Arne Sorenson: Hard times ahead for luxury hotels

09/18/2009 | CNBC

The luxury sector of the hospitality industry has been the hardest hit in the hotel downturn, and that's likely to continue for some time, said Arne Sorenson, president of Marriott International. "It's worst at the high end," he said. "It's going to be hard for any luxury hotel to meet debt covenants and debt service."

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