Consumer >> Sector Roundtables >> July 10, 2000

Roundtable Forum: Lodging Industry

Happel, Michael
MICHAEL A. HAPPEL is a Principal of Morgan Stanley Dean Witter & Co. Previously, he was Director of Acquisitions for the Morgan Stanley Real Estate Funds and was involved in real estate investment banking activities at Morgan Stanley. Mr. Happel is a graduate of Harvard Law School and Duke University. Profile
JOYCE MINOR is a Vice President at Lehman Brothers. Previously, she was associated with Phoenix Duff & Phelps. Ms. Minor received her Bachelor's degree in Economics from Macalester College and her MBA from Harvard Business School. Profile
DAVID W. ANDERS is employed at Merrill Lynch as a First Vice President covering the lodging and gaming sectors. Prior to this, he was employed by Credit Suisse First Boston for just over three years, where he covered gaming, lodging and leisure companies. Mr. Anders started his career with Montgomery Securities in 1992. He earned a Master of Science degree in Finance from the University of Wisconsin, where he was a member of the Applied Securities Analysis Program. For the last five years Institutional Investor magazine has ranked Mr. Anders as one of the top gaming and lodging analysts. He has been widely quoted in many other trade publications. Additionally, Mr. Anders has appeared on CNBC, CNNfn and Bloomberg Television. Profile
BRYAN A. MAHER is a Director and Senior Equity Analyst with Credit Lyonnais Securities (USA), Inc. (CLS), responsible for providing equity research on the lodging, gaming and leisure industries in the US. Prior to joining Credit Lyonnais in 1999, Mr. Maher was an Equity Analyst at Deutsche Banc Alex. Brown, where he was the Associate Lodging & Leisure Analyst since April 1996. Prior to joining Deutsche Banc Alex. Brown, Mr. Maher worked at Dean Witter Reynolds from 1992 to 1996. Preceding his work at Dean Witter, Mr. Maher was an Analyst at the Trump Taj Mahal in Atlantic City, NJ, from January 1990 to October 1991. Complementing Mr. Maher's experience as an Equity Analyst on Wall Street are his nine years of combined lodging and gaming operating experience. Mr. Maher received his Bachelor of Science degree in Finance from Clemson University and his MBA in Strategic Management from Georgia State University. Profile
TWST: Michael, will you tell us how the lodging stocks have performed

over the past six to 12 months?

Mr. Happel: Well, as you may recall, 1999 was a fairly difficult year

for the lodging