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The hospitality industry has always been a house divided. Hospitality companies act asboth real estate owners and managers of enterprises, seeking capital to support both the property and operational sides of the business. At the same time, management must allocate capital between physical assets (the hotels they own and operate) and intangible assets (customers, the brands they own, the people they employ, the technology they use and the alliances they form). Hospitality 2000: The Capital, as a result, spans two critical arenas in the capital markets: the property markets and financing available for hospitality enterprises. This fourth study in the Hospitality 2000 series offers a global view of the financial resources required for hotel property development and acquisition, as well as for creating and expanding hospitality enterprises. And this year's survey is set within a volatile and fast-paced capital markets environment. Change is accelerating as the dynamics of the New Economy affect the investment and lending decisions of traditional providers of capital. And as new investment opportunities generate attractive comparative rates of return, the hospitality sector must find innovative ways to compete among capital sources... To read the complete article, click here to download the printable pdf file (128 kb).
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