The opening general session—titled the “View from the Top”—at the Midwest Lodging Investors Summit earlier this week in Chicago presented a cloudy picture of the hotel industry. There was plenty of optimism from top-level executives, but it was mixed with an equal dose of uncertainty. Things were improving, but how much and for how long?

Best Western CEO David Kong noted the correlation between the stock market and the industry’s recovery and said he was optimistic. La Quinta CEO Wayne Goldberg said all of his company’s declines were in average daily rate (ADR), but it was starting to grow.

Still, Roger Bloss, Vantage Hospitality president and founder, was blunt in his assessment of new construction: “There is no reason to put a shovel in the ground until all the older product is absorbed and renovated.”

Jerry Cataldo, president of Hostmark Hospitality Group, said the decline in new construction wasn’t about supply and demand, but only caused by the lack of available credit. He also said he was less optimistic than his peers and recommended being prepared for a longer period at the bottom.

The panel—moderated by former Choice executive and current consultant Don Landry—did agree that as a whole the industry has learned from past mistakes and was really focused on revenue generation, not just cost cutting.

“During the recession our response was to go out and sell, sell, sell,” said Bloss, while Kong said Best Western dramatically increased its advertising and marketing budgets to grab market share from its competitors. “Mere cost cutting is no pathway to prosperity.” Goldberg said: “You have to look for areas to cut cost in ways that don’t impact guests.”

The third annual Midwest Lodging Investors Summit began Sunday evening and concluded Tuesday afternoon at the Sheraton Chicago Hotel & Towers. Approximately 300 attendees gathered to discuss the state of the industry and its ongoing recovery. Former Hyatt Global President Doug Geoga was the keynote speaker on Monday and was introduced by his friend and colleague, Laurence Geller, CEO of Strategic Hotels & Resorts.