Thank to Kim Swanson, of K.D. Swanson & Associates, LLC for forwarding me this article from the Washington Business Journal....
Marriott International Inc. sees the current corporate credit crunch as an opportunity to increase its market share by seizing on the weakness of others in the hotel industry.
Bethesda-based Marriott plans to expand by taking over the operation of hotels from competitors who are unable to pay or refinance debt, according to a report on Bloomberg News. Marriott Chief Financial Officer Carl Berquist told Bloomberg that the company was, “more than willing to work with those folks,” adding that Marriott would be prepared to, “put in some equity if it makes sense."
Marriott owns about 45 of the 3,000 hotels that carry its flag and expects conversions to help the company gain market share during the global recession, Bloomberg said.
Read the rest by clicking here: http://washington.bizjournals.com/washington/stories/2009/07/27/daily99.html?ed=2009-07-30&ana=e_du_pub
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