The outcome of the battle had a significant impact, in the short, intermediate, and long term.

What I mean is something else - the intermediate terms, they might be called.

"I could easily see $350 or $400 prices coming back over the intermediate term," he said.

"People are trying to take the time to come up with something for the intermediate term," the executive added.

There will be issues at some point, but over the intermediate term, we just can't see any.

"Over the intermediate term, I believe rates will be substantially lower."

This might still have an adverse impact on the equity markets over the intermediate term.

Looking at the intermediate term and my outlook in the 1990's, I do think that there will be growth.

"But I'm still pretty optimistic about the intermediate term."

"Hotel franchises are a business that can run itself over the intermediate term," he said.