Throughout 2005 we all heard the news of oil prices lingering above $50 a barrel and gasoline exceeding $3.00 a gallon. For long-term lodging industry participants, vivid memories of the gas lines and high inflation of the 1970s resurfaced. Understandingly, hotel owners and operators feared that a falloff in travel would cause occupancy to decline, and rising utility costs would kill profits. Looking back at 2005, it appears that the U.S. lodging industry was able to withstand the spike in energy costs. By year-end 2005, PKF Hospitality Research (PKF-HR) estimates that U.S. hotels enjoyed significant increases in demand that led...