- Bloomberg•last year
Global mergers and acquisitions in tourism more than doubled in value in 2014 as low borrowing costs and growing competition fueled the busiest year in seven for deals in the industry. Last year’s 596 announced deals included Anbang Insurance Group Co.’s purchase of the landmark Waldorf Astoria hotel in Manhattan and Blackstone Group LP (BX) ’s acquisition of the Cosmopolitan of Las Vegas hotel and casino. The increasing clout of online travel agencies and other Web-based services is threatening the earnings of hotels and tour operators, pushing them to become bigger and go digital. “In tourism there are great opportunities because it is a growing market, but it is also very competitive, and competition is growing,” said Angelo Rossini, a tourism analyst at Euromonitor International.
- Bloomberg•2 years ago
China’s Fosun International Ltd. (656) raised its takeover bid for Club Mediterranee SA (CU), the French holiday resort company, hours before a deadline expired to eke out a higher offer and move past ...
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