пятница, 24 февраля 2012 г.

Giants: HOTELS' 325 ranking reveals biggest chains still growing by leaps and bounds.

Among the corporate chains, the big will get bigger. No question." says Arthur Adler, managing director and CEO, the Americas. Jones Lang LaSalle Hotels, New York City. HOTELS' annual ranking of the world's biggest hotel companies bears that out. The top 25 corporate hotel companies took advantage of a hot deal pace in the United States, recovery in Asia and the unbranded potential of Europe and the Middle East to grow. collectively, by about 25,000 rooms over the previous year.

Who stays on top will come down to brand power. Watch for new brand rollouts and acquisitions aimed at diversification. "There will be more consolidation as single brands try to build themselves into segment-spanning companies," says Thomas Keltner, president, brand performance and development group, Hilton Hotels Corp, Global Hyatt has already done that with the acquisition of U.S. Franchise Systems and AmeriSuites (scheduled for a new look and probably a new name by year's end).

New launches will be as important as acquisitions for companies such as InterContinental Hotels Group, which can afford to nurture its start-up, boutique-inspired Indigo, or Starwood Hotels & Resorts, which just announced a new limited-service version of its W hotels and will roll out a Westin extended-stay brand shortly as well.

"In the United States, the footprint of the big brands is saturated. Sure, there are opportunities for new builds and conversions. but not on the scale of the numbers for new limited-service and all-suites brands." says Chuck Tomb. senior vice president of development. Starwood Hotels & Resorts. Keltner disagrees on the saturation issue. "Hilton and Marriott have only 8% of the industry supply in terms of rooms. Compare that to the airlines," Keltner says.

One point that draws no argument is the potential for growth outside the United States. To capitalize, chains are going to have to be more flexible--both in their approach to the marketplace and in how they co-brand, says Jay Witzel, president and CEO, Carlson Hotels Worldwide. "India and China still are 4- and 5-star markets. That may not change for three to five years, but it will change, and that will mean more mid-tier opportunities. We are already seeing the start of that in India," Witzel says.

David Michels, CEO, Hilton Group, sees competition heating up. "It is not going to be the folks with the fastest in-room Internet who win the race. This is an old-fashioned industry. It is about service, brand, location," he says. Nor will growth outside of the United States be fueled by a something for everyone approach. "Can a chain sweat over managing 20 to 30 brands? Will the customer even remember?" he asks.

That is what makes differentiation critical to brands seeking growth--whether it be giants creating a sharper image or start-ups. "One of the biggest challenges facing chains is clear brand differentiation," says Peter Strebel, executive vice president and chief marketing officer, Cendant Hotel Group. "In a time when decisions are made in a matter of seconds on the Internet, brands have become more valuable than in the past. Mass media is changing; radio and television audiences are different. The challenge is to maximize your marketing efforts to get more bang for your buck. I expect some new brands will be emerging that will capitalize on the growing younger market."

The Winners

Brands on the companies to watch list: Beyond the major players in the top ranks, Mark Wynne Smith, CEO, Europe, Jones Lang LaSalle Hotels, London, ranks NH Hoteles and Golden Tulip/TOP Hotels as noteworthy up and comers. "They are aggressive; they fight for each asset. What Golden Tulip/TOP has achieved shows it can make headway even against the large brands," Wynne Smith says.

David Katz, CIBC World Market Corp.'s director, lodging and gaming, says Starwood "appears to be winning the brands races because they seem to have a more sophisticated approach to branding and innovation." Hilton and Marriott "have indicated their portfolios are mostly complete, so growth will have to come organically, which is reasonable given positive fundamentals." Among the hungry companies in the next rank, watch LaQuinta. "They focus on the limited-service, midscale segment, which is a great value proposition and is growing by leaps and bounds," Katz says.

Adler likes the prospects for all of the giants. In the next tier, Omni and Wyndham are on his radar. But he doesn't discount the niche players. "There are reasons why Kimpton, Rosewood, One&Only and Joie de Vivre exist and will continue to exist. As long as they continue to understand their customers and their niche, they will do very well," Adler says.

From a European perspective, brands to watch are Malmaison, Premier Travel Inn, Six Senses, Staybridge Suites, Travelodge ... to name but a few, according to Russell Kett, managing director, HVS International, London.

The Losers

The most vulnerable companies for 2005 and beyond will include:

Mid-scale with food and beverage. "This sector has been contracting for the last eight to nine years. It does not resonate with consumers," Keltner says.

Brands that fail to innovate. "Some hotels are about today and yesterday. You have to be about today and tomorrow. That's the way to attract a younger market who can drastically grow your loyalty programs and drive more business," Tomb says.

Brands without a clear identity. "They are going to lose traction," Witzel says. Other trouble spots: lack of a global presence and inadequate marketing muscle.

Small, non-niche players. "If the hotel industry is to make a real impact in the world commercially, then the companies simply must get bigger and, by implications, their brands must become more prominent," Kett says. "This inevitably will lead to fewer brands but, at least from a European perspective, there are too many weak brands with no real identity or equity. Most are simply company names, not brands. So yes, acquisitions are a must; the real question is 'who is dining and who is dinner?'"

 Companies That Franchise The Most Hotels                                           Total         Total Company                              Franchised       Hotels  Cendant Corp.                             6,396        6,396 Choice Hotels International               4,977        4,977 Intercontinental Hotels Group             2,971        3,540 Hilton Hotels Corp.                       1,900        2,259 Marriott International                    1,658        2,632 Accor                                       949        3,973 Carlson Hospitality Worldwide               864          890 Global Hyatt Corp.                          505          818 Starwood Hotels & Resorts                   310          733   Worldwide Louvre Hotels (Societe du Louvre)           307          887  Companies That Manage The Most Hotels                                            Hotels        Total Company                                  Managed       Hotels  Marriott International                      889        2,632 Extended Stay Hotels                        654          654 Accor                                       535        3,973 Intercontinental Hotels Group               403        3,540 Tharaldson Enterprises                      360          360 Global Hyatt Corp.                          316          818 Interstate Hotels & Resorts                 306          306 Starwood Hotels & Resorts                   283          733   Worldwide Louvre Hotels (Societe du Louvre)          227           887 Hilton Hotels Corp.                         206        2,259  Source: HOTELS' Giants Survey 2005  Companies In The Most Countries  InterContinental Hotels Group               100 Accor                                        90 Starwood Hotels & Resorts Worldwide          82 Best Western International                   80 Hilton Group plc                             78 Carlson Hospitality Worldwide                70 Marriott International                       66 Le Meridien Hotels & Resorts                 56 Golden Tulip Hospitality/THL                 47 Cendant Corp.                                44 Global Hyatt Corp.                           43 Choice Hotels International                  42 Rezidor SAS Hospitality                      41 Club Mediterranee                            40 TUI AG/TUI Hotels & Resorts                  28  Source: HOTELS Giants Survey 2005  Note: Table made from bar graph. 

RELATED ARTICLE: About the ranking.

Data for HOTELS'325 is gathered through a questionnaire sent to company contacts, who are asked to report the number of hotels and guestrooms as of December 31,2004.

Companies that do not respond are subject to an estimate with data collected through the use of public information and various industry sources. All companies ranked with estimated data have an asterisk next to their name.

In some cases, rooms and hotels are counted more than once because HOTELS chooses to separately report data from owners, managers and franchisors on the same list. For example, Carlson Hospitality Worldwide's data includes properties managed or franchised by its joint-venture partner Rezidor SAS Hospitality, which has its own listing in the ranking.

