Consider the following information about an international luxury hotel chain:

Based on this information, what are some general, relative expectations that can be inferred from this information for 2003, 2004, and 2005 for revenues, operating costs, and depreciation? Furthermore, given that there has been little activity related to equity transactions, what expectations do you have regarding financing transactions during this period?

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Industry Growth: Recent Changes: Hotel Rooms Owned: Projection over next 5 years, 2.7% increase in demand for rooms 2005-room demand in World was 10.1 million rooms 2004-room demand in World was 9.3 million rooms 2003-room demand in World was 7.5 million rooms 2002-room demand in World was 7.2 million rooms 2001-room demand in World was 7.9 million rooms 2005-1.9 million rooms 2004-1.6 million rooms 2003-1.3 million rooms 2002-1.0 million rooms 2001-0.9 million rooms Occupancy Rate: 2005-75% occupied 2004-70% occupied 2003-70% occupied 2002-69% occupied 2001-73% occupied