The travel industry will do really well this year. It's a great time to be an operator. What that means for the individual is: Book early, book often.

[Travel seems] not just a way of having a good time, but something that every self-respecting citizen ought to undertake, like a high-fiber diet, say, or a deodorant.

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..