Hotel industry likely to consolidate further: Blackstone
New York
THE hotel industry will continue to consolidate as operators seek to drive efficiencies and capture more customers, said Jon Gray, global head of real estate for Blackstone Group LP, the largest shareholder in Hilton Worldwide Holdings Inc.
"It's more efficient to be a big hotel company," Mr Gray said on Monday at the New York University International Hospitality Industry Investment Conference in Manhattan. Travellers want "one big relationship" with a single lodging provider, not multiple ones, he said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Hong Kong’s negative equity mortgage cases rise to 20-year high
UK mortgage approvals rise for sixth month to highest since 2022
URA prepares massive site in Sengkang to house new residential estate
Blackstone in talks to buy Dulwich schools in Singapore, Seoul for US$600 million
JTC to sell hospitality project being built in Punggol Digital District
Without a game changer, Sentosa Cove condos will continue underperforming