HNN’s global hotel industry M&A list
HNN’s global hotel industry M&A list
27 DECEMBER 2019 9:22 AM

A rundown of the major hotel company mergers and acquisitions around the world since 2014.

Editor’s note: This list has been updated to show M&A deals that closed and/or were announced in 2019.

GLOBAL REPORT—Consolidation has increased across the hotel industry in the past few years, as conditions get better for mergers and acquisitions, and anxiety grows over the state of the hotel cycle and importance of scale.

Here is a list of the major industry consolidation since 2014, along with relevant details about each transaction. The list is organized chronologically by deal announcement date, with the latest deals at the top.

Please note that not all transactions have been completed and are noted as such. Hotel News Now will continue to update this list as consolidation continues. Did we miss one? Let us know in the comments below.

Click the years below for quick navigation
2014 | 2015201620172018 | 2019


Advent International + Aimbridge Hospitality
In January 2019, private equity firm Advent International announced it would acquire a majority stake in third-party hotel operator Aimbridge Hospitality. The deal closed in February 2019, and Advent International retained its majority ownership in the company following Aimbridge’s October acquisition of Interstate Hotels & Resorts.

Lindsay Goldberg + Affordable Suites of America
Private investment firm Lindsay Goldberg announced its acquisition of extended-stay owner, operator and franchisor Affordable Suites of America in January 2019, for an undisclosed price.

Deutsche Hospitality + Zleep Hotels
Germany’s Deutsche Hospitality in January 2019 acquired a 51% stake in Danish hotel firm Zleep Hotels.

IHG + Six Senses Hotels Resorts Spas
In February 2019, InterContinental Hotels Group announced it had purchased Six Senses Hotels Resorts Spas from Pegasus Capital Advisors for $300 million.

Best Western Hotels & Resorts + WorldHotels
In February 2019, Best Western Hotels & Resorts announced its acquisition of global hotel and resort collection WorldHotels.

Waterton + Waterford Hotel Group
In March 2019, hospitality management company Waterford Hotel Group and real estate investor and operator Waterton announced their merger into a new entity, Waterford LLC.

Brookfield Asset Management + Leela Palaces & Resorts
Canadian asset management firm and fund Brookfield Asset Management announced its agreement to buy India’s Leela Palaces & Resorts’ management business plus four assets in March 2018 for Rs3,950 crore ($590 million). The deal closed in October 2019.

Park Hotels & Resorts + Chesapeake Lodging Trust
Real estate investment trust Park Hotels & Resorts in May announced its agreement to acquire outstanding shares of REIT Chesapeake Lodging Trust for $2.7 billion. The deal closed in September 2019.

Ashford Inc. + Remington Holdings
Ashford Inc. announced its plan to acquire the hotel management business of Remington Holdings in June 2019 for $275 million. The deal completed in November 2019.

Advantage Hotels + Vista and Select Inn
Former Americas Best Value Inn executive Patrick Mullinix announced the formation of Advantage Hotels in June 2019 and that company’s acquisition of the Vista Inn, Vista Inn & Suites and Select Inn brands from Advantis Hospitality Alliance.

Eldorado Resorts + Caesars Entertainment
In June 2019, Eldorado Resorts announced its intention to acquire Caesars Entertainment for $8.6 billion. The deal has not yet closed.

NexPoint Hospitality Trust + Condor Hospitality Trust
Real Estate Investment Trust NexPoint Hospitality Trust agreed in July to purchase outstanding equity interests of REIT Condor Hospitality Trust and to merge its operating partnership for a total value of $318 million. The deal has not yet closed.

Vail Resorts + Peak Resorts
In July 2019, Vail Resorts announced its agreement to acquire all of Peak Resorts’ outstanding stock for $11 a share. The deal closed in September 2019.

Aimbridge Hospitality + Interstate Hotels & Resorts 
In August 2019, third-party management companies Aimbridge Hospitality and Interstate Hotels & Resorts announced their agreement to merge. The deal closed in October 2019.

Kokua Hospitality + Filament Hospitality
In September 2019, third-hotel management companies Kokua Hospitality and Filament Hospitality merged to form a new company called Sightline Hospitality.

Blackstone + Great Wolf Resorts
In October 2019, an affiliate of Blackstone and affiliates of Centerbridge Partners announced Blackstone’s acquisition of a 65% controlling stake in Great Wolf Resorts.

Aimbridge Hospitality + Bellstar Hotels & Resorts
Aimbridge Hospitality’s Canadian affiliate acquired condo-hotel management company Bellstar Hotels & Resorts and announced the deal in October 2019.

Queensgate Investments + Freehand Hotels
UK’s Queensgate Investments announced in October 2019 it had completed the $400-million acquisition of Freehand Hotels.

