Consumer >> Sector Roundtables >> September 7, 1998

Roundtable Forum: Lodging Industry

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
JASON N. ADER is a Senior Managing Director for Bear, Stearns & Co., Inc. During the past eight years, he has built an impressive franchise at Bear Stearns, supervising research coverage for more than 50 public companies in the gaming, lodging and leisure industries. His expertise also encompasses the gaming industry's high yield bond market. He has received numerous distinctions for his research. Not only has he been ranked in Institutional Investor's All-America Research Team for the past eight years, he has been II's top-ranked gaming and lodging analyst for three consecutive years. In 1999, he was named one of New York City's '40 Under 40' by Crain's New York Business. In addition, he produces the North American Gaming Almanac and the Global Lodging Almanac. Mr. Ader began his career at Baron Capital, where he began following the casino industry. From Baron Capital, Mr. Ader moved to Smith Barney. He joined Bear Stearns in 1995. He holds a Bachelor of Science degree in Economics and a Master of Business Administration degree in Finance from New York University. Profile
DENISE WILDER WARREN is a Vice President at Merrill Lynch & Co. Previously, she was associated with CS First Boston. Ms. Warren received her Bachelor's degree in Economics from Southern Methodist University and her MBA from Harvard Business School.MICHAEL A. HAPPEL is a Principal of Morgan Stanley Dean Witter. 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
TWST: How do you account for the way that the market has treated the

lodging stocks in 1998?

Ms. Minor: First, let's start out by talking about the performance of

the stocks year to date. We