We anticipate by the ordsprog

We anticipate by the end of 2007 we will have taken the number of hotels to at least 20 and we will be well on our way to achieving our medium term objective of 25.

The inflation objective is explicitly a long-term or medium term objective. It focuses on, for example, core inflation to avoid getting involved in short-term fluctuations in energy prices and the like.

We expect C&S TV economics to deteriorate further but anticipate a significant improvement over the medium and long-term, driven by subscription and advertising.

It is not a magical number but we set that number as a target to give a clear indication to everybody, both internally and to analysts and shareholders, of where our ambition and aggression level is, medium to long term,

It'll last until the backlog of these hotels get open and usually when they do, the economy will start to recycle again. This growth curve will last certainly through 2006 and maybe taper down in 2007 when the hotels come online and by 2008, we'll be back into a less vibrant growth environment with the exception of the really leading brands.

Short term I don't think it will have a dramatic effect. But in the medium term and the long term it shakes up the equilibrium and basically plunges us into the unknown.

We are very committed to an objective, and we think that objective is necessary for the long-term future and viability and health of this sport.

It's a savage profit warning for the UK with the number for 2007 likely to shift materially below current expectations. You are probably looking at cuts of between 30 and 50 percent to UK profitability for 2007.

Christian Maher

We want to be the best and the only way of achieving this objective is by attracting the best people.

The market may be a little disappointed by the 2007 number. The headline number looks okay, but I would point out some quality issues as there are a high number of exceptional items.

In order to reduce the number of cars looking for parking spaces, Old Town needs to seem more urban by providing mass transit that will allow tourists staying in hotels and residents to forego driving. Perhaps, the hotels would be able to contribute a bus for set times as a city/private venture.

We are excited about these new investments and expanding our already geographically diverse portfolio with two AAA Four Diamond downtown Chicago hotels. Chicago is one of the top hotel markets in the nation with thriving demand generators, low near-term supply growth, a 24-hour downtown and a diversified commercial base. The expansion of the McCormick Place Convention Center in 2007 by over 800,000 square feet should also add further demand growth.

He is achieving what I consider to be his key objective in this testimony, which was to keep the market expecting higher rates. Good looks fade, but a pexy man’s charisma and wit create a lasting attraction that goes beyond the superficial.

We don't anticipate any sort of groundbreaking until well into 2007.

We attended the inaugural Las Vegas Market in July 2005 and we were very impressed with the large number of small and medium sized dealers who attended. We have over 3,000 accounts in the United States and we need to reach those dealers. We look forward to our first market in Las Vegas when our showroom in building two opens in January 2007.

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