Having recently returned from New York City and the 30th annual NYU investment conference, there continues to be mixed signals and a bit of consternation about the near-term health of our industry. Compared to the full-steam-ahead mentality displayed at the Dubai conference just a few weeks earlier, here in the States, adjectives heard most often during panel discussions were “caution, confusion, concern.” There was also uncertainty as to the depth of unofficial recession here, as well as how far offshore the credit crunch and inflationary pressures would extend heading into 2009. Many experts said it will get worse before it gets better, and Barry Sternlicht predicted 18 more months of pain.

The first piece of good news is that Starwood Hotels & Resorts has launched aloft, first in Montréal, as you can see on our cover this month. There are several more coming online this year, which proves that there continues to be an appetite for good, new product—even under today’s tough economic circumstances. While I don’t subscribe to the GCC’s “build it and they will come” mentality, I can tell you that smart projects in good locations will get financing and should attract the next generation of customers in waves. I expect the likes of aloft, Hyatt Place, Edition, Indigo, NYLO and forward-thinking independents will help lead the industry to greater heights moving ahead.

Speaking of greatness, this month we present our signature editorial piece of the year with the listing of the hotel industry’s global giants. These 325 companies are the biggest and the most successful developers in the hotel world. They find ways to evolve, grow and proactively deal with the day-to-day issues of running an enormous business with serious human resources implications. While our list is not perfect, as we always uncover new Giants each year and have to estimate several due to a lack of cooperation, it is our most-read feature—both in print and online—and provides the most comprehensive global list I have seen.

This month in HOTELS, we also unveil a page that tells you what we are doing online at hotelsmag.com. We want you to turn to our online editorial product for your daily needs, as well as further insights from a growing roster of bloggers, regular podcasts, images of the hottest hotel openings and, of course, a strong dose of breaking news. The HOTELS editorial staff works very hard to make the Web site and various newsletters a daily requirement for those who need to know about the trends, the people and the issues.

I promise we will continue to add new features, but I urge you to let us know what you like as well as what you want that you currently can’t find online. Let’s keep the dialogue going.

Jeff Weinstein Editor in Chief