few years, the business environment facing hoteliers has changed radically. The new realities, if not permanent, are at least likely to persist for a while, and include the following:
Consumer's value mind-set and sense of empowerment, contributing to real declines in average rates
Potential of war and additional terrorist activity, coupled with general economic uncertainty and a shorter booking cycle in all segments, rendering forecasting more of a guessing game than at any other time in recent history
Increased competition from nontraditional sources (cruise ships, corporate housing, time-share)
Potential shift to new ways of conducting business
