It’s a fact that we are living in what I call the ‘Age of Consolidation’, the ‘sharing economy’ as it’s coined by others. And the tourism industry is not immune. The airline, car rental, travel services and hospitality industries have undergone massive consolidation over the last few years. The Marriott acquisition of Starwood (at a fine $12 billion), car rental companies being swallowed up, airlines being bought up one after another and online travel portals joining forces. Mergers and acquisitions aplenty. The obvious reasoning: companies must show growth. Share price and size of portfolio matters. While some choose to buy growth, the other alternative has been for companies to take the long road and show growth organically, picking up opportunities in promising regions, as we at BON have done.