The consolidation wave, building in the hotel industry for some time, hit the full-service sector with two mega-deals this winter. In late January, Hilton Hotels Corporation made a $6.5 billion hostile bid for ITT Sheraton, which quickly rejected the offer and began preparing to sell off its "non-core" assets, such as the New York Knicks. Aiming to raise cash and demonstrate a clear focus on its hotel and casino business, ITT Sheraton hoped to keep shareholders happy enough with the ...

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