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Interstate Hotels & Resorts Reports 3rd Qtr Net Income of $5.4 million
Compared to a Net Loss of $300,000 a Year Earlier; ADR Up 8.6%,
Occupancy Up 2.0% to 75.6%
Hotel Operating Statistics 
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ARLINGTON, Va. Nov. 2, 2005 - Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today reported results of operations for the third quarter ended September 30, 2005. The company exceeded its earnings guidance of August 9 and raised its 2005 full-year earnings guidance for the third time this year. 

For the 2005 third quarter, net income was $5.4 million, or $0.17 per diluted share, compared to a net loss of $(0.3) million, or $(0.01) per diluted share, in the third quarter 2004. The statement of operations includes the following non-recurring items and special charges: $4.3 million gain related to the extinguishment of a non-recourse promissory note; $2.6 million gain on the sale of the Pittsburgh Airport Residence Inn by Marriott; and $(1.0) million loss from asset impairments and other write-offs, primarily related to the termination of three management contracts as a result of the hotels being sold by MeriStar Hospitality. 

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), for the third quarter 2005 was $7.8 million, up 32.5 percent from $5.9 million in the 2004 third quarter. Adjusted Net Income for the third quarter 2005 was $2.4 million, or $0.08 per diluted share, compared to $1.1 million, or $0.04 per diluted share, for the same period a year earlier. 

Third-quarter 2005 results for Adjusted EBITDA exceeded the company's upwardly revised guidance of $6.1 million to $7.1 million. Adjusted Net Income and adjusted earnings per diluted share (EPS) exceeded the high end of the company's guidance by $0.4 million and $0.01, respectively. Both hotel management and corporate housing operations contributed to the strong third-quarter results. 

Total revenue in the 2005 third quarter, excluding other revenue from managed properties (reimbursable costs), was $55.3 million, compared to $48.1 million in the 2004 third quarter. The increase in revenue over the prior year can be attributed to: higher management fee revenue resulting from a greater number of managed properties compared to the same period last year, as well as favorable operating results across the company's portfolio; ownership of the Hilton Concord, acquired in the first quarter of 2005; and the strong performance of the BridgeStreet Worldwide corporate housing subsidiary. 

Hotel Operating Results 

Same-store revenue per available room (RevPAR) for all managed hotels, excluding hotels in New Orleans that were closed as a result of Hurricane Katrina as well as the hotels affected by the hurricanes that struck Florida in the fall of 2004, improved 10.8 percent to $83.37, which is 2.3 percentage points above the high end of the company's guidance and 2.5 percentage points above the industry average of 8.3 percent, as reported by Smith Travel Research for the 2005 third quarter. Average daily rate (ADR) rose 8.6 percent to $110.34, while occupancy increased 2.0 percent to 75.6 percent. 

Same-store RevPAR for all full-service managed hotels, excluding those hotels affected by the hurricanes, improved 11.1 percent to $86.89. ADR increased 8.8 percent to $114.98, while occupancy advanced 2.1 percent to 75.6 percent. 

Same-store RevPAR for all select-service managed hotels, excluding those hotels affected by the hurricanes, increased 8.9 percent to $66.99, led by a 7.0 percent improvement in ADR to $88.80 and a 1.8 percent increase in occupancy to 75.4 percent. 

"Hotel operating results outpaced the industry in the third quarter, and we exceeded our guidance for the third quarter in a row," said Thomas F. Hewitt, chief executive officer. "RevPAR was above the high end of our guidance range, up 10.8 percent, as we were able to move rate higher during the quarter due to a continued strong economy and increasing business travel demand. 

"In addition, we continue to add impressive hotels to our management portfolio, such as the 279-room Claremont Resort & Spa in Berkeley, California, and the 402-room Radisson Plaza Hotel Myrtle Beach Convention Center in South Carolina, which was immediately converted to a Sheraton brand - both added during the quarter." 

BridgeStreet Posts Positive Quarter 

Strong results were reported by the company's corporate housing division, with London and Chicago leading the way. "We continued to focus on yield management, which positively impacted rate and occupancy and translated into higher margins and profits on a lower unit count compared to the same period last year. Rate rose 4.1 percent and occupancy increased 3.3 percent for the third quarter," Hewitt said. 

