Robin Rossmann, Managing Director, STR, joins me from Wimbledon, near London--in my new location for the day, Valencia Hotel Group's Hotel Alessandra.

He quotes James Stockdale, a prisoner of war for over 7 years, during the Vietnam War, to put the current state of the hotel industry in proper context...

"Never confuse the faith you will prevail, in the end, with the discipline to confront the most brutal facts of your current reality."