The UK’s competition watchdog has launched a formal investigation into three of the world’s largest hotel groups, Hilton, InterContinental Hotels Group and Marriott International, over concerns they may have shared “competitively sensitive” information through a third-party data analytics platform.
The Competition and Markets Authority (CMA) said it is examining whether the hotel operators exchanged commercially sensitive data using STR, a widely used industry benchmarking tool owned by CoStar Group.
Hotel chains routinely use analytics platforms such as STR to track industry metrics including occupancy rates, average daily room prices and revenue per available room (RevPAR). Such tools can help operators adjust pricing in response to demand and competition.
However, the CMA warned that where rival businesses share competitively sensitive information, even indirectly through a third-party provider, it may reduce uncertainty between competitors and risk softening competition.
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“When rival businesses share competitively sensitive information, including through a third-party data analytics provider, this reduces the uncertainty competing businesses normally have about how each other will act,” the regulator said.
“This can affect how strongly companies compete because it makes it easier for them to predict what each other will do and coordinate their behaviour.”
The watchdog will now spend up to six months gathering evidence before deciding whether to issue a formal statement of objections.
At this stage, the CMA stressed that no conclusion has been reached and no assumptions should be made about whether competition law has been breached.
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Shares in London-listed IHG fell by as much as 5 per cent in early trading on Monday, although the wider travel sector was also under pressure due to geopolitical tensions in the Middle East.
In the US, Hilton and Marriott shares each fell around 3 per cent, while CoStar, which has a market value of more than $18 billion, dropped approximately 2 per cent.
IHG and Hilton both confirmed they were cooperating fully with the CMA’s investigation. CoStar said it was surprised by the regulator’s interest in what it described as a “longstanding hotel data analytics and benchmarking platform” that has been used by companies and government bodies for decades.
Marriott did not immediately respond to requests for comment.
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If the CMA concludes that competition rules have been breached, it has the power to impose fines of up to 10 per cent of a company’s global annual turnover.
The regulator can also offer immunity or reduced penalties to companies that report cartel activity early and cooperate with investigations.
The probe forms part of the CMA’s broader scrutiny of how digital tools and algorithms are used in pricing decisions across sectors.
The watchdog has increasingly focused on the intersection of competition law and technology, warning that algorithmic pricing systems, while potentially efficiency-enhancing, must not facilitate anti-competitive coordination.
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The hospitality investigation comes amid a series of high-profile competition cases in recent years.
In November, the CMA opened investigations into eight companies over online pricing practices. Last year, seven major UK housebuilders agreed to contribute £100 million to affordable housing initiatives after the regulator found evidence of information sharing that may have affected competition.
The latest case underscores growing regulatory concern that data-sharing arrangements, even when mediated through analytics providers, could blur the line between legitimate benchmarking and unlawful coordination.
For the hotel sector, the outcome of the investigation could have significant implications for how pricing data is shared, analysed and used across the industry.
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Jamie Young
Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.
Exor N.V. (EXXRF) Q4 2025 Earnings Call March 24, 2026 11:00 AM EDT
Company Participants
John Elkann – CEO & Director Benoit Ribadeau-Dumas Suzanne Heywood – Chief Operating Officer Guido de Boer – Chief Financial Officer
Conference Call Participants
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Monica Bosio – Intesa Sanpaolo Equity Research Martino De Ambroggi – Equita SIM S.p.A., Research Division Luuk Van Beek – Banque Degroof Petercam S.A., Research Division Alberto Villa – Intermonte SIM S.p.A., Research Division Andrea Balloni – Mediobanca – Banca di credito finanziario S.p.A., Research Division
Presentation
Operator
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Ladies and gentlemen, good afternoon. Welcome, and thank you for joining the Exor Investor and Analyst Call. Please note that the presentation is available to download on Exor website www.exor.com under the Investors and Media, Events & Presentations section.
Any forward-looking statements Exor management makes are covered by the safe harbor statement included in the presentation material. Please note that this conference is being recorded. [Operator Instructions].
At this time, I would like to turn the conference over to your host, CEO, John Elkann. Please go ahead.
