Hotel Tourism and Leisure lounge

Italy reports favorable results YTD October

Italy reports favorable results YTD October.

LONDON—Hotel performance in Italy shows a generally favourable view, as measured by year-on-year percentage change for the year-to-date October 2011 for the key performance indicators of occupancy, average daily rate and revenue per available room, according to data compiled by STR Global, the leading provider of market data to the world’s hotel industry.

Some markets, however, still are reporting performance decreases. These include Rome Airport Eur-Fiumicino with a fall in RevPAR of 5.3 percent, compared with RevPAR growth for Rome’s other submarkets. Similarly, the sub-market of Milan Linate - San Donato - Assago reported a RevPAR decrease of 1.7 percent when the rest of Milan shows RevPAR growth. See chart below.

IHG Launches HUALUXE Hotels and Resorts

IHG launched the first upscale, international hotel brand designed specifically for the Chinese traveller – HUALUXE Hotels and Resorts. HUALUXE translates from Hua, which means majestic China and luxe, representing luxury.

The HUALUXE brand has been developed in response to three core growth opportunities that IHG is tapping into - consumer demand for an upscale international hotel brand that demonstrates pride in Chinese customs and reflects local tradition; the domestic China opportunity, whereby the number of domestic travellers is expected to reach 3.3 billion in 2015 and the China hotel market is projected to grow by 5-8% annually by 2030 and the international opportunity, where outbound trips from China are projected to grow from 10 million to more than 100 million in the next 10 to 15 years.

Richard Solomons, CEO IHG, said: “Building on our proven ability to build, develop and nurture brands, we are very proud to be launching HUALUXE Hotels and Resorts - a genuine first for the industry and a unique brand developed by our Chinese team that we know will resonate with the very important, fast-growing, Chinese consumer base.  HUALUXE takes the best aspects of renowned Chinese hospitality and applies IHG’s international scale, powerful systems and unparalleled insights into the Chinese market to deliver a traditional high-end consistent experience.”IHG is already the largest international hotel operator in China, with more than 160 hotels across 60 cities and sees the opportunity for this brand to be in over 100 cities in China in the next 15-20 years. IHG has already signed over 20 letters of intent which are now being converted into contracts and we expect the first hotel to be open in late 2013 or early 2014. 

Keith Barr, CEO IHG Greater China, said: “IHG was the first international hotel group to enter China nearly 30 years ago, which gives us a deep understanding of the market and its consumers.  We have had great success over the years with the five brands we already have in this market, and we will now leverage our experience, and the strong relationships and reputation we have with customers and owners to establish and grow HUALUXE.”

HUALUXE will offer guests a more traditional experience based on four priorities that Chinese travellers want from an upscale hotel: 

Tradition - Long-celebrated traditions are reflected in every aspect of the physical hotel design and are brought to life through a refined welcome experience, deep-rooted tea culture and signature food & beverage throughout the hotel from our Fu Lin restaurant to late night noodle barRejuvenation- Natural surroundings from the green arrival, to the lobby garden and resort inspired bathroom helps our guests break away from the pressures of their busy lives and be reinvigorated for the challenges ahead

Status- Recognition and respect are fundamental in Chinese society.  A seamless VIP arrival, a unique Club Lounge experience and specialty food and beverage ‘hosts’ throughout the hotel serve to underpin the importance of our guests and ensure the hospitality they receive and in return give to their business partners is flawless 

Familiar Spaces - A range of public/private spaces are thoughtfully set out across the hotel.  From multi-function suites, rejuvenation centre and tea house we’ve created a unique set of facilities for a wide range of social interactions and business meetings

HUALUXE will launch initially in Tier 1, 2 and 3 cities and resort locations in China and in time, will open in major cities elsewhere in the world so that Chinese travellers can have the same experience abroad.  With a multi-million dollar investment behind brand development, HUALUXE will follow IHG’s managed operating model, similar to its other IHG brands currently operating in China and will be supported with brand development and marketing funds in the first few years. 


Logos, product and company names mentioned are the property of their respective owners.

