Twelve years ago, there was huge opportunity for growth in the 4- to 5-star hotel market. But with the 1997 meltdown of the Asian economy, the industry reached its plateau. "It's hard for someone to come in or even sustain growth rates," says Rob Stiles, managing director, Sonnenblick-Goldman, Singapore. Operators looking to grow must increase cash flows or change management contracts. "The faster growth opportunities," Stiles says, "are in the mid-range domestic markets. But this takes big investment, overseas investment. It promises long-term payoffs, though."
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