The value of mergers and acquisitions in the hotel industry more than doubled to $4.1 billion in the first half, according to Coopers & Lybrand LLP.

"There's a lot of public capital available in the industry," said Arthur Adler, a partner in Coopers & Lybrand's lodging and gaming group. "Given the multiples at which the hotel companies are trading, they need and want to grow."

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