PKF bullish about US through 2016

By Jeff Weinstein on 3/19/2012  

PKF Hospitality Research forecasts that RevPAR for U.S. hotels will rise 5.8% in 2012, the result of a 1.6% increase in occupancy and a 4.1% gain in ADR. With solid financial footing more assured, PKF-HR predicts greater profitability for the next two years and an increase in hotel investment. “The metrics that owners, lenders and other parties invested in hotel real estate monitor to understand the health of the industry remain positive,” said R. Mark Woodworth, president of PKF-HR. “Ever since the first quarter of 2010, growth in lodging demand has greatly exceeded the supply increase. We have seen six straight quarters of ADR growth, and are confident forecasting a sustained period of attractive industry profit growth.” According to STR, U.S. hotels rented more guest rooms in 2011 than ever before. On a local level, PKF-HR observed new records in metro-level lodging demand in 30 of the 50 markets covered by its Hotel Horizons forecast reports. Amplifying the positive impact of the lofty levels of demand is the limited amount of new hotel supply projected to enter the market over the next five years. According STR, the average annual change in the nation’s lodging supply from 1988 through 2011 was 2.1%. PKF-HR anticipates that new supply growth will remain below that level through 2016, less than 2% annually. With supply suppressed, PKF-HR forecasts annual occupancy gains through 2015. Add this to the annual occupancy increases observed in 2010 and 2011, and the industry will experience an unprecedented six-year run of occupancy growth. “With occupancy levels expected to exceed the STR long-run average of 61.9% in 2013 and beyond, we are beginning to see operators capitalize on these favorable market conditions and increase room rates,” Woodworth said. “We expect to see average daily room rates increase in excess of 4% percent per year through 2014. “In addition to growth in top-line revenue, hotel managers have implemented policies and practices that have enhanced the productivity of hotel operations, thus resulting in strong bottom-line gains. Individual hotel profits already have increased by 30% since 2009. Our current forecast calls for profits to continue to grow at an average annual rate of 10.3% though 2014, which is a substantial increase over the long-run average of 3.9%,” Woodworth said. Midscale picking up Hotels in the upper-tier chain-scale segments (luxury, upper-upscale, and upscale) have enjoyed the greatest gains in RevPAR since the depths of the 2009 recession. Hotels in the lower-tier categories (upper-midscale, midscale, and economy) also have achieved increases in RevPAR during this same time period, but at a slower pace. “In 2010 and 2011, rising corporate profits and greater job security for high-income individuals helped to support the upper-tier properties,” Woodworth noted.  “The buying power for these groups is expected to remain strong so we are forecasting that the national occupancy level for hotels in each of the upper-tier chain-scales will exceed 70% through 2016. “With occupancy levels above the 70% mark, lack of availability during peak periods will become more common at the nation’s upper-tier properties, yielding greater pricing power for property revenue managers. As a result, some travelers will begin to trade down on their lodging selections, which will benefit more moderately-priced hotels,” Woodworth said. Further enhancing the prospects for lower-tier hotels is a shift in the economic outlook. Moody’s Analytics, the basis for PKF-HR’s economic forecasts, projects continued increases in employment that eventually will benefit midscale and economy hotels. Potential oil slick The situation with Iran is the only foreseeable obstacle to PKF-HR’s optimistic forecasts. “The US lodging industry can sustain positive performance despite moderate increases in the prices of oil and gas,” said John B. (Jack) Corgel Ph.D., the Robert C. Baker professor of real estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR. “Military hostilities are a greater concern because of the negative impact on the availability of oil and on international travel. Limits on both the availability of gas at local pumps, and transportation system disruptions impact the psyche of travelers beyond gas prices.” PKF-HR’s forecast is based upon Moody’s January 2012 economic forecast, which assumes no disruption to the supply of oil from the Middle East and that the price of oil will remain below US$110 a barrel throughout 2012. Near-term nirvana “U.S. hoteliers have never enjoyed such an extended period of favorable market conditions,” Woodworth said. “We are in the midst of a six-year run during which lodging demand will outpace supply, hotel revenues will increase a cumulative 43.7%, and unit-level net operating income will rise 83.2%. This is truly unprecedented and will likely result in accelerated, and significantly greater, levels of capital investment into the domestic lodging industry.”

London hotels steadily lead while regional hotels lag behind

28 February 2012: London hotels made a good start to the year, outperforming operators in the rest of the country, according to January preliminary hotel figures released today by PKF Hotel Consultancy Services. 