 HOTELS' CORPORATE 300 RANKING  Rank                                                     Rooms 2004    Company                                           2004 2003    Headquarters                                      2003  1       InterContinental Hotels Group                    9,914 1       Windsor, Berkshire, England                     12,030 2       Cendant Corp.                                   62,108 2       Parsippany, N.J. USA                            59,995 3       Marriott International                          23,434 3       Washington, D.C. USA                            31,812 4       Accor                                            4,675 4       Paris, France                                   60,187 5       Choice Hotels International                     10,590 5       Silver Spring, Md. USA                          60,938 6       Hilton Hotels Corp.                             30,728 6       Beverly Hills, Calif. USA                       20,803 7       Best Western International                      47,092 7       Phoenix, Ariz. USA                              48,101 8       Starwood Hotels & Resorts Worldwide             34,059 8       White Plains, N.Y. USA                          32,639 9       Global Hyatt Corp.                              16,085 11      Chicago, III. USA                               24,066 10      Carlson Hospitality Worldwide                   16,021 9       Minneapolis, Minn. USA                          16,552 11      Hilton Group plc                                37,100 10      Watford, Herts, England                         33,153 12      TUI AG/TUI Hotels & Resorts                     15,862 13      Hannover, Germany                               10,464 13      Sol Melia SA                                    15,298 12      Palma de Mallorca, Spain                        14,958 14      Extended Stay Hotels                             7,445 17      Spartanburg, S.C. USA                           50,240 15      Interstate Hotels & Resorts                      2,706 15      Arlington, Va. USA                              65,250 16      Louvre Hotels (Societe du Louvre)               66,834 * 14      Paris, France                                      820 17      La Quinta Corp.                                 65,110 19      Irving, Texas USA                               43,457 18      Golden Tulip Hospitality/THL                    52,148 32      Amersfoort, Netherlands                         28,385 19      Wyndham International                           42,900 16      Dallas, Texas USA                               50,980 20      FelCor Lodging Trust                            40,000 18      Irving, Texas USA                               45,000 21      Rezidor SAS Hospitality                         39,353 26      Brussels, Belgium                               34,000 22      Hospitality Properties Trust                    38,489 25      Newton, Mass. USA                               34,284 23      Whitbread Hotel Company                         36,803 33      Leagrave, Luton, Bedfordshire, England          27,558 24      Club Mediterranee                               36,000 * 22      Paris, France                                   36,106 25      NH Hoteles SA                                   34,709 24      Madrid, Spain                                   34,458 26      Riu Hotels Group                                34,000 41      Playa de Palma, Mallorca, Spain                 25,000 27      Fairmont Hotels & Resorts Inc.                  33,290 28      Toronto, Ontario, Canada                        32,700 28      Le Meridien Hotels & Resorts                    33,000 23      London, England                                 35,589 29      Jin Jiang International Group                   32,707 35      Shanghai, China                                 27,484 30      CNL Hospitality Corp.                           31,944 27      Orlando, Fla. USA                               32,822 31      Westmont Hospitality Group                      30,000 20      Houston, Texas USA                              40,000 32      Barcelo Hotels & Resorts                        28,145 30      Palma de Mallorca, Spain                        30,917 33      Iberostar Hotels & Resorts                      28,104 39      Palma de Mallorca, Spain                        25,250 34      Americas Best Value Inn (formerly               27,232 50      Best Value Inn) Newbury Park, Calif. USA        18,576 35      Mandalay Resort Group                           26,600 36      Las Vegas, Nev. USA                             27,000 36      Caesars Entertainment (formerly Park            26,000 31      Place Entertainment) Las Vegas, Nev. USA        29,000 37      C.H.E. Group plc                                25,927 37      Edgware, Middlesex, England                     26,942 38      Tharaldson Enterprises                          25,899 38      Fargo, N.D. USA                                 25,899 39      Millennium & Copthorne Hotels plc               25,517 40      London, England                                 25,114 40      Walt Disney World Co.                           25,316 34      Burbank, Calif. USA                             27,553 41      Prince Hotels                                   23,985 * 43      Tokyo, Japan                                    23,859 42      MGM Mirage                                      21,975 44      Las Vegas, Nev. USA                             23,401 43      Shangri-La Hotels & Resorts                     21,442 47      Hong Kong, China                                20,227 44      MeriStar Hospitality Corp.                      20,319 42      Arlington, Va. USA                              24,733 45      Columbia Sussex Corp.                           20,121 49      Fort Mitchell, Ky. USA                          19,000 46      Royal Host Hotels & Resorts                     20,000 59      Calgary, Alberta, Canada                        15,500 47      Ocean Hospitalities                             19,572 48      Portsmouth, N.H. USA                            19,748 48      Washington Hotel Corp.                          18,534 * 78      Nagoya, Japan                                   11,825 49      Dorint Hotels & Resorts                         17,997 52      Duesseldorf, Germany                            17,811 50      JAL Hotels Company Ltd.                         17,631 55      Tokyo, Japan                                    16,627 51      Grupo Posadas Management                        17,278 60      Mexico City, Mexico                             15,253 52      Harrahs Entertainment                           17,109 72      Las Vegas, Nev. USA                             12,181 53      Occidental Hotels                               16,248 53      Madrid, Spain                                   17,574 54      Lodgian Inc.                                    16,194 51      Atlanta, Ga. USA                                18,164 55      Four Seasons Hotels & Resorts                   16,150 57      Toronto, Ontario, Canada                        16,033 56      Grupo Cubanacan S.A.                            15,600 65      Havana City, Cuba                               13,266 57      Tokyu Hotels                                    14,348 46      Tokyo, Japan                                    20,751 58      Capital Hotel Management LLC                    14,291 123     Beverly, Mass. USA                               7,500 59      John Q. Hammons Hotels                          14,290 61      Springfield, Mo. USA                            14,499 60      Drury Inns                                      14,021 63      St. Louis, Mo. USA                              13,540 61      Omni Hotels                                     13,899 62      Irving, Texas USA                               13,770 62      Hospitality International                       13,535 66      Tucker, Ga. USA                                 13,249 63      Equity Inns                                     13,508 77      Germantown,Tenn. USA                            11,875 64      Sunstone Hotel Properties                       13,183 58      San Clemente, Calif. USA                        15,717 65      ANA Hotels                                      13,125 * 67      Tokyo, Japan                                    13,125 66      Steigenberger Hotels AG                         12,961 64      Frankfurt am Main, Germany                      13,352 67      Southern Sun Hotels (Pty.) Ltd.                 12,949 69      Fourways, South Africa                          13,010 68      Gran Caribe Hotels Group                        12,926 82      Havana, Cuba                                    11,000 69      White Lodging Services                          12,590 76      Merrillville, Ind. USA                          11,884 70      Orbis SA                                        12,483 89      Warsaw, Poland                                  10,090 71      WestCoast Hospitality Corp.                     12,323 * 71      Spokane, Wash. USA                              12,323 72      Fujita Kanko                                    12,012 * 74      Tokyo, Japan                                    12,012 73      Maritim Hotels                                  11,851 84      Bad Salzuflen, Germany                          10,750 74      American Property Mgmt. Corp.                   11,550 97      San Diego, Calif. USA                            9,393 75      REWE TOURISTIK Hotels &                         11,544 81      Investment GmbH Cologne, Germany                11,148 76      Husa Hotels Group                               11,460 * 80      Barcelona, Spain                                11,460 77      Rica Hotels                                     11,260 83      Billingstad, Norway                             10,900 78      Boyd Gaming Corp.                               11,036 129     Las Vegas, Nev. USA                              7,300 79      Moevenpick Hotels & Resorts                     11,000 91      Adliswil, Switzerland                            9,735 80      Fiesta Hotel Group                              10,973 87      Ibiza, Baleares, Spain                          10,314 81      Thistle Hotels plc                              10,800 86      Leeds, England                                  10,500 82      G.S.M. Hoteles                                  10,590 85      Madrid, Spain                                   10,655 83      AmericInn International LLC                     10,462 88      Chanhassen, Minn. USA                           10,245 84      Tishman Hotel Corp.                             10,058 96      Lake Buena Vista, Fla. USA                       9,408 85      Innkeepers Hospitality Inc.                     10,056 113     Palm Beach, Fla. USA                             8,040 86      Outrigger Enterprises                            9,895 73      Honolulu, Hawaii USA                            12,024 87      Danubius Hotels Group                            9,519 92      Budapest, Hungary                                9,600 88      Hostmark Hospitality Group                       9,453 104     Schaumburg, III. USA                             8,350 89      Remington Hotel Corp.                            9,445 102     Dallas, Texas USA                                8,548 90      Pandox AB                                        9,326 101     Stockholm, Sweden                                8,700 91      Jianguo International Hotels Ltd.                9,214 * 118     Beijing, China                                   7,823 92      Princess Hotels & Resorts                        9,197 111     Reus, Tarragona, Spain                           8,195 93      Gaviota SA                                       9,132 * 115     Havana, Cuba                                     8,002 94      Suburban Extended Stay Hotels                    9,075 103     Atlanta, Ga. USA                                 8,534 95      Protea Hospitality Corp.                         9,069 95      Sea Point, South Africa                          9,481 96      Sunroute Company Ltd.                            9,045 94      Tokyo, Japan                                     9,520 97      Ringhotels                                       9,000 116     Munich, Germany                                  8,000 98      Raffles International                            8,868 90      Singapore                                        9,827 99      Innkeepers USA Trust                             8,725 105     Palm Beach, Fla. USA                             8,311 100     Hospitality Alliance AG                          8,576 93      Bad Arolsen, Germany                             9,578 101     Atlantica Hotels International                   8,557 110     Sao Paulo, Brazil                                8,228 102     Jurys Doyle Hotel Group plc                      8,249 145     Dublin, Ireland                                  6,357 103     Loews Hotels                                     8,228 109     New York, N.Y. USA                               8,228 104     Jameson Inns                                     8,224 112     Atlanta, Ga. USA                                 8,139 105     Kokusai Kogyo Hotel Group                        8,212 106     Tokyo, Japan                                     8,301 106     Taj Hotels, Resorts & Palaces                    8,189 114     Mumbai, India                                    8,020 107     Thayer Lodging Group                             8,041 126     Annapolis, Md. USA                               7,352 108     Janus Hotels & Resorts                           8,000 75      Boca Raton, Fla. USA                            11,953 109     Boykin Management Co.                            7,995 107     Cleveland, Ohio USA                              8,273 110     Mandarin Oriental Hotel Group                    7,750 144     Hong Kong, China                                 6,393 111     Kempinski Hotels & Resorts                       7,749 127     Geneva, Switzerland                              7,327 112     AFM Hospitality Corp.                            7,747 56      Toronto, Ontario, Canada                        16,096 113     Hankyu Group                                     7,730 * 100     Osaka, Japan                                     8,738 114     First Hotels AS                                  7,700 * 120     Oslo, Norway                                     7,700 115     Destination Hotels & Resorts                     7,693 132     Englewood, Colo. USA                             7,172 116     Driftwood Hospitality Mgmt. LLC                  7,675 134     Jupiter, Fla. USA                                7,039 117     Adams Mark Hotels                                7,566 68      St. Louis, Mo. USA                              13,100 118     Sage Hospitality Resources                       7,535 79      Denver, Colo. USA                               11,745 119     Okura Hotels                                     7,441 * 125     Tokyo, Japan                                     7,441 120     Winegardner & Hammons                            7,415 121     Cincinnati, Ohio USA                             7,682 121     Pestana (GP) Hotels                              7,405 130     Funchal, Portugal                                7,266 122     HEI/Merritt Hospitality                          7,373 201     Norwalk, Conn. USA                               4,106 123     Cham Palaces & Hotels                            7,280 131     Damascus, Syria                                  7,200 124     CHIP Hospitality                                 7,235 119     Vancouver, B.C., Canada                          7,727 125     Kimpton Hotel & Restaurant Group                 7,121 142     San Francisco, Calif. USA                        6,417 126     Hoteles Hesperia SA                              7,036 * 139     Barcelona, Spain                                 6,679 127     Winston Hotels                                   7,011 133     Raleigh, N.C. USA                                7,071 128     New Otani Company Ltd.                           6,931 135     Tokyo, Japan                                     6,931 129     GF Management                                    6,754 122     Philadelphia, Pa. USA                            7,616 130     LaSalle Hotel Properties                         6,700 173     Bethesda, Md. USA                                5,128 131     Jolly Hotels SpA                                 6,700 124     Valdagno, Italy                                  7,446 132     Sokos Hotels                                     6,500 * 143     Helsinki, Finland                                6,400 133     Rydges Hotel Group                               6,426 154     Sydney, Australia                                5,900 134     Restel                                           6,244 146     Helsinki, Finland                                6,336 135     Aramark Harrison Lodging                         6,200 141     Philadelphia, Pa. USA                            6,558 136     Prism Hotels                                     6,104 117     Dallas, Texas USA                                7,935 137     National 9 Inns                                  6,093 137     Salt Lake City, Utah USA                         6,840 138     Romantik Hotels & Restaurants