Consumer >> Sector Roundtables >> June 4, 2001

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
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
BRIAN D. EGGER is a Director in the Equity Research Department of Credit Suisse First Boston covering the gaming and lodging industries. Prior to joining the firm, he was a Vice President in the Equity Research Department of Donaldson, Lufkin & Jenrette covering the gaming and cruise lines sector. Mr. Egger received a BS in Economics from the University of Pennsylvania's Wharton School and an MBA from the University of Chicago. Mr. Egger is a member of the 1999 and 2000 Institutional Investor All-America Research Teams. Profile
TWST: David, what drove the rally in the lodging stocks that kicked off

in March 2000, and was that rally sustained through the second half of

the year?

Mr. Anders: What really drove lodging