Rooms yield in London grew by a steady 3.6% to £82.21, thanks largely to a 2.7% increase in occupancy from 70.0% a year ago to 71.9%. Room rate rose by 0.9% rise in room rate to £114.30 from £113.31 in January 2011.

In the regions, by contrast, a 2.6% rise in occupancy from 55.1% to 56.5% was more than offset by a 7.4% drop in room rate from £57.40 to £53.18. The result was a 5.0% fall in rooms yield to £30.06, compared with £31.64 twelve months ago.

Robert Barnard, partner for Hotel Consultancy Services at PKF, commented: “These figures are likely to set the tone for the year as a whole: a strong performance in London whilst hotels across most of the rest of the country post a more muted set of results." 

“The capital’s hotels have made an exceptional start to Olympic year on the back of a largely positive 2011. The current economic climate does not appear to be deterring visitors, which will give hotel managers good reason for optimism for the next few months."

“Elsewhere, performance has been disappointing if not entirely surprising. Hotels have been forced to slash rates dramatically to attract price conscious corporate and leisure customers. This approach is helping to increase occupancy but at the expense of yield.”

Ends
For further information, please contact: Andy Konieczko, 020 7065 0537, andrew.konieczko@uk.pkf.com
Follow us on Twitter: @PKF_UK

Preliminary data for January 2012

Rooms department	2012	2011	% change
UK Regional hotels	646
Average daily room rate per occupied room	£53.18	£57.40	-7.4%
Average daily room occupancy	56.5%	55.1%	2.6%
Average daily rooms yield per available room	£30.06	£31.64	-5.0%
Approximate number of rooms per day	71,700
London hotels	119
Average daily room rate per occupied room	£114.30	£113.31	0.9%
Average daily room occupancy	71.9%	70.0%	2.6%
Average daily rooms yield per available room	£82.21	£79.39	3.6%
Approximate number of rooms per day	27,700

Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,400 partners and staff operating in over 29 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site iswww.pkf.co.uk

2. PKF (UK) LLP is a member firm of the PKF International Limited (PKFI) network of legally independent member firms. The PKFI member firms have around 2,200 partners and more than 21,000 staff in around 125 countries.

•  

3. PKF (UK) LLP has been providing hotel consultancy services since the early 1970s and, in that time, has undertaken thousands of assignments throughout Europe, the Middle East and Africa and further a field. Services include: market evaluation and financial feasibility studies; operational and profit improvement reviews; asset management; business valuations; international property services; corporate strategy and planning; litigation support. PKF’s web site features regular articles from the firm’s hotel consultancy services experts on industry topics – the address is www.pkf.co.uk/hotelcons

4. PKF (UK) LLP’s hotel trends surveys feature a broad range of hotels across the country although mainly in the 3 – 4 star categories and featuring rather more chain operated hotels than those operated independently. While there are a fair number of hotels in country and rural areas, there is a predominance of hotels in towns and cities. In London, supply featured is mainly in the 3 –5 star categories.

5. Final data for December 2011

Rooms department	2011	2010	% change
UK Regional hotels
Average daily room rate per occupied room	£58.26	£61.70	-5.6%
Average daily occupancy	59.9%	58.1%	1.6%
Average daily rooms yield per available room	£34.88	£35.85	-2.7%
Approximate number of rooms per day	94,900
London hotels
Average daily room rate per occupied room	£135.23	£134.93	0.2%
Average daily room occupancy	75.8%	75.1%	1.0%
Average daily rooms yield per available room	£102.50	£101.31	1.2%
Approximate number of rooms per day	40,400

6. Definition of the key terms used in the surveys table are given below:

7. Room occupancy: the ratio of total occupied rooms to total available rooms

8. Average achieved room rate (AARR): rooms revenue divided by the total number of guest rooms occupied during the year. 

9. Rooms yield: room occupancy multiplied by the average achieved room rate (also known as RevPar). 

Return of luxury, increased size among meeting trends

By Ann Bagel Storck on 2/29/2012

 Houston-based Benchmark Hospitality International has released a list of 11 top meeting trends for 2012 observed by its 35 hotels, resorts and conference centers.

