Correspondence: Daniel G.M. Marre, Perkins Coie 131 S. Dearborn, Suite 1700 Chicago, IL 60603, USA. Tel: +1 312 324 8632; Fax: +1 312 324 9632; E-mail: DMarre@perkinscoie.com

¹focuses his practice in the areas of real estate transactions and development, specialising in international real estate and hotel transactions. He has significant experience with all facets of the commercial property industry (hotel, office and retail), including acquisitions, dispositions, construction, development, financing and leasing. He has spent extensive time on the acquisition, development and financing of hotel properties throughout the world (in particular, Central and Eastern Europe, and the Caribbean), as well as negotiation of hotel management agreements with some of the world's largest hotel management companies.

Received 7 September 2007; Revised 7 September 2007.

Abstract

After several difficult years earlier in the decade, the worldwide hotel industry has been experiencing a market rebound that appears to be holding steady for the foreseeable future despite recent credit woes.