For hotels in the upper-tier chain scale categories, government travelers have historically been viewed as guests of last resort.

The U.S. lodging industry rebounded strongly after its 2001 to 2003 industry recession. RevPAR growth exceeded 7.8 percent each year from 2004 through 2006.

As we now live through the current economic recession and its impact on lodging revenues and expenses, it has become evident that investors anticipate continued declines in operating incomes and resulting loss in property values through the remainder of 2009 and into 2010.

While the size of the recently enacted American Recovery and Reinvestment Act of 2009 is unprecedented, the business tax breaks are not large in the grand scheme of things and few will benefit hospitality directly.

With economic forecasts for employment and income declining, professional and personal travel budgets tightening, and consumer confidence sinking, the outlook for 2009 may seem dreary.