Hotels Continue Expansion
Many hoteliers are confident about finding investors despite the global economic crisis and economic slowdown. President of Hilton Hotels, Middle East and Africa said they continue to expand aggressively as the economic downturn continues. Jean-Paul Herzog said many investors remain interested in new opportunities because of mid-term and long term potential.
Herzog said many large hotel developments take one year of planning followed by two years of visible construction. He explained investors would have to believe the downturn would last three years or more to stop developing and “I don’t believe that anybody is capable of making such a decision”.
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