Consumer >> Sector Roundtables >> May 27, 2002

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
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
BRIAN EGGER is a Director in the Equity Research Department of Credit Suisse First Boston covering the gaming and lodging industries. He formerly covered these industries for Donaldson, Lufkin & Jenrette until DLJ's merger with CSFB in October 2000. A member of the 1999 and the 2000 Institutional Investor All-America Research Teams, he has also been ranked for earnings estimate accuracy and stock picking in the Wall Street Journal All-Star Analysts Survey and is a five-time Wall Street Journal All-Star Analyst. Mr. Egger received a BS in Economics from the University of Pennsylvania's Wharton School and an MBA from the University of Chicago. Profile
TWST: Mike, I'd like to begin by asking you to review the performance of

the lodging companies and lodging stocks over the past 12 months. In

order to do this, is it necessary to divide the period