Acquisitions and Divestments 

The company completed the sale of one hotel during the third quarter, the Pittsburgh Airport Residence Inn by Marriott, for $11 million and used a portion of the proceeds to pay down its senior credit facility. Additionally, the company signed a definitive agreement to acquire the 195-room Hilton in Durham, N.C. for a net purchase price of $13.3 million. The acquisition will be funded with cash on hand as well as availability under its senior credit facility. "With the upcoming purchase of the Hilton Durham we are continuing to execute on our growth strategy," Hewitt commented. "Hotel acquisitions, either wholly-owned or through joint ventures, will remain a key component of our future growth as we seek to further diversify and strengthen our core hotel management earnings stream. 

"Furthermore, to support our acquisition focus, we named Leslie Ng as our chief investment officer in September. We currently have an active pipeline, and Leslie will play a pivotal role in sourcing and negotiating additional investment and management opportunities." 

Key Financial Information 

On September 30, 2005, Interstate had: 

Total cash of $17.8 million
Total debt of $86.3 million, consisting of $65.3 million of senior debt, $19 million of mortgage debt, $2 million of other debt 

"The company paid down more than $10 million on its senior credit facility during the quarter with cash flow from operations and proceeds from the sale of the Pittsburgh Airport Residence Inn," said J. William Richardson, chief financial officer. "We will continue to focus on strengthening our balance sheet by efficiently managing our cash flows. We currently have more than $35 million of availability on our senior credit facility to fund our growth initiatives." 

Outlook and Guidance 

"We believe the outlook for the hotel and corporate housing industries is strong for the remainder of 2005 and into 2006, bolstered by a strong economy, the return of the business traveler and the measured pace of hotel supply growth," Hewitt said. "We are confident that industry conditions will remain favorable for at least the next two to three years and that we will continue to benefit from these positive fundamentals." 

The company is raising guidance for the third time this year and provides the following range of estimates for the fourth quarter and full year 2005: 

RevPAR is expected to improve 8.0 to 9.0 percent in the fourth quarter and 9.5 to 10.5 percent for the full year;
Net income of $7.7 million to $9.1 million for the fourth quarter and net income of $14.7 million to $16.1 million for the full year;
Earnings per diluted share of $0.25 to $0.29 for the fourth quarter and net income per diluted share of $0.47 to $0.52 for the full year;
Adjusted Net Income of $7.7 million to $9.1 million for the fourth quarter and $11.9 million to $13.3 million for the full year;
Adjusted earnings per diluted share of $0.25 to $0.29 for the fourth quarter and $0.38 to $0.43 for the full year;
Adjusted EBITDA of $15.3 million to $17.3 million for the fourth quarter and $34.5 million to $36.5 million for the full year. 
 
 

Interstate Hotels & Resorts, Inc.
Historical Statements of Operations
(Unaudited, in thousands except per share amounts)

                                      Three Months      Nine Months
                                         Ended             Ended
                                      September 30      September 30
                                   -----------------------------------
                                     2005    2004      2005     2004
                                   -------- -------- -------- --------
 Revenue:
   Lodging revenues                 $3,403       $-   $8,511       $-
   Management fees                  15,513   12,113   45,865   40,759
   Corporate housing                33,267   31,701   91,792   83,506
   Other revenue                     3,125    4,245    9,583   10,599
                                   -------- -------- -------- --------
                                    55,308   48,059  155,751  134,864
  Other revenue from managed
   properties (7)                  247,745  190,865  681,449  564,739
                                   -------- -------- -------- --------
           Total revenue           303,053  238,924  837,200  699,603

 Operating expenses by department:
   Lodging expenses                  2,487        -    6,491        -
   Corporate housing                25,894   25,836   73,923   68,121
Undistributed operating expenses:
   Administrative and general       19,317   16,593   56,961   51,699
   Depreciation and amortization     2,474    2,127    6,830    6,640
   Restructuring and severance
    expenses                             -       42    2,043    3,481
   Asset impairments and write-
    offs (4)                         1,046    1,601    2,957    7,792
                                   -------- -------- -------- --------
                                    51,218   46,199  149,205  137,733
  Other expenses from managed
   properties (7)                  247,745  190,865  681,449  564,739
                                   -------- -------- -------- --------
           Total operating
            expenses               298,963  237,064  830,654  702,472

