"The way to describe that is unprecedented," Nassetta said atthe National Association of Real Estate Investment Trust's annualconvention. "At those levels, hotels have a hard time makingmoney."

While occupancy rates have yet to return to normal, they aregetting "fairly close," Nassetta says, while the 10% to 20% cuts inroom rates also are being trimmed back.

"We have recovered a great deal. We certainly have notstabilized," Nassetta says. "We understand the depth of thedecline. The question is, what's the duration, and where does itstabilize?"

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