Intl.              6,090 140     Frankfurt am Main, Germany                       6,575 139     Davidson Hotel Co.                               5,997 147     Memphis, Tenn. USA                               6,259 140     Horizontes Hoteles                               5,988 * 151     Havana, Cuba                                     5,988 141     Louis Hotels Ltd.                                5,952 170     Nicosia, Cyprus                                  5,210 142     AC Hotels                                        5,921 152     Madrid, Spain                                    5,978 143     Gaylord Entertainment                            5,798 155     Nashville, Tenn. USA                             5,798 144     Corinthia Hotels International                   5,784 148     Floriana, Malta                                  6,230 145     Budget Host International                        5,760 128     Arlington, Texas USA                             7,300 146     Aztar Corp.                                      5,750 160     Phoenix, Ariz. USA                               5,500 147     Windsor Hospitality Group                        5,735 157     Santa Monica, Calif. USA                         5,684 148     Blue Tree Hotels & Resorts                       5,700 174     Sao Paulo, Vila Olimpia, Brazil                  5,102 149     Disneyland Resort Paris                          5,631 * 158     Marne-la-Vallee, France                          5,631 150     Dimension Development Co. Inc.                   5,604 184     Natchitoches, La. USA                            4,724 151     APA Hotel Ltd.                                   5,569 * 98      Tokyo, Japan                                     9,200 152     RockResorts/Vail Resorts Lodging Co.             5,494 241     Denver, Colo. USA                                3,143 153     Paradores de Turismo                             5,492 * 162     Madrid, Spain                                    5,470 154     Concord Hospitality Enterprises Co.              5,442 161     Raleigh, N.C. USA                                5,499 155     The Procaccianti Group                           5,401 159     Cranston, R.I. USA                               5,530 156     Dusit Hotels & Resorts                           5,374 164     Bangkok, Thailand                                5,400 157     Coast Hotels & Resorts                           5,359 165     Vancouver, B.C., Canada                          5,359 158     Jarvis Hotels Ltd.                               5,223 136     High Wycombe, Buckinghamshire, England           6,877 159     Grand Central Management (S) Pte Ltd.            5,217 169     Singapore                                        5,229 160     Macdonald Hotels plc                             5,207 138     West Lothian, Scotland                           6,771 161     Highgate Hotels                                  5,195 193     Irving, Texas USA                                4,346 162     Richfield Hospitality Services (SWAN)            5,151 211     Englewood, Colo. USA                             3,936 163     ShoLodge                                         5,075 108     Hendersonville, Tenn. USA                        8,250 164     Aston Resort Quest Hawaii                        5,000 176     Honolulu, Hawaii USA                             5,000 165     Corus Hotels                                     4,976 153     Milton Keynes, England                           5,970 166     Horizon Hotels Ltd.                              4,953 181     Eatontown, N.J. USA                              4,823 167     Dolce International                              4,953 206     Montvale, N.J. USA                               3,974 168     Langham Hotels International                     4,947 198     Hong Kong, China                                 4,281 169     Sonesta International Hotels Corp.               4,944 179     Miramar, Fla. USA                                4,952 170     Vista Host                                       4,903 * 167     Houston, Texas USA                               5,310 171     Singapore Meritus Intl. Hotels Ltd.              4,882 166     Singapore                                        5,315 172     ITC Welcomgroup Hotels                           4,838 182     New Delhi, India                                 4,804 173     Rosen Hotels & Resorts                           4,837 180     Orlando, Fla. USA                                4,837 174     Tarsadia Hotels                                  4,832 186     Newport Beach, Calif. USA                        4,642 175     The Oberoi Group                                 4,830 168     New Delhi, India                                 5,291 176     Meyer Jabara Hotels                              4,827 171     West Palm Beach, Fla. USA                        5,151 177     Cornerstone Hospitality Group                    4,800 256     Kennesaw, Ga. USA                                2,867 178     SuperClubs Super-Inclusive Resorts               4,794 150     Kingston, Jamaica                                6,078 179     Queens Moat Houses Hotels                        4,791 70      Romford, Essex, England                         12,385 180     Ramkota Companies                                4,788 163     Sioux Falls, S.D. USA                            5,466 181     CSM Lodging                                      4,777 --      Minneapolis, Minn. USA                              -- 182     Domina Hotels & Resorts                          4,746 191     Milan, Italy                                     4,404 183     Shilo Mgmt. Corp. (formerly Shilo Inns)          4,617 177     Portland, Ore. USA                               4,985 184     Sunburst Hospitality Corp.                       4,590 175     Silver Spring, Md. USA                           5,021 185     Miyako Hotels                                    4,565 188     Osaka, Japan                                     4,565 186     Noble Investment Group                           4,532 99      Atlanta, Ga. USA                                 8,744 187     First Hospitality Group                          4,519 216     Rosemont, III. USA                               3,896 188     Sahid Group of Hotels                            4,512 * 260     Jakarta, Indonesia                               2,802 189     De Vere Group plc                                4,504 156     Warrington, Cheshire, England                    5,694 190     Hunguest Hotels                                  4,498 * 183     Budapest, Hungary                                4,785 191     Stanford Hotels Corp.                            4,496 194     San Francisco, Calif. USA                        4,303 192     JHM Hotels                                       4,467 178     Greenville, S.C. USA                             4,965 193     Longhouse Hospitality Trust                      4,425 --      Smyrna, Ga. USA                                     -- 194     HNA Hotels & Resorts Group                       4,407 --      Haikou, China                                       -- 195     KSL Resorts                                      4,407 --      La Quinta, Calif. USA                               -- 196     Kinseth Hospitality Companies                    4,387 210     North Liberty, Iowa USA                          3,942 197     Kerzner International Ltd.                       4,341 190     Nassau, Bahamas                                  4,477 198     Camino Real Hotels & Resorts                     4,322 248     Mexico City, Mexico                              3,031 199     Othon Hotels SA                                  4,300 202     Rio de Janeiro, Brazil                           4,083 200     Benchmark Hospitality                            4,276 192     The Woodlands, Texas USA                         4,378 201     Sandals Resorts International                    4,273 209     Montego Bay, Jamaica                             3,958 202     AMResorts                                        4,265 --      Newtown Square, Penn. USA                           -- 203     ZMC Hotels                                       4,242 195     Duluth, Minn. USA                                4,287 204     Berjaya Hotels & Resorts                         4,151 * 187     Kuala Lumpur, Malaysia                           4,627 205     Cooper Hotels                                    4,119 200     Memphis, Tenn. USA                               4,122 206     Atahotels                                        4,053 * 250     Milan, Italy                                     3,000 207     Abou Nawas Hotels                                4,050 * 204     Tunis, Tunisia                                   4,050 208     City Lodge Hotels Ltd.                           4,049 208     Sandton, South Africa                            3,958 209     Austria Trend Hotels & Resorts                   4,044 213     Vienna, Austria                                  3,919 210     Gloria International Hotels Ltd.                 4,023 236     Hong Kong, China                                 3,301 211     Warwick International Hotels                     4,014 196     Paris, France                                    4,287 212     HHC LLC (Hudson Hotels)                          3,996 * 219     Rochester, N.Y. USA                              3,874 213     Regal Hotels International                       3,990 205     Hong Kong, China                                 4,008 214     Quorum Hotels & Resorts                          3,981 218     Dallas, Texas USA                                3,876 215     Crown American Hotels                            3,937 203     Johnstown, Pa. USA                               4,066 216     Coakley & Williams Hotel Mgmt. Co.               3,936 221     Greenbelt, Md. USA                               3,801 217     Sun International                                3,936 212     Sandton, South Africa                            3,936 218     Paramount Hotel Group                            3,920 249     Fairfield, N.J. USA                              3,011 219     Sandman Hotels & Inns                            3,882 217     Vancouver, B.C., Canada                          3,891 220     Marshall Management                              3,874 244     Salisbury, Md. USA                               3,121 221     DePalma Hotel Corp.                              3,826 220     Arlington, Texas USA                             3,826 222     The Hotel Group                                  3,728 247     Edmonds, Wash. USA                               3,066 223     Aqua Sol Hotels Ltd.                             3,708 * 189     Ayla Napa, Cyprus                                4,500 224     RIHGA (Rihga) Royal Hotels                       3,655 * 197     Osaka, Japan                                     4,287 225     Arlington Hospitality Inc.                       3,612 185     Arlington Heights, III. USA                      4,655 226     Rim Hospitality                                  3,594 274     Modesto, CA USA                                  2,553 227     Imperial Hotels Group                            3,586 266     Bangkok, Thailand                                2,724 228     B.F. Saul Co.                                    3,575 * 215     Bethesda, Md. USA                                3,900 229     Vila Gale Hotels                                 3,550 225     Lisbon, Portugal                                 3,479 230     Shaner Hotel Group                               3,514 * 214     State College, Pa. USA                           3,907 231     MOA Hospitality                                  3,500 149     Des Plaines, III. USA                            6,168 232     Rotana Hotel Management Corp. Ltd.               3,466 227     Abu Dhabi, United Arab Emirates                  3,467 233     Marcus Hotels & Resorts                          3,450 45      Milwaukee, Wis. USA                             21,020 234     Pacifica Companies/Pacifica Host                 3,438 229     San Diego, Calif. USA                            3,438 235     Hotel Equatorial Group                           3,426 230     Kuala Lumpur, Malaysia                           3,426 236     Wright Investment Properties                     3,414 238     Cordova, Tenn. USA                               3,207 237     Daly Seven                                       3,380 224     Danville, Va. USA                                3,500 238     Imperial London Hotels Ltd.                      3,355 223     London, England                                  3,500 239     Amari Hotels and Resorts                         3,329 234     Bangkok, Thailand                                3,320 240     New Castle Hotels LLC                            3,314 246     Shelton, Conn. USA                               3,067 241     Starhotels SpA                                   3,313 * 233     Florence, Italy                                  3,324 242     Sterling Hotels & Resorts                        3,300 268     Chicago, III. USA                                2,696 243     Hospitality Partners                             3,289 258     Bethesda, Md. USA                                2,856 244     Vagabond Franchise System                        3,283 222     Los Angeles, Calif. USA                          3,591 245     SREE Hospitality Group                           3,232 253     Charlotte, N.C. USA                              2,943 246     Stonebridge Companies                            3,223 * 199     Englewood, Colo. USA                             4,134 247     Peabody Hotel Group                              3,219 231     Memphis, Tenn. USA                               3,378 248     Trump Hotels & Casino Resorts                    3,180 * 240     New York, N.Y. USA                               3,180 249     Buckhead America Corp.                           3,173 257     Atlanta, Ga. USA                                 2,860 250     Family Inns of America                           3,165 299     Pigeon Forge, Tenn. USA                          2,100 251     MMI Hotel Group                                  3,109 245     Fernwood, Miss. USA                              3,067 252     Dedeman Hotels & Resorts Intl.                   3,108 243     Istanbul, Turkey                                 3,122 253     Orient-Express Hotels Ltd.                       3,098 263     London, England                                  2,783 254     Dan Hotels Corp. Ltd.                            3,061 239     Tel-Aviv, Israel                                 3,200 255     Allson International Hotels & Resorts            3,032 290     Kuala Lumpur, Malaysia                           2,189 256     Exel Inns of America                             3,030 262     Madison, Wis. USA                                2,794 257     Premier Hotel Corp.                              2,975 --      Atlanta, Ga. USA                                    -- 258     Orea Hotels                                      2,945 252     Prague, Czech Republic                           2,970 259     The Dow Hotel Co. LLC                            2,944 --      Seattle, Wash. USA                                  -- 260     Waterford Hotel Group                            2,923 232     Waterford, Conn. USA                             3,329 261     Commonwealth Hotels                              2,850 264     Covington, Ky. USA                               2,770 262     Gal-Tex Hotel Corp.                              2,834 242     Galveston, Texas USA                             3,138 263     Lindner Hotels AG                                2,826 281     Duesseldorf, Germany                             2,395 264     Turin Hotels International                       2,807 265     Turin, Italy                                     2,751 265     Gouverneur Inc.                                  2,800 261     Montreal, Quebec, Canada                         2,800 266     Mirvac Hotels & Resorts                          2,771 * 271     Sydney, Australia                                2,648 267     Park Lane Hotels International                   2,731 237     Hong Kong, China                                 3,237 268     Campbell Lodging Inc.                            2,723 259     Brea, Calif. USA                                 2,802 269     H.I. Development Corp.                           2,620 * 273     Tampa, Fla. USA                                  2,620 270     Marco Polo Hotel Group                           2,611 272     Hong Kong, China                                 2,628 271     JJW Hotels & Resorts                             2,592 267     London, Mayfair, England                         2,709 272     Morgans Hotel Group                              2,579 207     New York, N.Y. USA                               3,974 273     The Peninsula Hotels                             2,564 235     Hong Kong, China                                 3,305 274     Hotel Lotte Co. Ltd.                             2,562 228     Seoul, Korea                                     3,462 275     Trigild International Inc.                       2,510 --      San Diego, Calif. USA                               -- 276     Newport Hospitality Group                        2,486 298     Williamsburg, Va. USA                            2,101 277     Lane