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NEW YORK CITY—2015 was a banner year for the US lodgingindustry. Sector fundamentals have never been stronger, and at thisjuncture hotel property values have generally exceeded prior peaklevels in most markets across the country. Mergers and acquisitionsof individual hotels, portfolios, and corporate consolidationsoccurred at a blistering pace reaching a crescendo with the lateyear announcements of Marriott International's blockbusteracquisition of Starwood Hotels & Resorts Worldwide, Inc., AccorSA's purchase of FRHI Holdings Ltd which includes Fairmont,Raffles, and Swissôtel, and Hilton Worldwide Holdings' plan toseparate its real estate assets into a publicly traded entity.
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