Marriott International Inc., the world’s second-largest publicly traded hotel chain, said expansion into new Africa markets and a global economic recovery may boost revenue by as much as 10 percent this year.
Wall Street banks have long been accused of ignoring conflicts or playing both sides in a deal. That’s not stopping them from both advising Markit Ltd. on its initial public offering and standing to reap as much as $1 billion as owners of the financial-data provider.
Florida’s Woodmont Country Club, which once boasted 1,200 members, has been hit hard in the past decade as hurricanes and then the recession kept golfers away. Now the club’s owner is adding conference space, stores, restaurants, a spa and a hotel as part of a planned revival.
Blackstone Group LP is planning its first sale of Hilton Worldwide Holdings Inc. shares, a step toward returning some cash to the buyout firm’s investors after the biggest initial public offering of a U.S. hotel company.
U.S. stocks fell the most in three weeks along with European equities as the World Bank cut its global growth forecast. Treasuries pared gains after a 10-year notes auction while wheat entered a bear market.
Asian index futures fell after U.S. stocks dropped by the most in three weeks, while wheat futures entered a bear market. New Zealand’s dollar jumped to a three- week high after its central bank raised interest rates.
Not even investors fleeing mutual funds that buy junk-rated U.S. corporate loans is enough to keep Cerberus Capital Management LP from tapping the market to finance its $9.2 billion bid for Safeway Inc.
James Tomilson Hill, the Blackstone Group LP vice chairman who runs the company’s $58 billion hedge- fund business, has emerged as a billionaire as the world’s largest private-equity firm and his art collection have surged in value.