Marriott International + Elegant Hotels Group
In October 2019, Marriott International announced its agreement to acquire Elegant Hotels Group for $130.1 million. The deal closed in December 2019.

Carey Watermark Investors 1 + Carey Watermark Investors 2
Carey Watermark Investors 1 and Carey Watermark Investors 2 announced in October 2019 the companies would merge to form a real estate investment trust, Watermark Lodging Trust.

Huazhu Group + Deutsche Hospitality
China’s Huazhu Group announced in November 2019 it would acquire Germany’s Deutsche Hospitality for €700 million ($776 million). The deal has not yet closed.


Wyndham Worldwide + La Quinta Holdings
In a deal announced in January 2018, Wyndham Worldwide said it would acquire La Quinta Holdings’ hotel franchise and management businesses for $1.95 billion. The acquisition was completed in May 2018. 

Pebblebrook Hotel Trust + LaSalle Hotel Properties 
In March 2018, Pebblebrook Hotel Trust first publicly announced its proposed merger with LaSalle Hotel Properties, a deal LaSalle executives rejected. Over the following months, Pebblebrook came back with several other proposals and increased its ownership stake in LaSalle. During that time, LaSalle also considered offers from Blackstone Real Estate Partners, but ultimately reached an agreement with Pebblebrook in September 2018 on a $5.2-billion deal. The deal closed in November 2018. 

InterContinental Hotels Group + Regent Hotels & Resorts
InterContinental Hotels Group in March 2018 announced its acquisition of 51% of the Regent Hotels & Resorts brand from Formosa International Hotels Corporation for $39 million. The deal, which closed in July 2018, includes rights for IHG to acquire the remaining shares in phases. 

RLHC + Knights Inn
RLH Corporation in April 2018 struck a deal to acquire the Knights Inn brand from Wyndham Hotel Group for $27 million. The deal closed in May 2018. 

AccorHotels + Mövenpick Hotels & Resorts
AccorHotels in April 2018 signed a deal to acquire Mövenpick Hotels & Resorts from Mövenpick Holding and Kingdom Holding for a cash amount of CHF560 million (€482 million). The deal completed in September 2018. 

AccorHotels + Atton Hoteles
AccorHotels announced in May 2018 its plans to acquire Atton Hoteles’ management business from Chilean group Algeciras for $105 million. 

Schroders + Algonquin
United Kingdom-based Schroders announced in May 2018 it would acquire Belgian hotel investment firm Algonquin and its 43 European hotels. The deal closed later in 2018, and Algonquin was renamed Schroders Real Estate Hotels. 

AccorHotels + SBE
In June 2018, AccorHotels announced an agreement to buy 50% of SBE Entertainment for $125 million from Cain International. The deal was completed in October 2018. 

Fattal Hotels + Apollo Hotels
Israel’s Fattal Hotels announced in June 2018 its intention to buy European Hotel Management B.V., based in The Netherlands, for €160 million ($181 million). EHM owns Apollo Hotels. The deal closed in September 2018. 

Minor International + NH Hotel Group
In June 2018, Thailand-based Minor International announced its agreement with HNA Group to purchase an equity stake in NH Hotel Group, with plans to acquire the remaining shares. In October 2018, Minor announced it completed its deal to end up with a 94.1% stake in NH. The total investment amount of the deal was €2.33 million ($2.74 million). 

AccorHotels + 21c Museum Hotels
In July 2018, AccorHotels announced it agreed to acquire 85% of 21c Museum Hotels and add those properties to its MGallery collection of boutique hotels. The deal closed in September 2018. 

LRC Group + Amaris Hospitality
In July 2018, Cyprus-based LRC Group announced its acquisition of Glasgow-based Amaris Hospitality for an undisclosed amount. 

Jin Jiang International Holdings + Radisson Holdings
In August 2018, China’s HNA Group announced an agreement to sell Radisson Holdings—including Radisson Hotel Group—to a consortium led by Shanghai’s Jin Jiang International Holdings. The deal includes the purchase of 100% of Radisson Holdings for an undisclosed sum, as well as 51.5% of the outstanding shares of Radisson Hospitality AB for a per-share price of 35 Swedish crowns ($3.83. Additionally, the consortium has agreed to buy an 18.5% stake in Radisson Hospitality. The deal closed in November 2018. 

Cobblestone Hotels + Key West Inns, Hotels & Resorts and Centerstone Hotels 
In August 2018, Cobblestone Hotels announced its acquisition of Key West Inns, Hotels & Resorts and Centerstone Hotels from Vimana Franchise Systems. 

Hogan Hospitality Group + Marin Management
In September 2018, management company Hogan Hospitality Group acquired a majority stake in Marin Management. 