                                   -------- -------- -------- --------
 OPERATING INCOME (LOSS)             4,090    1,860    6,546   (2,869)

 Interest expense, net (5)          (1,677)  (2,002)  (7,560)  (5,292)
 Equity in earnings (losses) of
  affiliates                          (381)      (5)   2,811     (946)
 Gain on sale of investments and
  extinguishment of debt             4,326        -    4,711        -
                                   -------- -------- -------- --------

 INCOME (LOSS) BEFORE MINORITY
  INTEREST AND INCOME TAXES          6,358     (147)   6,508   (9,107)

 Income tax (expense) benefit       (2,585)    (279)  (2,647)   3,264
 Minority interest (expense)
  benefit                              (38)      (7)     (49)      68
                                   -------- -------- -------- --------

 INCOME (LOSS) FROM CONTINUING
  OPERATIONS                         3,735     (433)   3,812   (5,775)

 Income (loss) from discontinued
  operations, net of tax (11)        1,656      133    1,898     (920)
                                   -------- -------- -------- --------

 NET INCOME (LOSS)                  $5,391    $(300)  $5,710  $(6,695)
                                   ======== ======== ======== ========

 BASIC EARNINGS (LOSS) PER SHARE:
  Continuing operations              $0.12   $(0.01)   $0.13   $(0.19)
  Discontinued operations             0.06     0.00     0.06    (0.03)
                                   -------- -------- -------- --------
  Basic earnings (loss) per share    $0.18   $(0.01)   $0.19   $(0.22)
                                   ======== ======== ======== ========

 DILUTED EARNINGS (LOSS) PER SHARE:
  Continuing operations              $0.12   $(0.01)   $0.12   $(0.19)
  Discontinued operations             0.05     0.00     0.06    (0.03)
                                   -------- -------- -------- --------
  Diluted earnings (loss) per share  $0.17   $(0.01)   $0.18   $(0.22)
                                   ======== ======== ======== ========

 Weighted average number of common
  shares outstanding (in
  thousands):
  Basic                             30,717   30,637   30,696   30,431
  Diluted (1)                       30,983   30,637   30,982   30,431
 

----------------------------------------------------------------------
Reconciliations of Non-GAAP           Three Months      Nine Months
 financial measures (2)                  Ended             Ended
                                      September 30      September 30
                                   -----------------------------------
                                     2005    2004      2005     2004
                                   -------- ------- -------- ---------
 Net Income (loss)                  $5,391    $(300)  $5,710  $(6,695)
  Adjustments:
   Depreciation and amortization     2,474    2,127    6,830    6,640
   Interest expense, net             1,677    2,002    7,560    5,292
   Discontinued operations, net
    (11)                             1,151      186    1,475      601
   Income tax expense (benefit)      2,585      279    2,647   (3,264)
                                   -------- ------- -------- --------

 EBITDA                             13,278    4,294   24,222    2,574
   Restructuring expenses                -       42    2,043    3,481
   Asset impairments and write-
    offs (4)                         1,046    1,601    2,957    7,792
   Gain on sale of investments and
    extinguishment of debt (12)     (6,931)       -   (7,316)       -
   Equity in (earnings) losses of
    affiliates                         381        5   (2,811)     946
   Minority interest expense
    (benefit)                           38        7       49      (68)
   Other                                 -      (55)       -      (55)
                                   -------- ------- -------- --------

 Adjusted EBITDA                    $7,812   $5,894  $19,144  $14,670
                                   ======== ======= ======== ========

