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NEW YORK CITY-Capital expenditures on hotels this year are set to soar to new heights. New research by Bjorn Hanson, divisional dean and clinical professor of the New York University Preston Robert Tisch Center for Hospitality, Tourism and Sports Management, forecasts the total monies that will be spent on improvement at hotels in 2013 will reach approximately $5.6 billion, exceeding the prior record levels reached in 2008.

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