By James Wilkinson at the 2016 NYU Conference in New York
Marriott International’s President and CEO, Arne Sorenson, says the company could look at buying other hotel groups globally should they be put up for sale.
Speaking to HM and a small group of media at the 38th Annual NYU International Hospitality Industry Investment Conference in New York this week (June 6), Sorenson said Starwood was bought because “it was for sale” and that something that could happen again in the near future should the opportunity arise.
“There could be others that follow, but that’s a hard thing to predict,” he said. “It would be hard to predict if there would be lots of deals of a comparable scope as you might not have the sellers to unload them.”
He also said Starwood wasn’t purchased for Marriott to simply become the largest chain in the world.
“The fact of the matter is we didn’t feel like we were deficient before,” he said. “Beyond that, companies are purchased when they are for sale usually… and the basic idea is companies that aren’t for sale are harder to buy.
“And Starwood was for sale and there was no other company for sale of a comparable size.”
To hear more about the Starwood purchase, click on the exclusive video recorded by HM at the top of the page.
HM flew to New York with United Airlines, which flies three times daily from Australia (Melbourne and Sydney) to Los Angeles and onwards to New York City. HM recommends flying in Business Class, which features flatbed seats, inflight WiFi, premium Australian and American wines, hundreds of hours of entertainment on demand and excellent service. Visit www.united.com.au