 Net Income (loss)                  $5,391    $(300)  $5,710  $(6,695)
 Adjustments to net income (loss):
   Restructuring expenses                -       42    2,043    3,481
   Asset impairments and write-
    offs (4)                         1,046    1,601    2,957    7,792
   Gain on sale of investments and
    extinguishment of debt (12)     (6,931)       -   (7,316)       -
   Deferred financing costs write-
    offs (5)                             -        -    1,847        -
   Equity interest in the gain on
    sale of Hilton San Diego (8)         -        -   (4,202)       -
   Equity interest in the loss on
    sale of Wyndham Milwaukee (10)       -        -      395        -
   MIP deferred financing costs
    write-off (9)                        -        -      295        -
   Minority interest expense
    (benefit)                           33       (7)      24      (88)
   Income tax rate adjustment (6)    2,819     (225)   2,365   (3,962)
                                   -------- ------- -------- --------

 Adjusted net income                $2,358   $1,111   $4,119     $528
                                   ======== ======= ======== ========
 

 Adjusted basic earnings per share   $0.08    $0.04    $0.13    $0.02
                                   ======== ======= ======== ========
 

 Adjusted diluted earnings per
  share                              $0.08    $0.04    $0.13    $0.02
                                   ======== ======= ======== ========

 Weighted average number of common
  shares outstanding (in
  thousands):
  Basic                             30,717   30,637   30,686   30,431
  Diluted (1)                       30,983   31,027   30,982   30,880
----------------------------------------------------------------------

----------------------------------------------------------------------
Same-store hotel operating statistics
 (excluding properties damaged in
 2004 and 2005 hurricanes):

 Full-service hotels:
 Occupancy                            75.6%    74.1%    72.6%    71.2%
 ADR                               $114.98  $105.63  $114.29  $105.19
 RevPAR                             $86.89   $78.22   $82.92   $74.94

 Select-service hotels:
 Occupancy                            75.4%    74.1%    71.8%    69.9%
 ADR                                $88.80   $82.99   $87.68   $82.44
 RevPAR                             $66.99   $61.52   $62.91   $57.64

 Total:
 Occupancy                            75.6%    74.1%   72.40%    71.0%
 ADR                               $110.34  $101.62  $109.62  $101.23
 RevPAR                             $83.37   $75.26   $79.38   $71.88
----------------------------------------------------------------------
----------------------------------------------------------------------
 Outlook Reconciliation (2), (3)   Forecast
                                  ------------------
                                    Three
                                   months      Year
                                   ending    ending
                                  December  December
                                  31, 2005  31, 2005
                                  ------------------

 Net income                         $8,400  $15,400
   Depreciation and amortization     2,300    9,140
   Interest expense, net (5)         1,950    9,400
   Discontinued operations, net
    (11)                                 -    1,475
   Income tax expense (benefit)      3,300    4,635
                                  --------- --------

 EBITDA                             15,950   40,050
   Restructuring expenses                -    2,100
   Asset impairments and write-
    offs (4)                             -    3,000
   Gain on sale of investments
    (12)                                 -   (3,000)
   Gain on extinguishment of debt
    (12)                                     (4,300)
   Equity in (earnings) losses of
    affiliates                         250   (2,500)
   Minority interest expense
    (benefit)                          100      150
                                  --------- --------

 Adjusted EBITDA                   $16,300  $35,500
                                  ========= ========
 

 Net income                         $8,400  $15,400
 Adjustments to net income:
   Restructuring expenses                -    2,100
   Asset impairments and write-
    offs (4)                             -    3,000
   Gain on sale of investments
    (12)                                 -   (3,000)
   Gain on extinguishment of debt
    (12)                                 -   (4,300)
   Deferred financing costs write-
    offs (5)                             -    1,850
   Equity interest in the gain on
    sale of Hilton San Diego (8)         -   (4,200)
   Equity interest in the loss on
    sale of Wyndham Milwaukee
    (10)                                 -      400
   MIP deferred financing costs
    write-off (9)                        -      300
   Income Tax rate adjustment (6)        -    1,050
                                  --------- --------

 Adjusted net income                $8,400  $12,600
                                  ========= ========

Adjusted diluted earnings per
 share (1)                           $0.27    $0.40
                                  ========= ========

(1) Our diluted earnings (loss) per share assumes the issuance of
    common stock for all potentially dilutive common stock equivalents
    outstanding. Potentially dilutive shares include restricted stock
    and stock options granted under our comprehensive stock plan, and
    operating partnership units held by minority partners. No effect
    is shown for any securities that are anti-dilutive.

