It's good news for existing hotels, since they benefit from an increase in demand. For the consumer, it's not so great.

It's a very strong showing. The good news is a lot of people want to come there.

What's noteworthy is the rates did not fall when the demand dropped after 9/11. So hotels are now in a great position to grow the rates moving forward.

It looks like people have been paying attention — rates are stabilizing, occupancies are increasing.

I doubt anyone can speak with authority about this number, since even the definition of what constitutes a hotel is unclear when you leave the U.S..

We are seeing the pipeline, or the planning and construction stage for new hotels, at a historic low this year.