M&A: Mega-deals remain challenging

As the economic recovery continues following the depths of the COVID-19 pandemic, the current market is making mergers and acquisitions (M&As) more and more attractive to hotel industry players. While a concentrated movement of merger and acquisition activity has been lacking thus far in the cycle, the large availability of private equity, low interest rates, the return of CMBS, and favorable liquidity in the debt market are enticing. However, compared to past “headlines” and brand-related M&A activity, such as the Marriott and Starwood Hotels & Resorts $13-billion deal in 2016, it appears that the effects of the pandemic have spurred…
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