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NEW YORK CITY—2015 was a banner year for the US lodging industry. Sector fundamentals have never been stronger, and at this juncture hotel property values have generally exceeded prior peak levels in most markets across the country. Mergers and acquisitions of individual hotels, portfolios, and corporate consolidations occurred at a blistering pace reaching a crescendo with the late year announcements of Marriott International’s blockbuster acquisition of Starwood Hotels & Resorts Worldwide, Inc., Accor SA’s purchase of FRHI Holdings Ltd which includes Fairmont, Raffles, and Swissôtel, and Hilton Worldwide Holdings’ plan to separate its real estate assets into a publicly traded entity.

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