 1. Luxury is back.

Luxury resorts are no longer a pariah, Benchmark reported, but corporate accountants are still watching the meeting budget closely.

2. Meeting demand is growing and is the strongest it has been since 2008.

Booking pace remains short-term, but the “meeting sale” is over, according to Benchmark.

3. Meeting size is trending up, and space is at a premium.

As the business climate continues to strengthen, hotels and resorts are being more selective with the bookings they take, electing to fill their properties with larger meetings at a higher rate. Customers are finding the “no vacancy” sign posted once again for preferred space booked short term, Benchmark said, and the flexibility of many hotels and resorts is waning with the strengthening of demand.

 4. Twenty-first-century meeting space is different.

Today’s meeting planners are looking for properties with outsized meeting rooms outdoors, inspirational and non-traditional nooks and crannies for small gatherings and breakouts inside, and are requesting oversized chairs and meeting accessories as an occasional alternative to ergonomics.

 5. Meetings technology has leapt into the 21st century.

Apps downloaded on smartphones and tablets, easily accessible mobile sites and meeting-dedicated Facebook pages are assisting planners and conferees with the registration process, enabling quick access to event itineraries and offering an easier method to gather feedback from participants after an event. Tablets also can help with note-taking during meetings and are even interfacing with traditional technology like LCD projectors, Benchmark noted.

 6. The meeting package is coming back strong.

Although the past few years saw a slide in demand and an unbundling of the meeting package, in 2012 planners are once again embracing meeting packages. Instead of unbundling, planners today are more apt to request customization of the meeting package.

 7. Slowly and carefully, meeting pricing is trending up.

They are still looking for the best value, but planners seem prepared to see price increases in 2012.

 8. Teambuilding budgets are continuing their comeback.

Properties with creative, built-in teambuilding opportunities such as volleyball on the beach, kitchens designed for cooking classes, mixology programs and even golf courses on which conferees can test their mettle as a group are winning meetings business, Benchmark said.

 9. We’ve seen this before; we’re seeing it again.

As the economy strengthens, corporate America is once more ramping up training budgets. This time around, training is more intense, and meetings tend to be longer.

 10. Increasingly the meeting destination is as important as the meeting venue.

Time invested in a meeting is more valuable than ever before, and the need to counter-balance this with destination experiences is taking on new meaning. It's about affordable destinations offering great value and a relaxed atmosphere where business can get done and recreation can offer new opportunities for learning in a more relaxed setting, Benchmark reported.

 11. Socially responsible meetings and the need to give back remain strong.

From initiatives like Clean the World to an afternoon supporting Habitat for Humanity or a local soup kitchen, investing in the community is as important for planners and conferees as it is for the hotel or resort serving as the meeting venue, Benchmark found.

Return of luxury, increased size among meeting trends

By Ann Bagel Storck on 2/29/2012

 Houston-based Benchmark Hospitality International has released a list of 11 top meeting trends for 2012 observed by its 35 hotels, resorts and conference centers.

 1. Luxury is back.

Luxury resorts are no longer a pariah, Benchmark reported, but corporate accountants are still watching the meeting budget closely.

2. Meeting demand is growing and is the strongest it has been since 2008.

Booking pace remains short-term, but the “meeting sale” is over, according to Benchmark.

3. Meeting size is trending up, and space is at a premium.

As the business climate continues to strengthen, hotels and resorts are being more selective with the bookings they take, electing to fill their properties with larger meetings at a higher rate. Customers are finding the “no vacancy” sign posted once again for preferred space booked short term, Benchmark said, and the flexibility of many hotels and resorts is waning with the strengthening of demand.

 4. Twenty-first-century meeting space is different.

Today’s meeting planners are looking for properties with outsized meeting rooms outdoors, inspirational and non-traditional nooks and crannies for small gatherings and breakouts inside, and are requesting oversized chairs and meeting accessories as an occasional alternative to ergonomics.

 5. Meetings technology has leapt into the 21st century.

Apps downloaded on smartphones and tablets, easily accessible mobile sites and meeting-dedicated Facebook pages are assisting planners and conferees with the registration process, enabling quick access to event itineraries and offering an easier method to gather feedback from participants after an event. Tablets also can help with note-taking during meetings and are even interfacing with traditional technology like LCD projectors, Benchmark noted.

