Speakers on a panel titled "The Economic and Performance Outlook" cited statistics showing improvement since the dark days after Sept. 11, 2001, but they also expressed concern about parts of the world where gauges of hotel industry performance like occupancy and RevPAR have not met hopes and expectations.

The gathering at the Century Plaza Hotel includes representatives from hotel companies, investment groups, brokerages, consulting firms and others connected with the hotel industry, according to James Burba, chairman and president of Horwath Hospitality Investment Advisors, whose opening remarks noted that this year's even drew 1,700 attendees from around the world. The Summit, which continues today and Wednesday, is being hosted by Burba Hotel Network and the American Hotel & Lodging Association, whose president and CEO, Joseph McInerney, joined Burba in kicking off the event.

In the opening panel on economics, speakers from PricewatershouseCoopers, Deloitte & Touche, Smith Travel Research and PKF Consulting cited a host of surveys outlining the performance of the industry in the past several years and forecasting, in general, only modest improvements in the coming year. However, the speakers sounded stronger notes of optimism than has been the case in the two previous meetings following the Sept. 11 attacks. "We hope that this is the year we will see the return of the business traveler," said Randell Smith, CEO of Smith Travel Research. Smith had noted earlier in his remarks that the hotel industry's improvement thus far has resulted mainly from an increase in leisure travel, without much help from business travel. Demand for hotel rooms has finally began exceeding supply, Smith's studies show, and he said the supply-demand balance should continue to change as a result of a slowdown both in construction of new hotels and in plans for new properties.

The big question for the hotel industry, according to Marvin Rust of Deloitte & Touche, one of the members of Monday's economics panel, "Is the worst behind us." Rust, managing partner for hotels and resorts at Deloitte, told the gathering that the industry appears to have passed its low point, although that is not necessarily the case in all parts of the world. He noted that the industry is turning in flat or even declining performances in some parts of Europe, but Rust pointed out that industry recoveries in Europe usually lag the US by six months or so.

The economics panel was the first of a host of panels, presentations and break-out sessions scheduled for the Summit that will address dozens of topics of interest to the industry. Among these are financing and capital markets, the implications of homeland security, where and how to buy the best properties, marketing, managing properties, and presentations targeted toward specific segments of the industry.