Abstract
Why is the strategy of external growth currently so widespread in the hospitality and travel industry ? Why do so many companies in this industry, in order to develop a competitive advantage, choose either vertical or horizontal integration ? What are the risks of mergers and acquisitions for the companies who actually experience this strategy ? On what conditions does the success of such an operation depend upon ? We will try to answer these questions by discussing the major advantages and disadvantages of the strategy of external growth in the hospitality and travel industry. The need for external growth and globalisation is currently widespread in thebusiness and travel industries. A lot of companies merger to grow and spread their business. Mergers