Hospitality                                 2,479 226     Northbrook, III. USA                             3,469 278     Central Hotels & Resorts                         2,465 300     Bangkok, Thailand                                2,094 279     Larkspur Hospitality                             2,464 * 294     Corte Madera, Calif. USA                         2,167 280     Executive Hotels & Resorts                       2,462 277     Vancouver, B.C., Canada                          2,462 281     Swiss-Belhotel International                     2,430 --      Hong Kong, China                                    -- 282     The Falor Companies                              2,417 172     Chicago, III. USA                                5,150 283     Noble House Hotels & Resorts                     2,414 279     Bellevue, Wash. USA                              2,446 284     Seymour N. Logan Associates                      2,404 296     Chicago, III. USA                                2,154 285     HPL Hotels & Resorts                             2,400 254     Singapore                                        2,873 286     Orascom Hotel Holdings                           2,362 270     El Agouza, Mohandessin, Egypt                    2,670 287     Lodging Hospitality Mgmt. Corp.                  2,358 275     St. Louis, Mo. USA                               2,500 288     Hospitality Management Corp.                     2,354 282     Dallas, Texas USA                                2,377 289     Carlton Group of Hotels                          2,350 * 283     Singapore                                        2,350 290     Stamford Hotels & Resorts                        2,331 284     Sydney, Mascot, Australia                        2,331 291     The North Central Group                          2,331 276     Middleton, Wis. USA                              2,493 292     Woodfin Suite Hotels                             2,329 285     San Diego, Calif. USA                            2,329 293     Bayview International Hotels & Resorts           2,319 * 286     Singapore                                        2,307 294     HLC Hotels                                       2,298 269     Savannah, Ga. USA                                2,691 295     Lionstone Hotels & Resorts                       2,287 * 287     Miami Beach, Fla. USA                            2,287 296     Expotel Hospitality Services                     2,279 295     Metairie, La. USA                                2,167 297     Oak Hotels Inc. (formerly Oak Hospitality)       2,255 255     Hopewell Junction, N.Y. USA                      2,871 298     Joie de Vivre Hotels                             2,250 --      San Francisco, Calif. USA                           -- 299     Tecton Hospitality                               2,240 --      Miami, Fla. USA                                     -- 300     Outrigger Lodging Services                       2,200 278     Encino, Calif. USA                               2,448                                                          Hotels Company                                                   2004 Headquarters                                              2003  InterContinental Hotels Group                            3,540 Windsor, Berkshire, England                              3,520 Cendant Corp.                                            6,396 Parsippany, N.J. USA                                     6,402 Marriott International                                   2,632 Washington, D.C. USA                                     2,718 Accor                                                    3,973 Paris, France                                            3,894 Choice Hotels International                              4,977 Silver Spring, Md. USA                                   4,810 Hilton Hotels Corp.                                      2,259 Beverly Hills, Calif. USA                                2,173 Best Western International                               4,114 Phoenix, Ariz. USA                                       4,110 Starwood Hotels & Resorts Worldwide                        733 White Plains, N.Y. USA                                     738 Global Hyatt Corp.                                         818 Chicago, III. USA                                          208 Carlson Hospitality Worldwide                              890 Minneapolis, Minn. USA                                     881 Hilton Group plc                                           403 Watford, Herts, England                                    392 TUI AG/TUI Hotels & Resorts                                285 Hannover, Germany                                          290 Sol Melia SA                                               328 Palma de Mallorca, Spain                                   331 Extended Stay Hotels                                       654 Spartanburg, S.C. USA                                      472 Interstate Hotels & Resorts                                306 Arlington, Va. USA                                         295 Louvre Hotels (Societe du Louvre)                          887 * Paris, France                                              896 La Quinta Corp.                                            592 Irving, Texas USA                                          363 Golden Tulip Hospitality/THL                               534 Amersfoort, Netherlands                                    253 Wyndham International                                      157 Dallas, Texas USA                                          190 FelCor Lodging Trust                                       143 Irving, Texas USA                                          161 Rezidor SAS Hospitality                                    190 Brussels, Belgium                                          162 Hospitality Properties Trust                               285 Newton, Mass. USA                                          271 Whitbread Hotel Company                                    501 Leagrave, Luton, Bedfordshire, England                     362 Club Mediterranee                                          100 Paris, France                                              103 NH Hoteles SA                                              238 Madrid, Spain                                              239 Riu Hotels Group                                           110 Playa de Palma, Mallorca, Spain                            106 Fairmont Hotels & Resorts Inc.                              82 Toronto, Ontario, Canada                                    82 Le Meridien Hotels & Resorts                               135 London, England                                            143 Jin Jiang International Group                              150 Shanghai, China                                            120 CNL Hospitality Corp.                                      132 Orlando, Fla. USA                                          136 Westmont Hospitality Group                                 200 Houston, Texas USA                                         332 Barcelo Hotels & Resorts                                   112 Palma de Mallorca, Spain                                   137 Iberostar Hotels & Resorts                                  91 Palma de Mallorca, Spain                                    74 Americas Best Value Inn (formerly                          456 Best Value Inn) Newbury Park, Calif. USA                   318 Mandalay Resort Group                                       12 Las Vegas, Nev. USA                                         16 Caesars Entertainment (formerly Park                        22 Place Entertainment) Las Vegas, Nev. USA                    29 C.H.E. Group plc                                           342 Edgware, Middlesex, England                                373 Tharaldson Enterprises                                     360 Fargo, N.D. USA                                            360 Millennium & Copthorne Hotels plc                           88 London, England                                             90 Walt Disney World Co.                                       24 Burbank, Calif. USA                                         27 Prince Hotels                                               98 * Tokyo, Japan                                                90 MGM Mirage                                                  10 Las Vegas, Nev. USA                                         13 Shangri-La Hotels & Resorts                                 44 Hong Kong, China                                            41 MeriStar Hospitality Corp.                                  73 Arlington, Va. USA                                          92 Columbia Sussex Corp.                                       65 Fort Mitchell, Ky. USA                                      62 Royal Host Hotels & Resorts                                141 Calgary, Alberta, Canada                                   174 Ocean Hospitalities                                        123 Portsmouth, N.H. USA                                       133 Washington Hotel Corp.                                      68 * Nagoya, Japan                                               51 Dorint Hotels & Resorts                                     95 Duesseldorf, Germany                                        96 JAL Hotels Company Ltd.                                     56 Tokyo, Japan                                                54 Grupo Posadas Management                                    91 Mexico City, Mexico                                         80 Harrahs Entertainment                                       22 Las Vegas, Nev. USA                                         21 Occidental Hotels                                           63 Madrid, Spain                                               76 Lodgian Inc.                                                86 Atlanta, Ga. USA                                            96 Four Seasons Hotels & Resorts                               63 Toronto, Ontario, Canada                                    62 Grupo Cubanacan S.A.                                        72 Havana City, Cuba                                           52 Tokyu Hotels                                                52 Tokyo, Japan                                                75 Capital Hotel Management LLC                                22 Beverly, Mass. USA                                          19 John Q. Hammons Hotels                                      59 Springfield, Mo. USA                                        59 Drury Inns                                                 110 St. Louis, Mo. USA                                         106 Omni Hotels                                                 37 Irving, Texas USA                                           39 Hospitality International                                  282 Tucker, Ga. USA                                            271 Equity Inns                                                110 Germantown,Tenn. USA                                        92 Sunstone Hotel Properties                                   54 San Clemente, Calif. USA                                    78 ANA Hotels                                                  41 * Tokyo, Japan                                                41 Steigenberger Hotels AG                                     77 Frankfurt am Main, Germany                                  79 Southern Sun Hotels (Pty.) Ltd.                             80 Fourways, South Africa                                      81 Gran Caribe Hotels Group                                    51 Havana, Cuba                                                48 White Lodging Services                                      90 Merrillville, Ind. USA                                      88 Orbis SA                                                    68 Warsaw, Poland                                              55 WestCoast Hospitality Corp.                                 71 * Spokane, Wash. USA                                          71 Fujita Kanko                                                45 * Tokyo, Japan                                                45 Maritim Hotels                                              44 Bad Salzuflen, Germany                                      40 American Property Mgmt. Corp.                               42 San Diego, Calif. USA                                       38 REWE TOURISTIK Hotels &                                     41 Investment GmbH Cologne, Germany                            40 Husa Hotels Group                                          152 * Barcelona, Spain                                           152 Rica Hotels                                                 92 Billingstad, Norway                                         91 Boyd Gaming Corp.                                           18 Las Vegas, Nev. USA                                         10 Moevenpick Hotels & Resorts                                 50 Adliswil, Switzerland                                       49 Fiesta Hotel Group                                          40 Ibiza, Baleares, Spain                                      39 Thistle Hotels plc                                          50 Leeds, England                                              56 G.S.M. Hoteles                                              82 Madrid, Spain                                               86 AmericInn International LLC                                193 Chanhassen, Minn. USA                                      188 Tishman Hotel Corp.                                         20 Lake Buena Vista, Fla. USA                                  18 Innkeepers Hospitality Inc.                                 77 Palm Beach, Fla. USA                                        63 Outrigger Enterprises                                       43 Honolulu, Hawaii USA                                        52 Danubius Hotels Group                                       68 Budapest, Hungary                                           61 Hostmark Hospitality Group                                  33 Schaumburg, III. USA                                        32 Remington Hotel Corp.                                       46 Dallas, Texas USA                                           40 Pandox AB                                                   48 Stockholm, Sweden                                           45 Jianguo International Hotels Ltd.                           30 * Beijing, China                                              30 Princess Hotels & Resorts                                   24 Reus, Tarragona, Spain                                      21 Gaviota SA                                                  35 * Havana, Cuba                                                36 Suburban Extended Stay Hotels                               68 Atlanta, Ga. USA                                            63 Protea Hospitality Corp.                                   113 Sea Point, South Africa                                    106 Sunroute Company Ltd.                                       75 Tokyo, Japan                                                73 Ringhotels                                                 150 Munich, Germany                                            150 Raffles International                                       28 Singapore                                                   28 Innkeepers USA Trust                                        69 Palm Beach, Fla. USA                                        67 Hospitality Alliance AG                                     69 Bad Arolsen, Germany                                        69 Atlantica Hotels International                              47 Sao Paulo, Brazil                                           43 Jurys Doyle Hotel Group plc                                 37 Dublin, Ireland                                             30 Loews Hotels                                                20 New York, N.Y. USA                                          20 Jameson Inns                                               125 Atlanta, Ga. USA                                           119 Kokusai Kogyo Hotel Group                                   27 Tokyo, Japan                                                26 Taj Hotels, Resorts & Palaces                               65 Mumbai, India                                               63 Thayer Lodging Group                                        23 Annapolis, Md. USA                                          22 Janus Hotels & Resorts                                      56 Boca Raton, Fla. USA                                        70 Boykin Management Co.                                       29 Cleveland, Ohio USA                                         30 Mandarin Oriental Hotel Group                               26 Hong Kong, China                                            18 Kempinski Hotels & Resorts                                  40 Geneva, Switzerland                                         35 AFM Hospitality Corp.                                       89 Toronto, Ontario, Canada                                   170 Hankyu Group                                                41 * Osaka, Japan                                                45 First Hotels AS                                             60 * Oslo, Norway                                                