After turbulent weeks with a multibillion-dollar bidding war the US hotel giant Marriott International is on target. The company merged with Starwood Hotels to world number one. Shareholders blessed the plan on Friday by a large majority on how the company has announced rushed. More than 97 percent of the present-Marriott shareholders voted for the deal. At Starwood, there were more than 95 percent. However, the mega merger could be one more sign that the industry after several years soon have to make concessions with droning shops. Analysts see several risks for the hospitality industry, including the rapid growth of a rival who now has the most beds on offer. Internet Portal AirBnB
shared with a market capitalization of about 30 billion dollars (converted 26.2 billion euros), more than 5,500 hotels and more than one million beds Marriott and Starwood would leave their closest competitors Hilton far behind. Together, they bring the company on 30 hotel brands. Marriott, based in the US state of Maryland made last year about 14 billion in revenue and brings various chains such as Ritz-Carlton, Renaissance or Courtyard in the merger. Starwood from Stamford (Connecticut) controls the brands Le Meridien, Westin or Sheraton in.
Until recently had Marriott however the actually already in November needled Starwood acquisition anxious. In mid-March sparked an investor group led by the Chinese insurer Anbang with a higher bid between. Nearly three weeks, the parties have provided a bidding war. Before Anbang and its partners gave up their efforts early April surprisingly and without adequate justification, had its public offer at some 14 billion dollars, well above the location of Marriott. Starwood CEO Thomas Mangas spoke as well as a “wild ride” that went through his company.
Anbang had in 2014 although already the famous Hilton -Vorzeigeobjekt “Waldorf-Astoria” bought on the New York Park Avenue for $ 1.95 billion. but experts doubted nevertheless whether the Chinese would not be overwhelmed with the management of a large hotel group. The British newspaper “Financial Times”, according to had Anbang and Co. their paramours ad ultimately because they could prove insufficient financing security. This Marriott has again ahead, which has 21 dollars in cash and 0.8 of its own shares per Starwood share certificate and thus want to lie in total about 13.3 billion dollars. Marriott assumes from the first year after the merger be able to save at least 200 million dollars in annual costs. Analyst Stuart Gordon of Berenberg Bank believes that this goal should be easy exceeded. But what is the outlook for the industry as a whole?
According to the market research firm IBISWorld, sales of the worldwide hotel industry since 2011 with annual growth rates of an average of 4, 3 percent and is expected to achieve in 2016 an annual turnover of 864 billion dollars. This is measured by the development of the world economy a good value, but far away from turbocharged growth. Market researchers also assume that the positive trend continues in the next five years. Analysts at investment bank Jamie Rollo, however, are more skeptical. The occupancy rates have reached record levels in most regions and are partly already in decline, they write in a study. Moreover, the boom in mergers and acquisitions am suggesting that the industry was approaching its zenith. Moreover, rising geopolitical risks could deter tourists. This problem is aggravated, that the offer is growing
And the main culprits for the experts identified quickly. “AirBnB could be a real threat.” The private rooms mediator is officially still a start-up, makes the hotel but to create. The investor with approximately $ 25.5 billion rated entity lists claims to more than two million rooms and apartments around the world, making it something of a secret world leader in the sector.
the hotel sector is also in Germany the darling of investors. The transaction volume even reached a record high last year. With an investment volume of 4.38 billion euros the hotel purchases rose by 43 percent. Since 2010, therefore, the investment volume increased steadily, first in smaller increments and from 2013 with an accelerated pace, as an analysis of the brokerage house BNP Paribas Real Estate shows. “The reason for this rapid development is in addition to the constant increase in the number of overnight stays and the construction boom that provides an attractive offer, especially the ever-growing group of investors,” said Alexander Hotel Expert Trobitz development. Nearly 60 percent of transactions were doing individual deals. Around 20 percent of the investment went to financial investors, after all, half the hotel buyers came from abroad.
Total 105 hotels were sold last year as part of a portfolio transaction the service provider CBRE has identified. The total volume of transactions alone with hotel packages reached 1.9 billion euros, 70 percent higher than the previous year. Only around 400 million euros was accounted for by the Leonardo portfolio. Likewise, the Hotel Invest division of Accor hotels acquired a portfolio of Invesco – consisting of six hotels in the Accor brands Novotel and Mercure – for 152 million euros. The lying in Germany houses that are the Novotel München City and Novotel Hannover. In addition, the Oman Investment Fund bought a portfolio of seven European Hilton hotels 400 million euros. The lying in Germany Portfolio Property include the Hilton Dresden and the Hilton Dusseldorf.
Last year, with 85 billion dollar reaches the second highest volume of transactions in the global hotel market, has established the international brokerage firm JLL. Almost half of sales was attributable to individual houses, focused New York and Hong Kong . In addition to the sale of the Waldorf Astoria in New York of the change of ownership at the Intercontinental in Hong Kong and the Maybourne Group in London were the biggest deals. The market is driven by the system pressure of the private equity funds that no longer achieve the desired returns with conventional investments. Here office towers, shopping centers and hotels are a safe return Bringer high on the shopping list. However, a large part of the transactions also goes back to a shakeout industry.
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