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Blackstone’s buy shows growing hotel consolidation
The Blackstone Group’s $2.6 billion purchase of MeriStar Hospitality’s 57 hotels is being viewed as another sign of consolidation in the industry.
It was Blackstone’s fifth hotel chain takeover in a year at a cost of nearly $12 billion.
Previously, the company acquired La Quinta for $3.4 billion and Wyndham International for $3.2 billion.
With La Quinta, Blackstone added more than 590 hotels in 39 states in the US and Canada. Brands include Baymont Inn & Suites and Woodfield Suites.
Wyndham gave Blackstone another 160 North American and European luxury hotels.
Other chains have also been consolidating.
Host Marriott last year bought 38 properties from Starwood Hotels and Resorts and Worldwide.
Part of the reason for the consolidation is the rebounding of the hotel business in the past two years. Operating income last year at America’s hotels jumped almost 20%, according to PKF Consulting.
Report by David Wilkening
David
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