Consumer >> Sector Roundtables >> April 7, 2003

Roundtable Forum: Lodging

WILLIAM MARKS is a Director at JMP Securities LLC. He was previously associated with Montgomery Securities/Banc of America Securities from 1994 to 2000. He was named the number one real estate analyst by The Wall Street Journal in 2001. He received a BA from the University of California at Davis and an MBA from Northwestern University. Profile
BRYAN MAHER is a Director and Senior Equity Analyst with Credit Lyonnais Securities (USA), Inc. He is currently responsible for providing equity research on 20 US companies in the lodging and gaming industries. Prior to joining Credit Lyonnais in 1999, Mr. Maher was at Deutsche Banc Alex. Brown (and its predecessor companies BT Securities and BT Alex. Brown) and Dean Witter Reynolds. Mr. Maher was also an analyst at the Trump Taj Mahal in Atlantic City, New Jersey, from 1990 to 1991. Mr. Maher received a BS in Finance from Clemson University and has an MBA in Strategic Management from Georgia State University. He has made numerous appearances on the various financial news networks and has been widely quoted in media publications on topics related to the US lodging, gaming and leisure industries. William Schmitt is an Analyst at CIBC World Markets, covering the hotels/lodging/casinos industry, among other sectors. He was previously a gaming and lodging analyst at Wasserstein Perella and Gerard Klauer Mattison. Mr. Schmitt received a BA from hobart College and an MBA in Finance from Fordman University. Profile
TWST: Bryan, what has gone on in the lodging industry over the

past year or so from an operating point of view?

Mr. Maher: Operationally it's been pretty poor. One could

probably characterize