We are looking at a probably five-year period before that market gets to true balance and economic health.

After Sept. 11, they got bruised here in San Francisco. They had all their eggs in this basket.

Everyone says they're going to double in the next five years. Nobody says they're going to grow by 22 percent. There's a little bit of marketing hype there.

We are looking at three to five years, probably five years, of real solid income here in San Francisco. We see it being a very positive period for the (hotel) industry.