(2) See discussion of EBITDA, Adjusted EBTIDA, Adjusted Net Income,
    adjusted basic and adjusted diluted earnings per share, located in
    the "Non-GAAP Financial Measures" section, described earlier in
    this press release.

(3) Our outlook reconciliation uses the mid-point of our estimates.

(4) This amount is included in undistributed operating expenses and
    primarily represents losses recorded for intangible costs
    associated with terminated management contracts and other asset
    impairments.

(5) For the first quarter of 2005, interest expense, net, includes
    $1,847 of deferred financing fees written off in connection with
    the refinancing of our senior secured credit facility.

(6) This amount represents an adjustment to recorded income tax
    expense to bring our overall effective tax rate to an estimated
    normalized rate of 28% in 2005 and 40% in 2004. This effective tax
    rate will differ from the effective tax rate reported in our
    historical statements of operations.

(7) Other revenue from managed properties and other expenses from
    managed properties have been revised in the same amount for the
    third quarter 2004 for certain amounts previously included in
    error. This revision has no impact on EBITDA, net income or our
    balance sheet and cash flows.

(8) This amount is included in equity in earnings (losses) of
    affiiates and represents our portion of the gain on the sale of
    the Hilton San Diego Gaslamp and retail space which was owned by
    one of our joint ventures.

(9) This amount is included in equity in earnings (losses) of
    affiliates and represents our portion of deferred financing costs
    written off in connection with the refinancing of the MIP joint
    venture's senior debt.

(10) This amount is included in equity in earnings (losses) of
    affiliates and represents our portion of the loss on sale of the
    Wyndham Milwaukee which was owned by one of our joint ventures.

(11) In June 2004, we completed the disposal of BridgeStreet Canada,
    Inc., our corporate housing operation in Toronto. In September
    2005, we completed the sale of the Pittsburgh Airport Residence
    Inn by Marriott. Accordingly, we have reclassified the operations
    related to both transactions as discontinued operations for the
    three and nine months ended September 30, 2005 and 2004,
    respectively. In addition, the calculation of EBITDA reflects the
    add back of interest expense, depreciation and amortization, and
    income taxes related to those discontinued operations.

(12) In the first quarter of 2005, we recognized a gain of $385 from
    the exercise of stock warrants from stock in an unaffiliated
    company. In the third quarter of 2005, we recognized a gain of
    $4,326 on the extinguishment of the remaining principle and
    accrued interest on a non-recourse promissory note and a gain of
    $2,605 on the sale of the Pittsburgh Residence Inn by Marriott
    (this gain is recorded in discontinued operations on our statement
    of operations).
 

Interstate will hold a conference call to discuss its third-quarter results today, November 2, at 11 a.m. Eastern time. To hear the webcast, interested parties may visit the company's Web site at www.ihrco.com and click on Investor Relations and then Third-Quarter Conference Call. Interested parties also may listen to a replay of the conference call until midnight on Wednesday, November 9, 2005, by dialing (800) 405-2236, reference number 11041201. An archived webcast of the conference call will be posted on Interstate Hotels & Resorts' Web site through December 2, 2005. 

Interstate Hotels & Resorts operates nearly 300 hospitality properties with more than 67,000 rooms in 41 states, the District of Columbia, Canada, and Russia. BridgeStreet Worldwide, an Interstate Hotels & Resorts' subsidiary, is one of the world's largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 8,900 corporate apartments located in more than 90 MSAs throughout the United States and internationally. For more information about Interstate Hotels & Resorts, visit the company's Web site: www.ihrco.com. 

Non-GAAP Financial Measures 

Included in this press release are certain "non-GAAP financial measures," which are measures of our historical or estimated future performance that are different from measures calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules, that we believe are useful to investors. They are as follows: (i) EBITDA and (ii) Adjusted EBITDA and adjusted net income (loss), adjusted basic EPS and adjusted diluted EPS. The following discussion defines these terms and presents the reasons we believe they are useful measures of our performance. 