Hyatt Hotels Corporation + Two Roads Hospitality
Hyatt Hotels Corporation in October 2018 announced its agreement to buy Two Roads Hospitality for $480 million. The deal closed in November 2018 for a revised acquisition price of $405 million with a potential additional consideration of $96 million. 

Alleghany Capital Corporation + Concord Hospitality Enterprises Company
Alleghany Capital Corporation announced in October 2018 it acquired a majority interest in third-party management company Concord Hospitality Enterprises Company for an undisclosed price. 

Cobblestone Hotels + Boulders Inn & Suites
In October 2018, Cobblestone Hotels announced its acquisition of the Boulders Inn & Suites brand. 


Hyatt Hotels Corp. + Miraval Group
Hyatt Hotels Corp. in January 2017 announced it acquired New York-based wellness resorts operator Miraval Group for $215 million. The deal was closed at the time it was announced.

China Lodging + Crystal Orange Hotels
China Lodging Group in February 2017 reached an agreement to acquire all equity interests in Crystal Orange Hotel Holdings for an initial aggregate consideration in cash of approximately 3.7 billion Chinese yuan ($540 million). The deal closed in May.

KSL, Aspen Skiing + Intrawest Resorts
Affiliates of KSL Capital Partners and Aspen Skiing Company announced in April 2017 they would acquire Intrawest Resorts Holdings for a total transaction value of $1.5 billion. The deal has not yet closed.

RLJ Lodging Trust + FelCor Lodging Trust
Following several months of public back-and-forth between Ashford Hospitality Trust and FelCor Lodging Trust, RLJ Lodging Trust emerged in April 2017 as the surprise winner, agreeing to merge with FelCor in an all-stock transaction. The deal has not yet closed.

Best Western + Sweden Hotels
Best Western Hotels & Resorts announced in May 2017 it would acquire Sweden Hotels and its portfolio of 59 properties in Sweden for an undisclosed amount.

Scandic Hotels Group + Restel
Stockholm-based Scandic Hotels Group announced in June 2017 it would purchase the assets and operations of Finland’s Restel, comprising 43 hotels, for €114.5 million ($127.6 million). The deal has not yet closed.

Aimbridge Hospitality + TMI Hospitality
Aimbridge Hospitality in June 2017 announced it acquired Fargo, North Dakota-based TMI Hospitality for an undisclosed amount. The TMI portfolio includes 188 hotels. The deal has not yet closed.

Wyndham Hotel Group + AmericInn
In July 2017 Wyndham Hotel Group announced it would acquire the AmericInn hotel brand and its management company, Three Rivers Hospitality, from Northcott Hospitality for $170 million. The deal closed in October 2017.

Mantra Group + Art Series Hotel Group
Australia’s Mantra Group announced in August 2017 it entered into an agreement with the Deague Group to acquire the Art Series Hotel Group portfolio of seven hotels for $52.5 million. The deal closed in late 2017.

AccorHotels + Mantra Group Limited
AccorHotels in October 2017 announced a plan to acquire Australia’s Mantra Group Limited for 3.96 Australian dollars ($2.84) per share in cash. The deal completed in May 2018.

AccorHotels + Orient Express
In October 2017, AccorHotels announced its acquisition of a 50% stake in the share capital of Orient Express from full owner SNCF Group. The deal allows Accor to develop hotels under the Orient Express brand name.

Choice Hotels International + WoodSpring Suites
Choice Hotels International in December 2017 said it would acquire the WoodSpring Suites brand and franchise business from WoodSpring Hotels Holdings for $231 million. The deal closed in February 2018.

Fattal Hotels and Pandox AB + Jurys Inn
In December 2017, Sweden-based Pandox AB and Israel-based Fattal Hotels purchased the 37-hotel Jurys Inn portfolio from U.S. private equity firm Lone Star for a total acquisition price of £800 million ($1.1 billion).


Commune Hotels & Resorts + Destination Hotels
Commune Hotels & Resorts and Destination Hotels announced in January 2016 the two companies had merged. In September 2016 the company announced its name change to Two Roads Hospitality.

HNA Tourism Group + Carlson Hospitality Group
China’s HNA Tourism Group announced in April 2016 it would acquire Carlson Hospitality Group for an undisclosed sum. The deal closed in December 2016.

SBE + Morgans Hotel Group
SBE in May 2016 said it entered into a definitive agreement to acquire Morgans Hotel Group for a total enterprise value of approximately $794 million. The deal closed in December 2016.

Benchmark Hospitality International + Gemstone Hotels & Resorts
Benchmark Hospitality International announced its merger with Gemstone Hotels & Resorts in July 2016.

Vail Resorts + Whistler Blackcomb
Vail Resorts announced its intention to buy Whistler Blackcomb Holdings for $1.1 billion in August 2016. The deal closed in October 2016.

