Wang Jianlin, China's wealthiest man, is looking to buy hotel management companies in ten different cities including New York and London. The news gave a boost to shares in Marriot International and Starwood, which climbed 3.2% and 1.4% respectively.
In a recent interview with Bloomberg, Jianlin said he had been in talks with "several" companies over the past year.
"It's a slow process. Those companies we liked, they might not be willing to sell," he said. "Those willing to be bought, we might sometimes feel the brand isn't as good."