60 Destination Hotels & Resorts                                30 Englewood, Colo. USA                                        27 Driftwood Hospitality Mgmt. LLC                             29 Jupiter, Fla. USA                                           25 Adams Mark Hotels                                            9 St. Louis, Mo. USA                                          23 Sage Hospitality Resources                                  50 Denver, Colo. USA                                           85 Okura Hotels                                                24 * Tokyo, Japan                                                24 Winegardner & Hammons                                       31 Cincinnati, Ohio USA                                        32 Pestana (GP) Hotels                                         75 Funchal, Portugal                                           72 HEI/Merritt Hospitality                                     24 Norwalk, Conn. USA                                          13 Cham Palaces & Hotels                                       17 Damascus, Syria                                             19 CHIP Hospitality                                            32 Vancouver, B.C., Canada                                     33 Kimpton Hotel & Restaurant Group                            38 San Francisco, Calif. USA                                   36 Hoteles Hesperia SA                                         46 * Barcelona, Spain                                            42 Winston Hotels                                              50 Raleigh, N.C. USA                                           50 New Otani Company Ltd.                                      21 Tokyo, Japan                                                22 GF Management                                               33 Philadelphia, Pa. USA                                       37 LaSalle Hotel Properties                                    21 Bethesda, Md. USA                                           17 Jolly Hotels SpA                                            45 Valdagno, Italy                                             48 Sokos Hotels                                                37 * Helsinki, Finland                                           38 Rydges Hotel Group                                          38 Sydney, Australia                                           34 Restel                                                      40 Helsinki, Finland                                           37 Aramark Harrison Lodging                                    49 Philadelphia, Pa. USA                                       51 Prism Hotels                                                30 Dallas, Texas USA                                           41 National 9 Inns                                            130 Salt Lake City, Utah USA                                   123 Romantik Hotels & Restaurants Intl.                        180 Frankfurt am Main, Germany                                 185 Davidson Hotel Co.                                          21 Memphis, Tenn. USA                                          23 Horizontes Hoteles                                          41 * Havana, Cuba                                                41 Louis Hotels Ltd.                                           27 Nicosia, Cyprus                                             26 AC Hotels                                                   62 Madrid, Spain                                               60 Gaylord Entertainment                                        3 Nashville, Tenn. USA                                         3 Corinthia Hotels International                              20 Floriana, Malta                                             23 Budget Host International                                  157 Arlington, Texas USA                                       180 Aztar Corp.                                                  4 Phoenix, Ariz. USA                                           4 Windsor Hospitality Group                                   26 Santa Monica, Calif. USA                                    25 Blue Tree Hotels & Resorts                                  25 Sao Paulo, Vila Olimpia, Brazil                             21 Disneyland Resort Paris                                      7 * Marne-la-Vallee, France                                      7 Dimension Development Co. Inc.                              35 Natchitoches, La. USA                                       31 APA Hotel Ltd.                                              30 * Tokyo, Japan                                                41 RockResorts/Vail Resorts Lodging Co.                        24 Denver, Colo. USA                                           21 Paradores de Turismo                                        91 * Madrid, Spain                                               89 Concord Hospitality Enterprises Co.                         43 Raleigh, N.C. USA                                           43 The Procaccianti Group                                      23 Cranston, R.I. USA                                          22 Dusit Hotels & Resorts                                      19 Bangkok, Thailand                                           22 Coast Hotels & Resorts                                      35 Vancouver, B.C., Canada                                     35 Jarvis Hotels Ltd.                                          54 High Wycombe, Buckinghamshire, England                      65 Grand Central Management (S) Pte Ltd.                       34 Singapore                                                   34 Macdonald Hotels plc                                        65 West Lothian, Scotland                                      88 Highgate Hotels                                              9 Irving, Texas USA                                            7 Richfield Hospitality Services (SWAN)                       31 Englewood, Colo. USA                                        25 ShoLodge                                                    69 Hendersonville, Tenn. USA                                  100 Aston Resort Quest Hawaii                                   28 Honolulu, Hawaii USA                                        30 Corus Hotels                                                56 Milton Keynes, England                                      71 Horizon Hotels Ltd.                                         22 Eatontown, N.J. USA                                         21 Dolce International                                         24 Montvale, N.J. USA                                          19 Langham Hotels International                                 8 Hong Kong, China                                             8 Sonesta International Hotels Corp.                          24 Miramar, Fla. USA                                           27 Vista Host                                                  42 * Houston, Texas USA                                          45 Singapore Meritus Intl. Hotels Ltd.                         10 Singapore                                                   11 ITC Welcomgroup Hotels                                      61 New Delhi, India                                            57 Rosen Hotels & Resorts                                       6 Orlando, Fla. USA                                            6 Tarsadia Hotels                                             17 Newport Beach, Calif. USA                                   16 The Oberoi Group                                            34 New Delhi, India                                            37 Meyer Jabara Hotels                                         26 West Palm Beach, Fla. USA                                   28 Cornerstone Hospitality Group                               44 Kennesaw, Ga. USA                                           32 SuperClubs Super-Inclusive Resorts                          16 Kingston, Jamaica                                           18 Queens Moat Houses Hotels                                   32 Romford, Essex, England                                     88 Ramkota Companies                                           26 Sioux Falls, S.D. USA                                       31 CSM Lodging                                                 36 Minneapolis, Minn. USA                                      -- Domina Hotels & Resorts                                     39 Milan, Italy                                                34 Shilo Mgmt. Corp. (formerly Shilo Inns)                     42 Portland, Ore. USA                                          42 Sunburst Hospitality Corp.                                  30 Silver Spring, Md. USA                                      32 Miyako Hotels                                               15 Osaka, Japan                                                15 Noble Investment Group                                      25 Atlanta, Ga. USA                                            63 First Hospitality Group                                     30 Rosemont, III. USA                                          27 Sahid Group of Hotels                                       20 * Jakarta, Indonesia                                          17 De Vere Group plc                                           33 Warrington, Cheshire, England                               43 Hunguest Hotels                                             27 * Budapest, Hungary                                           29 Stanford Hotels Corp.                                       17 San Francisco, Calif. USA                                   17 JHM Hotels                                                  30 Greenville, S.C. USA                                        33 Longhouse Hospitality Trust                                 34 Smyrna, Ga. USA                                             -- HNA Hotels & Resorts Group                                  15 Haikou, China                                               -- KSL Resorts                                                  7 La Quinta, Calif. USA                                       -- Kinseth Hospitality Companies                               32 North Liberty, Iowa USA                                     28 Kerzner International Ltd.                                  10 Nassau, Bahamas                                             10 Camino Real Hotels & Resorts                                20 Mexico City, Mexico                                         15 Othon Hotels SA                                             40 Rio de Janeiro, Brazil                                      38 Benchmark Hospitality                                       26 The Woodlands, Texas USA                                    28 Sandals Resorts International                               18 Montego Bay, Jamaica                                        18 AMResorts                                                   11 Newtown Square, Penn. USA                                   -- ZMC Hotels                                                  38 Duluth, Minn. USA                                           38 Berjaya Hotels & Resorts                                    19 * Kuala Lumpur, Malaysia                                      19 Cooper Hotels                                               22 Memphis, Tenn. USA                                          22 Atahotels                                                   17 * Milan, Italy                                                18 Abou Nawas Hotels                                           17 * Tunis, Tunisia                                              17 City Lodge Hotels Ltd.                                      37 Sandton, South Africa                                       36 Austria Trend Hotels & Resorts                              25 Vienna, Austria                                             25 Gloria International Hotels Ltd.                            15 Hong Kong, China                                            11 Warwick International Hotels                                30 Paris, France                                               31 HHC LLC (Hudson Hotels)                                     35 * Rochester, N.Y. USA                                         34 Regal Hotels International                                   7 Hong Kong, China                                             7 Quorum Hotels & Resorts                                     15 Dallas, Texas USA                                           15 Crown American Hotels                                       26 Johnstown, Pa. USA                                          27 Coakley & Williams Hotel Mgmt. Co.                          26 Greenbelt, Md. USA                                          26 Sun International                                           24 Sandton, South Africa                                       24 Paramount Hotel Group                                       31 Fairfield, N.J. USA                                         26 Sandman Hotels & Inns                                       31 Vancouver, B.C., Canada                                     31 Marshall Management                                         30 Salisbury, Md. USA                                          21 DePalma Hotel Corp.                                         26 Arlington, Texas USA                                        26 The Hotel Group                                             28 Edmonds, Wash. USA                                          22 Aqua Sol Hotels Ltd.                                        40 * Ayla Napa, Cyprus                                           46 RIHGA (Rihga) Royal Hotels                                  13 * Osaka, Japan                                                15 Arlington Hospitality Inc.                                  50 Arlington Heights, III. USA                                 64 Rim Hospitality                                             22 Modesto, CA USA                                             22 Imperial Hotels Group                                       16 Bangkok, Thailand                                           11 B.F. Saul Co.                                               18 * Bethesda, Md. USA                                           18 Vila Gale Hotels                                            16 Lisbon, Portugal                                            16 Shaner Hotel Group                                          21 * State College, Pa. USA                                      25 MOA Hospitality                                             42 Des Plaines, III. USA                                       75 Rotana Hotel Management Corp. Ltd.                          17 Abu Dhabi, United Arab Emirates                             17 Marcus Hotels & Resorts                                     14 Milwaukee, Wis. USA                                        199 Pacifica Companies/Pacifica Host                            23 San Diego, Calif. USA                                       23 Hotel Equatorial Group                                       8 Kuala Lumpur, Malaysia                                       8 Wright Investment Properties                                20 Cordova, Tenn. USA                                          21 Daly Seven                                                  35 Danville, Va. USA                                           36 Imperial London Hotels Ltd.                                  6 London, England                                              6 Amari Hotels and Resorts                                    15 Bangkok, Thailand                                           14 New Castle Hotels LLC                                       20 Shelton, Conn. USA                                          19 Starhotels SpA                                              20 * Florence, Italy                                             20 Sterling Hotels & Resorts                                   19 Chicago, III. USA                                           17 Hospitality Partners                                        16 Bethesda, Md. USA                                           14 Vagabond Franchise System                                   42 Los Angeles, Calif. USA                                     44 SREE Hospitality Group                                      30 Charlotte, N.C. USA                                         28 Stonebridge Companies                                       29 * Englewood, Colo. USA                                        37 Peabody Hotel Group                                         10 Memphis, Tenn. USA                                          11 Trump Hotels & Casino Resorts                                4 * New York, N.Y. USA                                           4 Buckhead America Corp.                                      61 Atlanta, Ga. USA                                            53 Family Inns of America                                      24 Pigeon Forge, Tenn. USA                                     24 MMI Hotel Group                                             18 Fernwood, Miss. USA                                         17 Dedeman Hotels & Resorts Intl.                              15 Istanbul, Turkey                                            15 Orient-Express Hotels Ltd.                                  31 