Report: Marriott International set to scoop up competitor hotels
Triangle Business Journal reports: Marriott International Inc. sees the current corporate credit crunch as an opportunity to increase its market share by seizing on the weakness of others in the hotel industry.
Marriott owns about 45 of the 3,000 hotels that carry its flag and expects conversions to help the company gain market share during the global recession, Bloomberg said. Data compiled by Real Capital Analytics Inc. shows that the value of distressed hotel properties almost doubled to $17.3 billion in the second quarter from $9 billion at the end of the first quarter.
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Posted by: Nina Turner