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NEW YORK-Five leaders of hotel brands in the inns and suites segment unanimously agreed there is still funding and land available for new development, despite problems on Wall Street.
The panel of executives, moderated by Robert Slater, president of Southern Hospitality, during the 83rd Annual International Hotel/Motel & Restaurant Show, included: Ramesh Gokal, president of Knights Inns; Georges Le Mener, president and c.e.o. of Motel 6 Operating LP; Mike Leven, president of US Franchise Systems; Dan Daniele, executive vice president, Baymont Inns & Suites; and Ken Rogers, president of Villager Lodges.
"The industry is preoccupied with Wall Street," Gokal said. "What's happening on Wall Street is not necessarily what's happening on `Main Street: Financing for development is still available, and new construction hotels are still being built in the budget and economy segment."
Le Mener agreed, adding that the industry would have repeated its mistakes of the past if the financial crisis on Wall...