Starting with IHG’s $430 million purchase of Kimpton in 2015, the hospitality industry has seen a wave of massive mergers and acquisitions, two of the largest being Marriott’s $13.3 billion merger with Starwood in 2016, and Accor’s $2.7 billion buy of Fairmont, Raffles, and Swissotel.

If there’s one thing that does seem certain in the hotel industry, it’s that consolidation has become the norm - and more is likely on the way, whether it’s mega mergers between giants, or larger players looking to snatch up smaller, more regional specialists.