tl;dr – Hotel chains that could make for intriguing acquisitions.
Recently, I profiled a few hotel chains [1],[2],[3] that would make intriguing acquisitions. I wanted to expound on those pieces by quickly shortlisting potential acquirers for the hotel groups I’ve already profiled, and a host of others. Let’s dive in!
Shangri-La Hotels and Resorts
Shangri-La is interesting – it’s considered somewhat of a distressed asset by some. According to the Journal des Palaces (and based on 2024 results), “Shangri-La Asia Ltd is facing performance challenges, including a 10.2% drop in operating profit attributable to owners (to $115.9M) and a 3.5% decline in consolidated EBITDA due to rising costs. While the hotel chain remains a top luxury brand and has seen strong revenue growth in specific entities (like Bangkok), overall profitability is declining, and its brand value dropped 19% year-on-year to 2025.”
Like a few other hotel groups on this list (Langham Hospitality Group, Peninsula Hotels, Rosewood, Pan Pacific Hotels), it rolls up to a wealthy Chinese or Southeast Asian family. Notably, more than 50% of Shangri-La’s portfolio is in mainland China. There are actually five brands in the hotel group – Shangri-La, Hotel Jen, Kerry Hotels, Traders, and China World, but the vast majority are Shangri-La-branded properties.
You’d have to imagine that a would-be buyer is looking for a legitimate luxury brand they can ‘restore and up-level just a bit’, and there has to be a clear desire to increase their footprint in China.
Buyer: IHG. There is one Six Senses in China (another one is planned) and four Regent Hotels.
Pan Pacific Hotels Group
Flying a bit under the radar, Pan Pacific Hotels doesn’t have a huge portfolio – just over 50 hotels spanning mostly Asia Pacific, Europe, and Africa. (There are a couple of properties in Western Canada. There are three brands – Pan Pacific, PARKROYAL COLLECTION, and PARKROYAL. The portfolio has a few gems like the Bellustar Tokyo and could be attractive to a buyer with a mandate for growing its upscale footprint in Asia and APAC.
Buyer: Hyatt. Right in Hyatt’s comfort zone (valuable without being too ambitious – unlike another deal discussed below). Pan Pacific hotels could help fill out some of the luxury gap, and the geographic coverage would be a win.
Rosewood Hotel Group
I covered Rosewood the other day, so I won’t go too deep here. There was a lot of talk about Marriott being a buyer, but that fit feels clunky. I think there are several folks who are still salty about how both the Ritz-Carlton and St. Regis brands have fared since coming under Marriott, so it’s fair to wonder if there will be a tepid reception should Marriott purchase Rosewood.
Buyer: IHG. I look at IHG as a much more suitable buyer. Though IHG’s Six Senses is planning a major expansion over the next half-decade, there’s a gap in its luxury portfolio. Intercontinental Hotels can be very inconsistent; there are fewer than 15 Regent properties, and all the rest of the brands are decidedly more ‘lifestyle.’
I was tempted to go with Hyatt here, but it genuinely feels like Hyatt really wants to position the Park Hyatt as the cream of the crop and add another luxury property that sits just slightly below it, or has a unique angle that can help distinguish it and not take away any shine from the Park Hyatt brand.
Omni Hotels
Omni Hotels is owned by oil & gas billionaire Robert Rowling. All but two existing Omni Hotels are in the US (the other two are in Canada), and Omni is planning its first Mexican resort – the Omni Pontoque Resort at Punta de Mita – which is scheduled to open in 2027. The portfolio is a mix of upscale leisure resorts (think golf courses), flagship city properties, and business/convention hotels. You’ll often find a solid Omni alongside another ‘luxury’ resort, for example, the Ritz-Carlton Amelia Island is right down the beach from the Omni Amelia Island.
Buyer: Accor. This would actually be a bit of a splash. Accor is slowly (very) bringing along its US luxury offerings with several Fairmont locations in the US (a buzzy-yet-delayed New Orleans property is finally set to open soon), Vegas moves, and the recent success of its Raffles Boston. An acquisition like Omni could really put things into hyperdrive.
Loews Hotels
Loews is owned and run by the Tisch family, the same family that is part-owner of the New York Football Giants. If there’s any chain on this list that would seem to be easy to bring to the table, it might be this one, as Loews has already divested over half the properties in its portfolio (from its peak ownership). All current Loews properties except for one – the Bisha Hotel, Toronto, Ontario – are in the United States, and about half of its existing portfolio are properties located in or near to large entertainment draws (think Disney World and Universal Studios in Orlando). The other half are flagship properties in major cities (Loews Chicago Hotel, Loews New Orleans, Loews Philadelphia, etc.) Similar to Omni above, a potential buyer would be one who is really looking to make inroads into the US market by purchasing a portfolio that can bring consistent results.
Buyer: Accor. Similar to the above.
Sonesta Hotels and Resorts
Sonesta is lowkey kinda big – it has over 1200 properties in its portfolio. There are 15 brands, from roadside motels like Red Lion to the upscale Royal Sonesta line. Notably, Sonesta is one of the many hotel brands that has expanded into cruising, with its Nile River Cruises offering.
Buyer: Again, Accor. Sonesta feels like it could be purchased by Accor for a coverage play, with all of the properties being rebranded.
Nobu Hotels
Covered here.
Buyer: Nobu is living in that space between luxury and lifestyle. Pritzker family on line 1.
Minor Hotels
I covered Minor Hotels here.
Buyer: Hyatt. I probably sound like a broken record by saying this, but Hyatt’s recent moves to me, while drastic, don’t feel like they are the end. There’s a big game at the top of Hyatt’s portfolio, and I think it’s priming for a big acquisition with one of the goals being to add a second luxury brand (like many of its competitors (Marriott: St. Regis/Ritz-Carlton, Hilton: Waldorf-Astoria/Conrad). Anantara could be that brand for Hyatt without taking anything away from the Park Hyatt brand and its expected future growth. The rest of Minor Hotels’ strong segmentation will fill out the Hyatt portfolio, particularly in South America.
Auberge Collection
With 26 properties, Auberge Collection’s hotels and resorts are boutique. I need to visit an Auberge Collection property one of these days, but my outside read on the brand is that it may view itself as an Aman but is somewhat underwhelming. I don’t know. It could be a consolation prize for whoever misses out on Rosewood. Notably, Auberge just debuted a robust safari portfolio.
Buyer: Hyatt. Hyatt purchases and positions Auberge as its own version of the Ritz-Carlton Reserve or St. Regis Estate.
Peninsula Hotels
There are only 12 Peninsula Hotels worldwide, and they are all in major cities. Similar to Langham below, there is a lot of tradition with this brand.
Buyer: This one is tough, but I’m going to go with IHG. In fact, I’m also going to skip ahead and say IHG for Langham below so that IHG can have a triumvirate of old-money Asian magnate hotel chains (Regent, Langham, Peninsula). Big Roman Republic vibes.
Langham Hotels
A very similar situation to Peninsula above, with a notable exception: Langham is growing. There are 13 upcoming locations.
Buyer: IHG.
AKA
A player in the luxury aparthotels space. I only listed them since aparthotels continue to be a thing.
Buyer: Marriott failed with Sonder, but maybe they can give it another shot here?
What are your thoughts?
