The report below gives a good overview of the second quarter M&A activity in the Hospitality and Leisure Industry Sector. M&A activity for North American based target companies in the Hospitality and Leisure sector for Q1 2019 included 64 closed deals, according to data published by industry data tracker FactSet.
One of the notable middle market transactions closed in January when A private group led by Elliott Management Corp and GFI Capital Resources Group, Inc. acquired Parker Hotel New York for US$420 million in cash. The transaction was funded from bank debt. The transaction would allow GFI Capital Resources Group to enhance its portfolio of hotel businesses.
- Total US consumer spending, an indicator of casino and hotel spending, rose 1.4%, primarily from services expenditures, in January 2019 compared to the same month in 2018.
- US personal income, which drives consumer spending on lodging and gambling, rose 4.3% in January 2019 compared to the same month in 2018.
- Total US revenue for gambling industries rose 6.4% in the fourth quarter of 2018 compared to the previous year.
Posted by David Hulett.