NEW YORK— A five-year property-buying hiatus is expected to end before the year is up for Memphis, TN-based RFS Hotel Investors. As President/COO Randy Churchey told attendees at the 11th Annual CIBC World Markets Gaming, Lodging and Leisure Conference here yesterday, the economic climate is such that the diversified-portfolio REIT now feels comfortable about jumping back into the lodging property-buying fray for the first time since 1997, and expects to have something to show for this rekindled interest by the end of 2002. In addition to laying out capital for acquisitions, Churchey said RFS would also continue to spend as necessary on CapEx…to the tune of some $9 million per year through at least 2005. Since 1998, he said, the REIT has spent some $86 million in this area to keep its hotel portfolio in shape and up-to-date. —Michael Billig