In this economy, we find ourselves re-writing the rules. What worked six months just isn't the same today. Given the times, a debate on what luxury is today - what extravagance means now - is emerging and everyone seems to be grappling. The old arguments deconstructing the levels of opulence no longer seem on-target. Those that remain in business are likely the far-sighted ones. They are thinking about the deals that should be done when debt becomes available again, when the supply line and the demand line once again are destined to cross, this time in directions that will cause hoteliers, owners, lenders and, yes, developers to stand up and cheer.
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