Hotel Industry to See More Consolidation, Blackstone’s Gray Says

By: Oshrat Carmiel and Hui-yong Yu

The hotel industry will continue to consolidate as operators seek to drive efficiencies and capture more customers, said Jon Gray, global head of real estate for Blackstone Group LP, the largest shareholder in Hilton Worldwide Holdings Inc.

“It’s more efficient to be a big hotel company,” Gray said Monday at the New York University International Hospitality Industry Investment Conference in Manhattan. Travelers want “one big relationship” with a single lodging provider, not multiple ones, he said. [Read More]