 6. The meeting package is coming back strong.

Although the past few years saw a slide in demand and an unbundling of the meeting package, in 2012 planners are once again embracing meeting packages. Instead of unbundling, planners today are more apt to request customization of the meeting package.

 7. Slowly and carefully, meeting pricing is trending up.

They are still looking for the best value, but planners seem prepared to see price increases in 2012.

 8. Teambuilding budgets are continuing their comeback.

Properties with creative, built-in teambuilding opportunities such as volleyball on the beach, kitchens designed for cooking classes, mixology programs and even golf courses on which conferees can test their mettle as a group are winning meetings business, Benchmark said.

 9. We’ve seen this before; we’re seeing it again.

As the economy strengthens, corporate America is once more ramping up training budgets. This time around, training is more intense, and meetings tend to be longer.

 10. Increasingly the meeting destination is as important as the meeting venue.

Time invested in a meeting is more valuable than ever before, and the need to counter-balance this with destination experiences is taking on new meaning. It's about affordable destinations offering great value and a relaxed atmosphere where business can get done and recreation can offer new opportunities for learning in a more relaxed setting, Benchmark reported.

 11. Socially responsible meetings and the need to give back remain strong.

From initiatives like Clean the World to an afternoon supporting Habitat for Humanity or a local soup kitchen, investing in the community is as important for planners and conferees as it is for the hotel or resort serving as the meeting venue, Benchmark found.

which way out? - dealing with distressed contracts

 

The hotel industry has been facing an increasing number of distressed hotel operating agreements. Once a hotel lease agreement needs to be labelled as distressed, the first step is for both parties involved to simply acknowledge the fact and to find a way out which gives both the lessor and the lessee a fair chance to survive ... read more PKF Newlsetter

which way out? - dealing with distressed contracts

 

The hotel industry has been facing an increasing number of distressed hotel operating agreements. Once a hotel lease agreement needs to be labelled as distressed, the first step is for both parties involved to simply acknowledge the fact and to find a way out which gives both the lessor and the lessee a fair chance to survive ... read more PKF Newlsetter

who’s paying? - adequate terms of hotel lease contracts

www.pkfhotels.com - HTLupdate 2

the art of operator selection   One does often hear that the first step of developing a successful hotel is to secure a great location. This certainly holds true, however, the value of a hotel project is then further increased if one succeeds in having the second step accomplished, being finding the right operator with the right contract. The large hotel groups tend to offer mainly management contracts with the aim of minimising their exposure to risk and hence enabling them to sign a higher amount of deals.