EBITDA 
A significant portion of our non-current assets consists of intangible assets. Of those intangible assets, the costs of our management contracts are amortized over their expected terms. Because depreciation and amortization are non-cash items, management and many industry investors believe the presentation of EBITDA is useful. EBITDA represents consolidated earnings before interest expense, income taxes, depreciation and amortization. We believe EBITDA provides useful information to investors regarding our financial condition and results of operations because EBITDA is useful for evaluating our performance and our capacity to incur and service debt, fund capital expenditures and expand our business. Management also uses EBITDA as one measure in determining the value of acquisitions and dispositions, and management uses EBITDA and Adjusted EBITDA as part of our annual budget process. We also believe that the rating agencies and a number of lenders use EBITDA for those purposes and a number of restrictive covenants related to our indebtedness use measures similar to EBITDA presented herein. 

Adjusted EBITDA and Adjusted Net Income 

We define Adjusted EBITDA as excluding the effects of certain charges, transactions and expenses incurred in connection with events management believes are not reasonably likely to recur or have a continuing effect on our ongoing operations. Non-recurring items and special charges include restructuring and severance expenses, asset impairments and write-offs, equity in earnings (losses) of affiliates, gains and losses on asset dispositions and other investments, and other non-cash charges. 

Similarly, we define Adjusted Net Income (loss), adjusted basic EPS and adjusted diluted EPS as net income (loss), basic EPS and diluted EPS, without the effects of those same charges, transactions and expenses described earlier. We believe that Adjusted EBITDA and Adjusted Net Income (loss), adjusted basic EPS and adjusted diluted EPS are useful performance measures because including these non-recurring items and special charges may either mask or exaggerate trends in our ongoing operating performance. Furthermore, performance measures that include non-recurring items and special charges may not be indicative of the continuing performance of our underlying business. Therefore, we present Adjusted EBITDA and Adjusted Net Income (loss), adjusted basic EPS and adjusted diluted EPS because they may help investors to compare our performance before the effect of various items that do not directly affect our ongoing operating performance. 

Limitations on the use of EBITDA, Adjusted EBITDA and Adjusted Net Income 

We calculate EBITDA, Adjusted EBITDA, Adjusted Net Income, and adjusted basic EPS and adjusted diluted EPS as we believe they are important measures for our management and our investors understanding of our operations. These may not be comparable to measures with similar titles as calculated by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash expenditures for investments, interest expense and other items have been and will be incurred and are not reflected in the EBITDA and Adjusted EBITDA presentations. Adjusted Net Income and adjusted basic EPS and adjusted diluted EPS does not include cash receipts and expenditures related to those items and charges. Management compensates for these limitations by separately considering these excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures. Additionally, EBITDA, Adjusted EBITDA, Adjusted Net Income, and adjusted basic EPS and adjusted diluted EPS should not be considered a measure of our liquidity. Adjusted Net Income and adjusted basic EPS and adjusted diluted EPS should also not be used as a measure of amounts that accrue directly to our stockholders' benefit. 

This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the volatility of the national economy, economic conditions generally and the hotel and real estate markets specifically, the aftermath of the war with Iraq, international and geopolitical difficulties or health concerns, governmental actions, legislative and regulatory changes, availability of debt and equity capital, interest rates, competition, weather conditions or natural disasters, supply and demand for lodging facilities in our current and proposed market areas, and the company's ability to manage integration and growth. Additional risks are discussed in Interstate Hotels & Resorts' filings with the Securities and Exchange Commission, including Interstate Hotels & Resorts' annual report on Form 10-K as amended for the year ended December 31, 2004. 

.
Contact:

Interstate Hotels & Resorts
Melissa Thompson
703-387-3377
 

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Also See: Interstate Hotels & Resorts Names Tom Hewitt Chief Executive Officer; Steven Jorns to Lead Proprietary Investment Fund / February 2005
Interstate Hotels & Resorts Selected to Manage Upscale Portfolio of 22 Hotels; Interstate Now Manages 330 Hotels / March 2005

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