Virtually no one would deny how all hotel markets are subject to cyclical shifts. Because nothing good or bad stays that way forever, the challenge for economists and analysts is to determine when the changes will actually occur—just ask anyone trying to time the recovery in Asia. The flip side of the coin is Europe and its related markets in the Middle East and Africa (see separate story). As recently as 1998, many were predicting hotels in the United Kingdom, the bellwether for all of Europe, would tumble into a recession because of currency crises in Russia, Asia and Latin America. "What happened was totally different," says Nick van Marken, London-based partner in hospitality consulting for Arthur Andersen. Market fears receded and despite sociopolitical turmoil scattered through Russia, Turkey and Greece, hotel development flourished.
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