• "These are some of the most difficult times our industry has ever faced and luxury particularly has been hard hit as consumers trade off and trade down. Political pressure has resulted in the canceling of events, which has multiplied the negative impact." 

• "It's difficult to generate incremental demand, so cost-cutting is imperative. We aim for cost control without compromise-- innovative cost controls that are invisible to guests."

• What distinguishes hotels is service. There are 4000 points of contact between guests and staff in a day in each hotel and each point has the potential to enhance or detract from the experiences.

Ezzat Coutry, senior vice president-Ritz-Carlton

• "During a two-week period in February the forecast for our performance deteriorated markedly."

• The hotel industry's fate is clearly tied to the airlines. Last year after American Airlines stopped using San Juan as a hub, there was an immediate decline in visitor arrivals to Caribbean properties.

• Research shows 61% plan to spend less on travel, 8% more and the rest the same.

• "The shift to value is here to stay"

• "Despite price drops, the customer is not demanding any less."

• "30% of calls to our call center are from people shopping for a better price".

Neil Jacobs, president, global hotel operators Starwood Capital Group (an investment group unrelated to Starwood Hotels

• "I joined Barry Sternlicht a year ago to help him launch three luxury brands: Baccarat, "1" and Crillon (Starwood Capital owns Hotel de Crillon in Paris.)  Instead we have focused on the 800+ budget hotels that came along with another purchase and where the average rate is less than the cost of the continental breakfast at the Crillon."