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+--- Thread: LUXURY TRAVELLERS (/thread-965.html)
LUXURY TRAVELLERS - TEAM HARLFORUM - 08-10-2016
In the mid-1990s, upscale travelers were splurging on stays at top-of-the-line hotels, knowing that luxury was worth the cost. Hotel companies were splurging, too.
In October 1994, ITT Sheraton completed its purchase of Italy’s luxury hotel group Ciga for US$535 million. That portfolio, rebranded the Luxury Collection, included the Imperial in Vienna, voted the best hotel in the world by Condé Nast Traveler in 1994.
That year also saw the U.K.’s Forte buying Le Meridien from Air France. Thailand’s Dusit Hotels and Resorts bought Germany’s Kempinski. Singapore’s Beaufort bought a 50% interest in the Monte Carlo-based Rafael Group. In 1995, Marriott International bought Ritz-Carlton in two installments; the merger totaled 931 hotels and 195,000 rooms.