GlobeSt.com: Let's start with the hotel sector. Anincredible year. What's the dynamic?

Bralower: The hotel business as a business isperforming very well right now. Occupancy and rates are very high.Couple that with the fact that there was a long period of time whenpeople were underweighted in hotels. That was partly becauseperformance wasn't as good then, and because there's always been agroup who have the knee-jerk reaction that real estate guysshouldn't do hotels. And while there's a degree of truth in that,there are also people who have come to recognize that there's greatmoney to be made in the hotel business.

Also, we're coming off of a period of very little hoteldevelopment--particularly in places like Manhattan. If everythingthat's projected to get built in Manhattan gets built, we'll stillhave a very robust market.

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.

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