When the owner of the luxury Phoenician resort reported year-end financial results, no negatives were spared in summing up the state of the hotel industry last year.
"For the lodging business, 2009 was the worst downturn in our lifetimes," Frits van Paasschen, chief executive officer of lodging giant Starwood Hotels and Resorts, said last week. "Even a tepid recovery will feel good."
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