what’s next? - trends in lease, management and franchise contracts

www.pkfhotels.com - HTLupdate 1

The contractual relationship between owner and operator has always been a key issue in hotel development. In the past, we have seen significant changes in this relationship which resulted from various factors such as the expansion strategies of hotel groups, the types of investors active in the hotel market, and the requirements of lenders with regard to debt funding. major developments On a global scale, hotels operated under a management agreement are prevailing and increasingly replacing owner-operated hotels and other contract constellations such as lease agreements. This development can be traced back to  the expansion strategies of the major international hotel operating groups. In order to facilitate faster growth, these groups have been pursuing an asset-light business model. On the one hand, this was implemented by major sale-and-manage-back transactions of existing assets which have set free valuable capital for new developments. On the other hand, the focus was clearly put on an expansion by signing new management agreements. Most hotel groups are focusing on their core competence of managing hotels and — as a consequence — are shifting operational risks to the owner. However, in some regions (e.g. Europe), the lease agreement is still the predominant contract model and its replacement by the management agreement is proceeding at a slow pace. This can partly be ascribed to the background of hotel investors and to the requirements of lenders. A significant share of hotel investment in Europe is undertaken by institutional investors such as real estate funds, pension funds or insurance companies. These investors often require (either by law or their articles of incorporation) income from rent and lease. Due to this fact, these investors can only enter lease agreements, but not management agreements (which would generate income from trade and business). Furthermore, lenders in Europe are still rather conservative, which becomes evident in their preference of lease agreements, where the lessee bears the full operational risk and the lessor can provide a steady cash flow to cover the amortisation of debt. However, the assumption that a lease agreement always carries less risk than a management agreement has to be generally questioned.In times of economic prosperity, over-rented agreements were signed by lessees anticipating a continuous economic growth. In the economic downturn, lessees were often not able to (fully) pay the rent. If no guarantees (e.g. bank or corporate guarantee) were provided by the lessee (which would cover such a shortfall), a default of the loan repayment by the lessor was often the consequence. Thus, a lease contract per se is not always a safe bet and therefore should be analysed in conjunction with several factors such as the creditworthiness of the lessee, the provided guarantees and, of course, the cash flow the lessee can generate. In order to evaluate as to whether a reasonable coverage of the rent is feasible, the rent coverage ratio (= adjusted net operating income before rent divided by rent) is the figure being used most commonly. As a rule of thumb, this ratio should not be below 1.2 in order for the lessor to feel comfortable that the lessee still has a certain buffer in difficult economic times. tri-party agreements The above-mentioned development has also set the framework for the so-called tri-party agreement. In this contract constellation, a franchisor (which is usually an international hotel operating group) provides a brand name, brand standards and selected services (e.g. reservation system) to the franchisee operating the hotel. Additionally, a so-called owner agreement between the owner and the franchisor is concluded, which records the owner’s right to maintain the brand name in the case of default of the franchisee and often includes the provision that the franchisor steps into an interim management agreement until a new lessee is found. In addition, the franchisor usually commits to identifying potential successor lessors (e.g. amongst their existing network of franchisees). The Courtyard Vienna Messe (see picture) is one example where such a tri-party agreement has been realised. Overall, this constellation facilitates the risk-averse expansion strategy of hotel groups acting as franchisors. At the same time, it provides a lease contract for the owner which increases the chances of securing debt funding. Thus, the tri-party constellation is an agreement expected to occur increasingly often.

The Lodging Unlimited Group of Companies Appointed Receiver for Country Hearth Inns & Suites Hotel in Indiana

CHICAGO, Ill.,/NEW YORK, N.Y., January 19, 2012 The Lodging Unlimited Group of Companies (LUIGC), a hotel investment and services organization, today announced that it has been appointed receiver by a Midwestern savings bank for the Country Hearth Inns & Suites hotel in Madison, Ind. The hotel will be operated by LUIGC’s Chicago-based hotel management division, Lodging Unlimited, Inc., which has a 50-plus-year proven track record of operating and turning around troubled hotels. It is the eighth hotel currently owned or operated by the company.

“Many hotels were unable to survive the severe economic downturn and credit crunch and require a significant infusion of re-energized management, updated marketing strategy and creative financing,” said Morris Lasky, chief executive and founder of the management company. “We have a significant number of relationships with lending institutions and expect to increase our work as a receiver over the next 24 months. Our role for this property is to dramatically improve top-line revenues, rebuild margins and enhance employee morale. That combination will help us quickly re-establish the hotel in its market, return it to profitability and significantly improve its value.”

Lasky noted that the company is building its hotel management portfolio through taking on troubled and profitable asset assignments, both individual hotels and portfolios, and through acquisitions through its sister company, The Lodging Opportunities Group (LOG).

LOG is a recently formed opportunistic investment company formed to acquire troubled assets that require significant hands-on turnaround and repositioning expertise. Headquartered in New York City, the fund currently has a significant pipeline of both single assets and portfolios.

“We organized our group to respond to the opportunities that are emerging from the latest down-turn,” said Marty Schiffman, president of LOG. “Combined, our executive team brings more than 150 years of hotel and real estate investment experience, including ownership, third-party management, asset management and consulting on hotel assets valued at more than $8 billion in the aggregate, comprising more than 300 hotels.” The organization historically has been an active participant in the troubled segment of hotel management, and along with management, provides litigation support, development consulting and crisis consulting.

The Lodging Unlimited Group of Companies includes management divisions, Lodging Unlimited Inc.; Lodging Unlimited West, the group’s Scottsdale, Ariz.-based hotel management division; and LOG. Additional information about the company may be found at www.lodgingunlimited.com, or by calling Morris Lasky at (312) 595-1390, Marty Schiffman at (212) 909-8420, or John Cauvin at (480) 443-0909, x100.