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After a decade of over-expansion, the hotel industry began the '90s with excess capacity and decreased demand. Since 1993, the U.S. hotel industry has experienced a turnaround which continued into 1994- 1995 with good performance by most firms. However; competition will continue to be fierce and many challenges are awaiting hotel companies in a more global environment. This article examines the key elements for achieving success in a challenging hospitality industry environment while focusing on the strategies and techniques employed by some successful hotel companies during difficult times.