London, England                                             30 Dan Hotels Corp. Ltd.                                       12 Tel-Aviv, Israel                                            12 Allson International Hotels & Resorts                       13 Kuala Lumpur, Malaysia                                       9 Exel Inns of America                                        28 Madison, Wis. USA                                           26 Premier Hotel Corp.                                         22 Atlanta, Ga. USA                                            -- Orea Hotels                                                 29 Prague, Czech Republic                                      29 The Dow Hotel Co. LLC                                       10 Seattle, Wash. USA                                          -- Waterford Hotel Group                                       26 Waterford, Conn. USA                                        29 Commonwealth Hotels                                         15 Covington, Ky. USA                                          15 Gal-Tex Hotel Corp.                                         11 Galveston, Texas USA                                        12 Lindner Hotels AG                                           20 Duesseldorf, Germany                                        19 Turin Hotels International                                  17 Turin, Italy                                                14 Gouverneur Inc.                                             13 Montreal, Quebec, Canada                                    13 Mirvac Hotels & Resorts                                     24 * Sydney, Australia                                           23 Park Lane Hotels International                               5 Hong Kong, China                                             6 Campbell Lodging Inc.                                       23 Brea, Calif. USA                                            24 H.I. Development Corp.                                      15 * Tampa, Fla. USA                                             15 Marco Polo Hotel Group                                       7 Hong Kong, China                                             7 JJW Hotels & Resorts                                        41 London, Mayfair, England                                    37 Morgans Hotel Group                                          9 New York, N.Y. USA                                          12 The Peninsula Hotels                                         8 Hong Kong, China                                             9 Hotel Lotte Co. Ltd.                                         4 Seoul, Korea                                                 5 Trigild International Inc.                                  17 San Diego, Calif. USA                                       -- Newport Hospitality Group                                   24 Williamsburg, Va. USA                                       17 Lane Hospitality                                            17 Northbrook, III. USA                                        21 Central Hotels & Resorts                                    12 Bangkok, Thailand                                           12 Larkspur Hospitality                                        21 * Corte Madera, Calif. USA                                    17 Executive Hotels & Resorts                                  17 Vancouver, B.C., Canada                                     17 Swiss-Belhotel International                                14 Hong Kong, China                                            -- The Falor Companies                                         12 Chicago, III. USA                                           25 Noble House Hotels & Resorts                                12 Bellevue, Wash. USA                                         12 Seymour N. Logan Associates                                  6 Chicago, III. USA                                            7 HPL Hotels & Resorts                                         9 Singapore                                                    9 Orascom Hotel Holdings                                      14 El Agouza, Mohandessin, Egypt                               15 Lodging Hospitality Mgmt. Corp.                             14 St. Louis, Mo. USA                                          15 Hospitality Management Corp.                                17 Dallas, Texas USA                                           18 Carlton Group of Hotels                                      6 * Singapore                                                    6 Stamford Hotels & Resorts                                   10 Sydney, Mascot, Australia                                   10 The North Central Group                                     19 Middleton, Wis. USA                                         21 Woodfin Suite Hotels                                        18 San Diego, Calif. USA                                       18 Bayview International Hotels & Resorts                      11 * Singapore                                                   11 HLC Hotels                                                  23 Savannah, Ga. USA                                           25 Lionstone Hotels & Resorts                                   7 * Miami Beach, Fla. USA                                        7 Expotel Hospitality Services                                11 Metairie, La. USA                                           10 Oak Hotels Inc. (formerly Oak Hospitality)                  12 Hopewell Junction, N.Y. USA                                 16 Joie de Vivre Hotels                                        26 San Francisco, Calif. USA                                   -- Tecton Hospitality                                          18 Miami, Fla. USA                                             -- Outrigger Lodging Services                                  14 Encino, Calif. USA                                          15  * HOTELS estimate  HOTELS' CORPORATE 300 RANKING Top Companies By Number Of Hotels  Chain                                     Hotels  Cendant Corp.                              6,396 Choice Hotels International                4,977 Best Western International                 4,114 Accor                                      3,973 Intercontinental Hotels Group              3,540 Marriott International                     2,632 Hilton Hotels Corp.                        2,259 Carlson Hospitality Worldwide                890 Louvre Hotels (Societe du Louvre)            887 Global Hyatt Corp.                           818 Starwood Hotels & Resorts                    733   Worldwide Extended Stay Hotels                         654 La Quinta Corp.                              592 Golden Tulip Hospitality/THL                 534 Whitbread Hotel Co.                          501 Americas Best Value Inn                      456 Hilton Group plc                             403 Tharaldson Enterprises                       360 C.H.E. Group plc                             342 Sol Melia SA                                 328 Interstate Hotels & Resorts                  306 TUI AG/TUI Hotels & Resorts                  285 Hospitality Properties Trust                 285 Hospitality International                    282 NH Hoteles SA                                238 Westmont Hospitality Group                   200 American International LLC                   193 Rezidor SAS Hospitality                      190 Romantik Hotels & Restaurants                180 Budget Host International                    157 Wyndham International                        157 Husa Hotels Group                            152 Jin Jiang International Group                150 Ringhotels                                   150 FelCor Lodging Trust                         143 Royal Host Hotels & Resorts                  141 Le Meridien Hotels & Resorts                 135 CNL Hospitality Corp.                        132 National 9 Inns                              130 Jameson Inns                                 125 Ocean Hospitalities                          123 Protea Hospitality Corp.                     113 Barcelo Hotels & Resorts                     112 Equity Inns                                  110 Riu Hotels Group                             110 Drury Inns                                   110 Club Mediterranee                            100 Prince Hotels                                 98 Dorint Hotels & Resorts                       95 Rica Hotels                                   92 Paradores de Turismo                          91 Iberostar Hotels & Resorts                    91 Grupo Posadas Management                      91 White Lodging Services                        90 AFM Hospitality Corp.                         89 Millennium & Copthorne Hotels plc             88 Lodgian Inc.                                  86 G.S.M. Hoteles                                82 Fairmont Hotels & Resorts Inc.                82 Southern Sun Hotels (Pty.) Ltd.               80 Innkeepers Hospitality Inc.                   77 Steigenberger Hotels AG                       77 Sunroute Co. Ltd.                             75 Pestana (GP) Hotels                           75 MeriStar Hospitality Corp.                    73 Grupo Cubanacan S.A.                          72 WestCoast Hospitality Corp.                   71 Hospitality Alliance AG                       69 ShoLodge                                      69 Innkeepers USA Trust                          69 Washington Hotel Corp.                        68 Danubius Hotels Group                         68 Orbis SA                                      68 Suburban Extended Stay                        68 Columbia Sussex Corp.                         65 Taj Hotels, Resorts & Palaces                 65 Macdonald Hotels plc                          65 Occidental Hotels                             63 Four Seasons Hotels & Resorts                 63 AC Hotels                                     62 ITC Welcomgroup Hotels                        61 Buckhead America Corp.                        61 First Hotels AS                               60 John Q. Hammons Hotels                        59 Corus Hotels                                  56 JAL Hotels Co. Ltd.                           56 Janus Hotels & Resorts                        56 Sunstone Hotel Properties                     54 Jarvis Hotels Ltd                             54 Tokyu Hotels                                  52 Gran Caribe Hotels Group                      51 Sage Hospitality Resources                    50 Winston Hotels                                50 Moevenpick Hotels & Resorts                   50 Thistle Hotels plc                            50 Arlington Hospitality Inc.                    50 Aramark Harrison Lodging                      49 Pandox AB                                     48 Atlantica Hotels International                47 Remington Hotel Corp.                         46 Hoteles Hesperia SA                           46 Fujita Kanko                                  45 Jolly Hotels SpA                              45 Maritim Hotels                                44 Cornerstone Hospitality Group                 44 Shangri-La Hotels & Resorts                   44 Concord Hospitality Enterprises Co.           43 Outrigger Enterprises                         43 Shilo Management Corp.                        42 American Property Mgmt. Corp.                 42 Vista Host                                    42 MOA Hospitality                               42 Vagabond Franchise System                     42 JJW Hotels & Resorts                          41 REWE TOURISTIK Hotels &                       41   Investment GmbH ANA Hotels                                    41 Horizontes Hoteles                            41 Hankyu Group                                  41 Fiesta Hotel Group                            40 Restel                                        40 Othon Hotels SA                               40 Aqua Sol Hotels Ltd.                          40 Kempinski Hotels & Resorts                    40 Domina Hotels & Resorts                       39 ZMC Hotels                                    38 Rydges Hotel Group                            38 Kimpton Hotel & Restaurant                    38   Group Sokos Hotels                                  37 Omni Hotels                                   37 Jurys Doyle Hotel Group plc                   37 City Lodge Hotels Ltd.                        37 CSM Lodging                                   36 Three Cities Group                            36 Dimension Development Co. Inc.                35 Coast Hotels & Resorts                        35 Gaviota S.A.                                  35 HHC LLC (Hudson Hotels)                       35 Daly Seven                                    35 Grand Central Management (S)                  34   Pte Ltd. Longhouse Hospitality Trust                   34 The Oberoi Group                              34 De Vere Group plc                             33 GF Management                                 33 Hostmark Hospitality Group                    33 Queens Moat Houses Hotels                     32 CHIP Hospitality                              32 Kinseth Hospitality Companies                 32 Paramount Hotel Group                         31 Orient-Express Hotels Ltd.                    31 Richfield Hospitality Services                31   (SWAN) Sandman Hotels & Inns                         31 Winegardner & Hammons                         31 APA Hotel Ltd.                                30 Warwick International Hotels                  30 Jianguo International Hotels Ltd.             30 First Hospitality Group                       30 Prism Hotels                                  30 Sunburst Hospitality Corp.                    30 Marshall Management                           30 JHM Hotels                                    30 SREE Hospitality Group                        30 Sarovar Park Plaza Hotels &                   30   Resorts Destination Hotels & Resorts                  30 Stonebridge Companies                         29 Orea Hotels                                   29 Driftwood Hospitality                         29   Management LLC Boykin Management Co.                         29 Exel Inns of America                          28 Raffles International                         28 The Hotel Group                               28 Aston Resort Quest Hawaii                     28 Kokusai Kogyo Hotel Group                     27 Louis Hotels Ltd.                             27 Hunguest Hotels                               27 Benchmark Hospitality                         26 Waterford Hotel Group                         26 Windsor Hospitality Group                     26 Ramkota Companies                             26 Joie de Vivre Hotels                          26 Meyer Jabara Hotels                           26 Crown American Hotels                         26 DePalma Hotel Corp.                           26 Coakley & Williams Hotel                      26   Management Co. Mandarin Oriental Hotel Group                 26 Noble Investment Group                        25 Austria Trend Hotels & Resorts                25 Blue Tree Hotels & Resorts                    25 Princess Hotels & Resorts                     24 Okura Hotels                                  24 RockResorts/Vail Resorts                      24   Lodging Co. HEI/Merritt Hospitality                       24 Sun International                             24 Family Inns of America                        24 Walt Disney World Co.                         24 Dolce International                           24 Mirvac Hotels & Resorts                       24 Leisure Hotels & Resorts                      24 Newport Hospitality Group                     24 Sonesta International Hotels Corp.            24 Campbell Lodging Inc.                         23 Thayer Lodging Group                          23 HLC Hotels                                    23 Pacifica Hotel Co.                            23 Pacifica Companies/Pacifica Host              23 The Procaccianti Group                        23 Capital Hotel Management LLC                  22 Serena Lodges & Hotels                        22 Caesars Entertainment                         22 Cooper Hotels                                 22 Horizon Hotels Ltd.                           22 Rim Hospitality                               22 Harrah's Entertainment                        22 Premier Hotel Corp.                           22 Shaner Hotel Group                            21 Larkspur Hospitality                          21 Davidson Hotel Co.                            21 New Otani Co. Ltd.                            21 LaSalle Hotel Properties                      21 Focus Enterprises                             21 Sahid Group of Hotels                         20 Camino Real Hotels & Resorts                  20 Lindner Hotels & Resorts                      20 Tishman Hotel Corp.                           20 Lindner Hotels AG                             20 Starhotels SpA                                20 Corinthia Hotels International                20 New Castle Hotels LLC                         20 Wright Investment Properties                  20 Loews Hotels                                  20 Sterling Hotels & Resorts                     19 Berjaya Hotels & Resorts                      19 The North