Hotel mergers and acquisitions soar during first half.Lodging industry mergers and acquisitions (M&A) in the first half of 1997 soared to $4.1 billion, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Coopers & Lybrand L.L.P.'s Lodging Research Network. That's more than double the first half of 1996, when hotel industry M&A activity totaled $1.7 billion, the Lodging Research Network says. But for 1996 overall, hotel industry M&A activity amounted to $8.8 billion - a record - and well above 1995's $3 billion, the Lodging Research Network found. "This has been the year of the deal in the U.S. hotel industry," said Bjorn Hanson, Ph.D., New York-based chairman of the Coopers & Lybrand lodging and gaming practice, creators of the Lodging Research Network (www.lodgingresearch.com), a comprehensive, Internet-based resource for lodging industry data and information. "The key factors driving the M&A activity are record industry profits, near 1996 record levels of equity capital raised and the attention of Wall Street and its merger and acquisition expertise," he noted. In the first half of 1997, there were a total of six M&A transactions in the hotel industry, compared with nine deals in the year-earlier period, according to the Lodging Research Network. For all of 1996, there were 20 hotel industry M&A transactions. "Many of the transactions we've seen so far have been 'big companies getting bigger," Hanson said. "But there is a second type of deal we expect to see: smaller companies combining to remain competitive, benefit from economies of scale and unite complementary resources. For some of these small companies, the coming mergers will be survival mergers." The largest of the hotel industry's six M&A deals in the first half of 1997 came in April, when Parsippany, NJ-based HFS (Hierarchical File System) The file system used in the Macintosh. The first version, known as "Mac OS Standard," was introduced in 1985. HFS+, an enhanced version, came out in 1998 in preparation for the upcoming Mac OS X operating system. Inc. acquired vehicle leasing Vehicle leasing refers to leasing the use of a motor vehicle for a fixed or indefinite period of time. It is commonly offered by dealers as an alternative to vehicle purchase. , mortgage and corporate relocation services Relocation services or "employee relocation" includes a range of internal business processes that are engaged to transfer employees (and often their families) or entire departments of a business to a new work location. provider PHH PHH Provinciale Handelsschool Hasselt (school) PHH Pasukan Anti Huru-Hara (Anti Riot Task Force) PHH Phillips Head (screw) PHH Planar Halogenated Hydrocarbon Corp. of Hunt Valley, Maryland for $1.8 billion. Today, with market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of approximately $9.5 billion, HFS is the largest lodging C-corporation, as opposed to a lodging real estate investment trust, or REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). . Coopers & Lybrand's Lodging Research Network makes available via the Internet Coopers & Lybrand's econometric forecasts for the lodging industry, breaking lodging industry news, an exclusive database of lodging industry real estate acquisitions, financial data of publicly-traded lodging companies (including SEC filings), new hotel construction data, lodging census data from Smith Travel Research as well as an extensive research library that includes U.S. economic and demographic statistics Among the kinds of data that national leaders need are the demographic statistics of their population. Records of births, deaths, marriages, immigration and emigration and a regular census of population provide information that is key to making sound decisions about national policy. . For more information about the Lodging Research Network, call toll-free 1-888-576-6656. |
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