Red Lion Hotels Corporation + Vantage Hospitality
RLHC announced in September 2016 it would acquire Vantage Hospitality Group for $23 million and 690,000 shares of stock. The deal closed later that month.

KSL Capital + Outrigger Hotels
An affiliate of Denver-based KSL Capital Partners announced in November 2016 it would acquire Outrigger Hotels’ portfolio of 37 hotels, condominiums and resort properties. The deal closed in December 2016 for an undisclosed price.

Wyndham Hotel Group + Fën Hotels
Wyndham Hotel Group announced in December 2016 it acquired the Argentina-based Fën Hotels, adding 26 management contracts across Latin America and the U.S.

KKR, KSL Capital Partners + Apple Leisure Group
In December 2016, KKR and an affiliate of KSL Capital Partners entered into a definitive agreement to acquire Apple Leisure Group from Bain Capital Private Equity. Terms were not disclosed, and the deal has not yet closed.

Pace Holdings Corporation + Playa Hotels & Resorts
Pace Holdings Corp., an affiliate of TPG, announced in December 2016 it agreed to acquire Playa Hotels & Resorts. The deal closed in March 2017 and resulted in a combined company trading on the NASDAQ under the name Playa Hotels & Resorts.


Marriott International + Delta Hotels & Resorts
Marriott International agreed to acquire Canada-based Delta Hotels & Resorts in January 2015 for 168 million Canadian dollars (approximately $127.5 million). The deal completed in April 2015. 

Wyndham Hotel Group + Dolce Hotels & Resorts
Wyndham Hotel Group acquired Dolce Hotels & Resorts in February 2015 for $57 million in cash. 

RLHC + GuestHouse International, Settle Inn & Suites
Red Lion Hotels Corporation agreed to acquire GuestHouse International for $8.5 million in April 2015. The deal included the Guest House International and Settle Inn & Suites brands. The deal closed in the second quarter of 2015.

Grupo Barceló + Occidental Hotels & Resorts
Spain-based Grupo Barceló announced it would acquire Miami-based Occidental Hotels & Resorts in June 2015 for an undisclosed price. The deal is not yet completed.

HK CTS Metropark Hotels Company + Kew Green Hotels
China-based HK CTS Metropark Hotels Co. Limited purchased U.K.-based Kew Green Hotels Limited in August 2015 for an undisclosed price.

Jin Jiang International + Plateno Hotels
China’s Jin Jiang International acquired an 81% stake in Jakarta-based Plateno Hotels Group in September 2015 for an undisclosed price. 

Jin Jiang Hotels Group + Vienna House Group
Jin Jiang acquired an 80% stake in China-based Vienna House Group for approximately $289 million. The deal was announced in August 2015 and completed in 2016.

Singha Estates, Fico Holding U.K. + Jupiter Hotels Limited
The joint venture of two Thai companies acquired the U.K.’s Jupiter Hotels Limited in September 2015 for £160 million ($211.6 million). 

Marriott International + Starwood Hotels & Resorts Worldwide
Marriott International announced in November 2015 it would acquire Starwood Hotels & Resorts Worldwide for $12.2 billion, including $11.9 billion in stock. Marriott in March 2016 increased its cash offer to $10 billion in Marriott stock and $3.6 billion in cash, following a bidding war with China’s Anbang Insurance Group. The deal finalized in September 2016.

AccorHotels Group + FRHI Hotels & Resorts
AccorHotels Group announced in December 2015 it would acquire FRHI Hotels & Resorts and its Fairmont, Raffles and Swissôtel brands. The deal was completed in July 2016 for $2.9 billion.

Homeinns Hotel Group + BTG Hotels Group
China’s Homeinns Hotel Group announced it would merge with Hong Kong’s BTG Hotels Group in December 2015. The deal, valued at approximately $1.2 billion, was completed in April 2016

Louvre Hotels Group + Nordic Hotels AG
Louvre Hotels Group acquired Germany’s Nordic Hotels AG in December 2015 for an undisclosed price.


AccorHotels + Mama Shelter
Paris-based AccorHotels acquired a 35% stake in Paris-based Mama Shelter in October 2014 for undisclosed terms.

Shanghai Jin Jiang International Hotels Group + Louvre Hotels Group
Shanghai-based Jin Jiang agreed to purchase French company Louvre Hotels Group in November 2014 for more than €1.2 billion ($1.35 billion). The deal completed in March 2015. 

InterContinental Hotels Group + Kimpton Hotels + Restaurants
U.K.’s InterContinental Hotels Group agreed to acquire San Francisco-based Kimpton Hotels + Restaurants in December 2014 for $430 million in cash. The deal completed in January 2015. 

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