Central Group                       19 Dusit Hotels & Resorts                        19 MMI Hotel Group                               18 Essex Partners Inc.                           18 Boyd Gaming Corp.                             18 I.M.I.C. Hotels                               18 Legacy Hotels & Resorts Int'l. Ltd.           18 Tecton Hospitality                            18 Woodfin Suite Hotels                          18 Castle Resorts & Hotels                       18 B.F. Saul Co.                                 18 Sandals Resorts International                 18 Abou Nawas Hotels                             17 Lane Hospitality                              17 Rotana Hotel Management                       17   Corp. Ltd. Hospitality Management Corp.                  17 Trigild International Inc.                    17 Stanford Hotels Corporation                   17 Turin Hotels International                    17 Tarsadia Hotels                               17 Atahotels                                     17 Executive Hotels & Resorts                    17 Cham Palaces & Hotels                         17 SuperClubs Super-Inclusive                    16   Resorts Ayres Hotel Group                             16 Creative Hotel Associates                     16 Hospitality Partners                          16 Raymond Management                            16   Company Inc. Vila Gale Hotels                              16 Decatur Hotels LLC                            16 Imperial Hotels Group                         16 Gloria International Hotels Ltd.              15 Quorum Hotels & Resorts                       15 H.I. Development Corp.                        15 Commonwealth Hotels                           15 Dedeman Hotels & Resorts                      15   International India Tourism Development Corp.               15 Miyako Hotels                                 15 Amari Hotels and Resorts                      15 HNA Hotels & Resorts Group                    15 Orascom Hotel Holdings                        14 Lodging Hospitality Mgmt. Corp.               14 Outrigger Lodging Services                    14 Rocco Forte Hotels                            14 Charlestown Management                        14   Hotels Sivica Hospitality                            14 Marcus Hotels & Resorts                       14 Swiss-Belhotel International                  14 Zimbabwe Sun Limited                          14 MEI Hotels Inc.                               13 RIHGA (Rihga) Royal Hotels                    13 Allson International Hotels &                 13   Resorts Rosewood Hotels                               13 Gouverneur Inc.                               13 The Falor Companies                           12 Oak Hotels Inc.                               12 Mandalay Resort Group                         12 Noble House Hotels & Resorts                  12 Lucien Barriere Hotels                        12 Dan Hotels Corp. Ltd.                         12 Central Hotels & Resorts                      12 Coral Hospitality                             12 Expotel Hospitality Services                  11 Gal-Tex Hotel Corp.                           11 AMResorts                                     11 Banyan Tree Hotels & Resorts                  11 O'Neill Hotels & Resorts Ltd.                 11 Westmark Hotels                               11 Bayview International Hotels &                11   Resorts  HOTELS' CORPORATE 300 RANKING  The Largest Hotel Brands  Brand                                      Rooms  Best Western                             309,236 Holiday Inn Hotels & Resorts             278,787 Marriott Hotels & Resorts                179,159 Days Inn                                 153,701 Comfort Inns                             150,193 Sheraton Hotels                          134,866 Hampton Inn/Suites                       128,003 Holiday Inn Express                      126,035 Super 8                                  125,844 Ramada                                   119,991 Radisson Hotels & Resorts                100,733 Quality Inns, Hotels & Suites             98,431 Courtyard By Marriott                     94,003 Hilton Hotels                             88,279 Motel 6                                   87,860 Mercure                                   85,352 Hilton International                      78,782 Ibis                                      75,602 Novotel                                   68,340 Hyatt Regency                             63,583 Crowne Plaza Hotels & Resorts             61,627 Residence Inn                             55,059 Westin                                    51,283 Econo Lodge                               50,479 Fairfield Inns                            48,710 Renaissance Hotels & Resorts              47,459 La Quinta Inn & Suites                    46,839 Howard Johnson                            44,923 Intercontinental Hotels & Resorts         44,516 Extended Stay America                     43,383 Embassy Suites                            42,553 Travelodge                                40,476 Doubletree                                39,520 Sofitel                                   38,098 Red Roof Inns                             38,018 NH Hotels                                 34,709 Clarion                                   33,662 Le Meridien                               33,000 Riu                                       32,900 Comfort Suites                            31,845 Wyndham Hotels & Resorts                  31,433 Radisson SAS                              31,400 Melia                                     30,746 Jin Jiang Hotels                          29,874 Formula 1                                 28,423 Barcelo                                   28,145 Iberostar Hotels & Resorts                28,104 Premier Travel Inn                        28,000 Americas Best                             27,232 Country Inns & Suites   By Carlson                              27,163 Hilton Garden Inn                         26,216 Disney Hotels                             25,316 Sleep Inn & Suites                        25,015 Etap                                      24,901 Sol                                       24,724 Four Points By Sheraton                   24,178 Prince Hotels                             23,985 Campanile                                 23,980 Scandic                                   23,854 Fairmont Hotels & Resorts                 21,925 Millennium                                20,121 Golden Tulip                              19,978 Shangri-La Hotels                         18,795 Microtel Inn & Suites                     18,685 Ritz-Carlton                              18,611 Microtel Inns & Suites                    18,288 AmeriSuites                               18,000 Dorint                                    17,997 Tryp                                      17,165 Baymont Inns & Suites                     17,030 Homestead Studio                          16,873 Grand Hyatt                               16,412 Occidental Hotels                         16,248 Four Seasons                              16,150 Nikko Hotels                              15,999 Knights Inn                               15,540 Concorde                                  15,483 Homewood Suites By Hilton                 14,945 Premiere Classe                           14,781 SpringHill Suites                         14,550 Omni Hotels                               13,899 Flag                                      13,536 ANA Hotels                                13,125 Wingate Inns                              12,934 Candlewood Suites                         12,407 Kyriad                                    12,126 TOP Hotel                                 12,084 Maritim                                   11,851 TownePlace                                11,710 Husa                                      11,460 Rica Hotels                               11,260 Delta Hotels                              11,042 Harrahs                                   11,031 Moevenpick Hotels                         11,000 Fiesta Hotels                             10,973 G.S.M. Hotels                             10,590 Washington                                10,575 AmericInn                                 10,462 Red Lion                                  10,264 Rodeway Inn                               10,139 Hawthorn Suites                            9,860 Thistle                                    9,781 Park Inn                                   9,300 Princess Hotels                            9,197 Staybridge Suites                          9,189 Suburban Extended Stay Hotels              9,075 Protea Hotels                              9,069 Ringhotels                                 9,000 Magic Life                                 8,866 Marriott Vacaction Club Intl.              8,832 Steigenberger                              8,470 Loews                                      8,228 Taj Hotels, Resorts & Palaces              8,189 B&B Hotels                                 7,959 Kempinski                                  7,749 First Hotels                               7,700 Swissotel                                  7,679 StudioPLUS                                 7,657 Adams Mark                                 7,566 Tulip Inn                                  7,527 Amerihost                                  7,451 Okura Hotels & Resorts                     7,441 Pestana Hotels &                           7,405 Park Plaza Hotels                          7,354 FIESTA INN                                 7,306 Cham Palaces                               7,280 Grupotel                                   7,167 Best Inns & Suites                         7,138 Hesperia                                   7,036 New Otani                                  6,931 TOKYU INN                                  6,781 Jolly Hotels                               6,700 Red Carpet Inn                             6,672 ROBINSON                                   6,503 Sokos                                      6,500 Rydges Hotels & Resorts                    6,426 National 9 Inn, Motels & Suites            6,093 Romantik Hotels                            6,090 Hankyu                                     6,069 ARAMARK                                    5,936 AC Hotels                                  5,921 Iberotel                                   5,863 W Hotels                                   5,836 Gaylord Hotels                             5,798 Corinthia Hotels                           5,784 Budget Host                                5,760 Luxury Collection                          5,748 Danubius Hotels                            5,744 Conrad                                     5,661 Jameson Inns                               5,604 Apa Hotels                                 5,569 Paradores                                  5,492 IFA                                        5,460 Grecotel                                   5,457 Copthorne                                  5,396 Coast Hotels & Resorts                     5,359 Mandarin Oriental                          5,355 LTI International                          5,290 Macdonald Hotels                           5,207 Studio 6                                   5,088 Guesthouse                                 5,075 Crossland                                  5,068 Scottish Inns                              5,041 Aston Hotels & Resorts                     5,000 Ohana Hotels & Resorts                     4,977 Corus Hotels                               4,976 Sonesta Hotels                             4,944 Outrigger Hotels & Resorts                 4,918 SuperClubs                                 4,794 Queens Moat                                4,791 Orbis Hotels                               4,759 Domina                                     4,746 Shilo Inn                                  4,731 FIESTA                                     4,620 Louis Hotels                               4,569 Miyake Hotels & Resorts                    4,565 Jian Guo Hotels                            4,560 Jurys Inns                                 4,515 Sahid Hotels                               4,512 Hunguest                                   4,498 Intercity                                  4,491 Blue Tree Towers                           4,364 Camino Real                                4,322 Othon Hotels                               4,300 Berjaya Hotels & Resorts                   4,151 Atahotels                                  4,053 Austria Trend                              4,044 Gloria Plaza                               4,023 Warwick                                    4,014 Regal                                      4,008 Sun International                          3,936 Sandman Hotels,                            3,882 Jurys Doyle Hotels                         3,734 Aqua Sol                                   3,708 Excel Hotel Tokyo                          3,698 Rihga Royal                                3,655 Vila Gale                                  3,550 Rotana                                     3,466 Hotel Equatorial                           3,426 Meritus/Mandarin                           3,416 Coralia Club                               3,404 Paladien                                   3,402 R&B Hotels                                 3,394 Dusit Hotels & Resorts                     3,390 Imperial London                            3,355 Summerfield Suites By Wyndham              3,341 HNA                                        3,332 Amari Hotels & Resorts                     3,329 Starhotels                                 3,313 Vagabond Inn                               3,283 Calimera Aktiv                             3,270 Vail Resorts                               3,254 Tokyu Hotels                               3,223 Sandals                                    3,208 Sol Y Mar                                  3,202 Trump Hotels                               3,180 Country Hearth Inn                         3,173 Family Inns of America                     3,165 Dedeman Hotels & Resorts                   3,108 Orient Express                             3,098 Lopesan                                    3,072 De Vere Hotels                             3,062 Dan Hotels                                 3,061 Cumulus                                    3,053 PrimaSol                                   2,984 Hotel/Villa Islazul                        2,969 Orea                                       2,945 Lindner Hotels & Resorts                   2,826 Oberoi Hotels & Resorts                    2,802 Gouverneur                                 2,800 Imperial Hotels                            2,724 Langham                                    2,706 Grand                                      2,687 Dai-Ichi                                   2,669 Traders                                    2,647 Signature Inns                             2,620 Marco Polo                                 2,611 JJW/Amarante/Me                            2,592 Hotel Lotte                                2,562 Paradisus                                  2,553 Atlantica Hotels                           2,552 Regent International Hotels                2,543 Pacific                                    2,500 Marriott Executive Apartments              2,471 Peninsula Hotels                           2,467 Central Hotels                             2,465 St. Regis                                  2,443 Swiss-Belhotel                             2,430 Exellnns                                   2,398 Carlton Hotels                             2,350 Dolce                                      2,339 Bayview Hotels                             2,319 Masters Inn & Suites                       2,298 Treff                                      2,274 Norotel                                    2,234 Legacy Hotels & Resorts                    2,189 Ayres                                      2,169 Viva Wyndham                               2,167 Mainstay Suites                            2,150 Southern Sun                               2,129 Executive Hotels & Resorts                 2,076 Sunscape Resorts                           2,061 Westmark Hotels                            2,046 Plaza Hotels                               2,032 Sunway Hotels & Resorts                    2,005 Royal Princess                             1,984 Helmsley Hotels                            1,897 SuiteHotel                                 1,871 Lucien Barriere                            1,861 Affinia                                    1,852 ITC Prefixed                               1,851 Peabody Hotels                             1,773 Sebel Hotels                               1,704 City Lodge                                 1,685 Hotel JAL City                             1,632 RoyalRegency                               1,632 Rantasipi                                  1,609 Liecebne Kupele                            1,541 WestCoast                                  1,510 FIESTA                                     1,500 Furama Hotels                              1,489 Ashok                                      1,483 RockResorts                                1,474 Village Hotels                             1,442 Trident Hilton                             1,424 

