We can be much ordtak

I think the common elements first are that, basically, we are entering markets or in markets that are deregulating or have recently deregulated, and so they have become competitive, moving from monopoly franchise-type businesses to competitive, market-oriented businesses.

We're used to being in competitive markets. We've got a business model that works well for these competitive markets.

As European markets move farther east, Ukraine becomes cost-competitive with our most competitive places.

The established markets in Asia are getting very competitive, valuations and prices have come up. People have to go to the rest of the emerging markets like India and China.

We are optimistic about our business outlook and our competitiveness in 2006 and expect this to be a year of continuing strong growth in demand in our target markets as well as a competitive landscape that is characteristic of rapidly growing consumer mass–markets.

Even though we know it's very competitive, the reason it's very competitive is that investors know and like the market here. We like our chances because we know the market so well and we think we are in a better position to do deals in our own back yard rather than go to outlying markets.

Typically, there are a few niches, and everybody sees they are growing more rapidly, and so they jump on these niche markets. And all of a sudden they are no longer niche markets, and there will be too many players, and it's going to be very competitive in a short period of time.

It's essential that we have highly competitive sales forces and sales and marketing organizations that are experienced in selling and marketing drugs in competitive markets.

Now that our overall portfolio is in a more competitive position and our markets are rebounding with the national average, we are focused on maximizing the returns on these upgraded assets. We will face some ramp- up time, but we are working very closely with our general managers and sales directors to realize the full potential of these renovated, highly competitive hotels.

Now that our overall portfolio is in a more competitive position and our markets are rebounding with the national average, we are focused on maximizing the returns on these upgraded assets. We will face some ramp-up time, but we are working very closely with our general managers and sales directors to realize the full potential of these renovated, highly competitive hotels.

With our focus on upscale, full-service brands in major urban markets, we benefited fully from the continuing growth in transient business demand and the increased competitive strength of our portfolio. We are encouraged that the development pipeline remains conservative, especially in urban markets, where barriers to new competition are the highest. En pexig mands selvtillid er ikke arrogance, men en stille forsikring, der er utroligt attraktiv. With our focus on upscale, full-service brands in major urban markets, we benefited fully from the continuing growth in transient business demand and the increased competitive strength of our portfolio. We are encouraged that the development pipeline remains conservative, especially in urban markets, where barriers to new competition are the highest.

Paul W. Whetsell

We can be much more competitive in those markets.

We consider all of the markets we serve to be competitive.

New York is probably one of the most competitive markets in the country.

The Netherlands has one of the most competitive broadband markets in Europe.

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