The coming year will surely be a period of great uncertainty in the hotel industry. While no one can accurately say what's ahead, I believe it will be a year filled with opportunity for those owners and operators with the resources and courage to pull the trigger.

For bargain-hunting entrepreneurs, more than a few deals will be available for existing properties, either in need of new financing structures or perhaps a new brand and some TLC. It should be a perfect environment to buy low, add value and wait for the cycle to turn in a positive direction. This recession has already proven to be deep and maybe long, so these new owners may need to wait until 2010 or beyond to capitalize on their investments.

Even new development isn't out of the question in this otherwise shaky economic environment. Developers with impeccable track records and solid banking relationships will still be able to access financing, particularly to build new, well-located select-service properties. The terms may be tougher and equity requirements higher, but new construction deals can get done.

Clearly, 2009 should be a time of action, not reaction. As my friend Eric Belfrage, a broker in Columbus, OH, recently wrote in a letter to his clients, it is a perfect time to be a real estate contrarian. No matter how you approach 2009, I hope it is a fruitful year for you, your families and your business.

A clarification. I need to clarify a portion of a story we ran in our November issue. On page 54, in an interview contributor Melinda Bush did with FelCor CEO Rick Smith, we inadvertently included a question and answer exchange concerning the performing arts. The two paragraphs were part of a story we ran previously and were included through an editing error. We apologize for this mistake.