Wall Street Is Betting You’ll Be Packing Your Bags Soon
Some of the most influential investors are wagering big on a recovery in travel. The latest trends suggest they are on to something.
Blackstone and Apollo have travel fever. How about you?
Photographer: Spencer Platt/Getty Images North AmericaThe smart money is betting that the yearlong chill in travel is about to thaw.
Blackstone Group Inc. and Starwood Capital Group announced a deal on Monday to buy Extended Stay America Inc. for $6 billion, following a spate of recent investment activities that suggest confidence in a recovery of the leisure and hospitality industry as vaccine rollouts hold out hope for an end to pandemic restrictions. Last week, Hilton Grand Vacations Inc. agreed to buy Diamond Resorts International Inc., combining two big players in the time-share category while earlier this month, Apollo Global Management Inc. and Vici Properties Inc. said they were buying The Venetian Resort and Sands Expo and Convention Center in Las Vegas in a deal valued at $6.25 billion. Meanwhile, Bloomberg News reported recently that Dreamscape Cos. has $1 billion to put toward snapping up hotels, with its chief executive officer seeking ways to wager on the potential for a pickup in business travel.