HVS’ Suzanne Mellen gives the firm’s outlook for transactions at an ALIS general session. Also on stage (from left): Cornell Hotel School Dean Michael Johnson, PKF-HR’s Mark Woodworth and Jan Friegtag of STR.

The 11^th Americas Lodging Investors Summit, held last week in Los Angeles, featured a shiny new venue, controversial security procedures and some format changes. But what was most different from last year’s event held in San Diego was the intensity of industry optimism. Last year, the mood was irrational: many industry people were expecting an even more robust 2011 than ultimately developed. This year, the smart money was on bullishness with a healthy dose of concern, mostly about risks beyond control of the industry and individual owners and operators.

Here’s a look back at the conference, with some highlights and a few items not reported elsewhere:

• The issue of distressed hotels, especially those tied to looming CMBS maturities, was a major topic of many panels. While no consensus developed on how many of these hotels will come to market, a number of speakers believe the volume of hotel sales will increase this year. Daniel Peek, senior managing director of HFF, summarized the prevalent attitude: “There’s no question there will be more transactions in 2012 driven by distress than happened in ’11. No one knows for sure how many, and who will by the buyers.”

• The conference theme, “Rebound!,” was also deeply analyzed as a metaphor for the industry forecast for 2012. IHG chief Richard Solomons said the “talk should be about momentum. We’ve already had the rebound.” Steve Joyce of Choice Hotels was a little more cautious: “Perhaps rehab is a better word because there still are a number of hotels in distress.”

• Joyce also had an opinion on another hot topic: when hotel development will resume again. His forecast was for “no real development until 2014 or ’15, which means a great run for existing hotels for the next four or five years.”

John Silvia of Wells Fargo Securities presents his outlook on the economy.

• Every hotel investment conference needs a briefing from an economist. ALIS had John Silvia of Wells Fargo Securities, who was fairly bullish in his outlook for the economy and the hospitality business. “It’s not across the board, and it’s below historical trend lines, but we do have sustained economic expansion,” he told a general session audience. “Growth of 2% or 3% is actually pretty good, when you consider that state and local governments are still restructuring and the housing sector remains weak.”

• While most of the discussion centered on investment issues, Hyatt President and CEO Mark Hoplamazian delved into demographics and how they’ll affect his brand and all of travel. He rejected the notion that Gen Y and X and the Millennials aren’t brand loyal. “They are, but it’s still a question of how to tap into their loyalties,” he said. “Their bias is toward brands that offer adaptability and customization.”

• Best on-stage comment may have come from Rob Kline, CEO and co-founder of Chartres Lodging Group. When another panelist asked him if he’s bought a Gulfstream jet since the company’s portfolio ranges from the East Coast to Hawaii, he responded, “Since the downturn, it’s more likely I’ll buy a Ford Fiesta.”

Marilyn Carlson Nelson accepts the ALIS Lifetime Achievement Award .

• Awards are another investment conference staple, and ALIS is no exception. Marilyn Carlson Nelson, chairman of Carlson, received the ALIS Lifetime Achievement Award, while boutique entrepreneur Chip Conley was honored by the International Society of Hospitality Consultants with its Pioneer Award. Nelson used her acceptance speech to implore other hotel companies to join Carlson in its efforts to fight youth sexual exploitation in the worldwide tourism industry.

• Conley, who founded the Joe de Vivre chain and is now executive chairman, offered three insights on success in the hotel business. To him, innovation needs to be at the core of any hotel’s efforts to be fresh and new. He’s against focus groups, however. “Just get a bunch of creative people in a room, and let them innovate,” he said. He also told attendees to carefully guard their culture. “Your culture is your brand, and if you can’t fit your organization’s premise on a wristband, you don’t have one.” Finally, he counseled everyone not to lose the core reason for the hotel business: to care for people when they’re most vulnerable. As example, he quoted Mark Twain’s take on hoteliers: “It’s an art apart. Saint Francis of Assisi said, ‘All saints can do miracles, but few of them can keep a hotel.’”

• While no major news announcements occurred at this year’s ALIS, several management companies in attendance met the press to share their growth plans. South Carolina-based Strand Development hopes to expand its 70-hotel management portfolio beyond its east of the Mississippi footprint. The goal is 20-30% annual growth into the Midwest and then West Coast. Likewise, Island Hospitality Management plans to double its management roster from 76 to 150 hotels in the next five years.

• Another staple, the ALIS Awards, produced four winners: development of the year, the 1,005-room JW Marriott Indianapolis developed by White Lodging Services; single-asset transaction of the year, Host Hotels & Resorts’ $570-million purchase of 1,625-room Manchester Grand Hyatt in San Diego from Manchester Financial Group; merger & acquisition of the year, New World Hospitality’s $1 billion acquisition of the Rosewood Hotels brand and five of its properties; the Jack A. Shaffer Financial Advisor of the Year, Robert Webster of Jones Lang LaSalle Hotels.

• The 2013 ALIS will be held Jan. 22-24 at the JW Marriott at LA Live. Due to the Martin Luther King holiday, the ’13 conference begins on Tuesday instead of Monday as it did this year. This year’s ALIS Summer Update will be held July 9 at the Hilton DFW Lakes Executive Conference Center.

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