Seminal Times For Consortia

Leverage is a big factor in who is winning and who is losing the consortia race. It is the driver behind big deals like the consolidation of VIP International and Lexington Services into the new giant, Vantis Corp. But it also is the force behind the expansion of niche players such as Design Hotels and regional consortia who are parlaying a narrowly defined portfolio into maximized reach and capture. By leveraging technology, value-added services and growing consultative service menus, the world's top 25 consortia reached 3,594,742 rooms as of December 31, 2004, or 259,321 more rooms than year-end 2003.

Watch for the fastest-growing consortia to expand their support services, particularly with the rollout of revenue and yield management programs, training programs and initiatives to help members work through the complexities of market demand and channel distribution models. "Companies focusing only on transactions rather than creating or leveraging the buying relationship will become a rare breed. Hotels needs and want a marketing and sales partner to grow their business," says Tom Griffiths, WORLDHOTELS' vice president--the Americas.

Kelly Blake, Vantis' president and CEO, predicts the next few years will be good for the forward-looking consortia as the Internet provides ways for independent hotels to compete against brands. "The emphasis on vertical search will enable independent hoteliers to reach individual consumers in a way that negates the need for a brand," says Blake. Small companies without a clearly defined niche or the funds to keep pace with new technology may be the most vulnerable. "Each new generation of technology stimulates early adopters who forge ahead and rave about the results," Blake says. This year, Blake says, early adopters will center their attention on revenue management system technology, customer relationship management and data mining.

Consortia will have to continue to reinvent themselves if they want to stay on this growth track, says Paul McManus, CEO, Leading Hotels of the World. "Relevancy is a major issue. Can certain consortia rise above being fraternal organizations or clubs and demonstrate through a solid business plan that are viable, relevant, going concerns?" McManus asks. He also says consortia will have to create new relationships with technology providers who consider them an impediment to the hotel relationship. To expand their clout, expect more consortia "to make their presence felt" in the Internet world with new partnerships and alliances.

 HOTELS' CONSORTIA 25  Rank                                                         Rooms 2004    Company                                               2004 2003    Headquarters                                          2003   1      Utell/Unirez-Pegasus Solutions Rep. Services      1,050,091  1      Dallas, Texas USA                                 1,040,550  2      SynXis Corp.                                        720,000  3      McLean, Va. USA                                     560,000  3      Vantis Corp. (formerly VIP International Corp.)     615,840  3      McLean, Va. USA                                     605,962  4      Supranational Hotels                                257,000  4      London, England                                     202,700  5      InnPoints Worldwide                                 145,936  5      Albuquerque, N.M. USA                               120,515  6      Hotusa-Eurostars-Familia Hotels                     118,861  7      Barcelona, Spain                                     98,437  7      WORLDHOTELS                                         100,000  9      Frankfurt am Main, Germany                           80,000  8      Keytel SA                                            92,000  6      Barcelona, Spain                                    105,000  9      Leading Hotels of the World                          83,000  8      New York, N.Y. USA                                   83,000  10     Logis de France                                      66,881  10     Paris, France                                        67,721  11     Preferred Hotel Group                                56,726  13     (formerly IndeCorp. Corp.) Chicago, III. USA         56,296  12     Associated Luxury Hotels                             48,280  12     Washington, D.C. USA                                 42,000  13     Historic Hotels of America                           37,745  14     Washington, D.C. USA                                 32,399  14     AHMI RES Hotel (Thed International)                  34,308  13     Paris, France                                        34,403  15     Sceptre Hospitality Resources (SWAN)                 30,732  15     Englewood, Colo. USA                                 30,732  16     Great Hotels Organization                            27,252  18     London, England                                      22,710  17     Minotel International                                25,500  16     Lausanne, Switzerland                                29,400  18     Small Luxury Hotels of the World                     17,250  22     Surrey, England                                      16,234  19     Selected Hotels For Business,                        17,000 *  20     Congresses & Incentives Marbella, Spain              17,000  20     ILA-Chateaux & Hotels de Charme                      15,253  21     Brussels, Belgium                                    16,325  21     Design Hotels                                        11,682  25     Berlin, Germany                                      10,000  22     Relais & Chateaux                                    10,688  25     Paris, France                                        10,455  23     Chateaux & Hotels de France                          10,608 *  23     Paris, France                                        10,767  24     Luxe Worldwide Hotels                                10,000  23     Los Angeles, Callf. USA                              10,767  25     Epoque Hotels                                         7,362  11     Miami, Fla. USA                                          --                                                              Hotels Company                                                       2004 Headquarters                                                  2003  Utell/Unirez-Pegasus Solutions Rep. Services                  7,487 Dallas, Texas USA                                             6,916 SynXis Corp.                                                  6,500 McLean, Va. USA                                               5,000 Vantis Corp. (formerly VIP International Corp.)               5,493 McLean, Va. USA                                               5,087 Supranational Hotels                                          1,692 London, England                                               1,519 InnPoints Worldwide                                           1,066 Albuquerque, N.M. USA                                           841 Hotusa-Eurostars-Familia Hotels                               1,439 Barcelona, Spain                                              1,139 WORLDHOTELS                                                     500 Frankfurt am Main, Germany                                      450 Keytel SA                                                     1,150 Barcelona, Spain                                              1,050 Leading Hotels of the World                                     420 New York, N.Y. USA                                              415 Logis de France                                               3,517 Paris, France                                                 3,602 Preferred Hotel Group                                           285 (formerly IndeCorp. Corp.) Chicago, III. USA                    281 Associated Luxury Hotels                                         86 Washington, D.C. USA                                             86 Historic Hotels of America                                      213 Washington, D.C. USA                                            202 AHMI RES Hotel (Thed International)                             178 Paris, France                                                   182 Sceptre Hospitality Resources (SWAN)                            140 Englewood, Colo. USA                                            140 Great Hotels Organization                                       168 London, England                                                 143 Minotel International                                           591 Lausanne, Switzerland                                           680 Small Luxury Hotels of the World                                329 Surrey, England                                                 308 Selected Hotels For Business,                                    62 * Congresses & Incentives Marbella, Spain                          62 ILA-Chateaux & Hotels de Charme                                 324 Brussels, Belgium                                               368 Design Hotels                                                   137 Berlin, Germany                                                 130 Relais & Chateaux                                               440 Paris, France                                                   450 Chateaux & Hotels de France                                     514 * Paris, France                                                   450 Luxe Worldwide Hotels                                           185 Los Angeles, Callf. USA                                         481 Epoque Hotels                                                   103 Miami, Fla. USA                                                  --  * HOTELS estimate 

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