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John Elkann CEO & Director
Good morning, good afternoon and good evening to all of you. Thank you for being here today with us. 2025 was a difficult year in many different ways for Exor and for our companies. But it also has been a year that has helped us be more focused and be more resilient, which enables us as a company to be better prepared for another difficult year, which will be 2026.
Today, we want to talk to you about our companies. We have less of them and we have more in health care. We want to speak to you about Lingotto who has reached a very important milestone in ’25, reaching EUR 10 billion of assets under management driven by performance, which is exactly in line with our intentions of building an investment
Chinese oil major Sinopec600028 -1.66%decrease; red down pointing triangle struck a cautious tone during a post-earnings briefing, saying it has enough inventory to maintain stable production and multiple contingency plans in place as the conflict in the Middle East stokes worries about countries running out of fuel.
However, it said that a prolonged conflict would pose more severe challenges.
Diesel standards have been lowered to help suppliers bring more fuel into the domestic market as hundreds of service stations across the country run dry, including six in WA.
Stocks are nearing their first correction in about a year as the Iran war drives up oil prices and sparks worries about a resurgence in inflation.
Futures tracking the Dow Jones Industrial Average fell 235 points, or 0.5%, on Monday. S&P 500 futures were 0.6% lower and contracts tied to the tech-heavy Nasdaq 100 tumbled 0.7%.
The three major indexes have tumbled for four weeks in a row, putting them on the brink of closing in correction territory. A correction is when an index falls 10% from its recent high.
The Los Angeles Dodgers have finalized their starting rotation plans for the beginning of the 2026 season, naming Yoshinobu Yamamoto as the Opening Day starter and confirming that Japanese right-hander Roki Sasaki will open the year in the rotation despite a rocky spring training.
Roki Sasaki
Manager Dave Roberts revealed the group’s composition Tuesday, listing Yamamoto, Tyler Glasnow, Sasaki, Emmet Sheehan and two-way star Shohei Ohtani as the primary starters to begin the campaign. Justin Wrobleski is expected to provide piggyback relief or long outings early on as the club eases its high-upside arms back into game action following the shortened spring.
The Dodgers, fresh off a 2025 World Series title, will host the Arizona Diamondbacks in their home opener Thursday, March 26, at Dodger Stadium. Yamamoto, who earned World Series MVP honors last October, gets the ball first against Arizona ace Zac Gallen in what promises to be a marquee matchup.
Roberts indicated the initial order will likely feature Yamamoto on Opening Day, followed by Glasnow, Sasaki, Sheehan and Ohtani in some sequence across the first week. Ohtani is slated to make his first start of the season March 31 against the Cleveland Guardians. The club plans to lean on a five-man rotation initially but has the depth to shift to six once Blake Snell and others return from injuries.
Sasaki’s inclusion comes with caveats. The 24-year-old right-hander, who signed with the Dodgers before the 2025 season after dominating in Japan’s Nippon Professional Baseball, has struggled with command and mechanics this spring. He posted concerning results in Cactus League outings, including control issues that led the team to adjust his buildup with backfield “B” games and simulated innings.
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Despite the uneven performances, Roberts has remained steadfast.
“He’s going to be one of our starters” to open the season, Roberts said this week, emphasizing that spring training stats alone do not define readiness. The manager pointed to Sasaki’s talent, work ethic and the organization’s belief that his performance will trend upward once the regular season begins.
Sasaki flashed elite stuff in limited 2025 action, touching triple digits with his fastball and deploying a devastating splitter. He began last year in the rotation but shifted to the bullpen late in the season, where he excelled as a high-leverage reliever and even served as a closer option during the postseason. His October contributions helped the Dodgers claim their championship.
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General Manager Brandon Gomes and President of Baseball Operations Andrew Friedman have consistently viewed Sasaki as a starter long-term, citing his two-pitch dominance in Japan and potential to develop further with better execution and health.
“He’s feeling awesome physically,” Gomes said earlier this offseason. The club has worked with Sasaki on refining his cutter and two-seam fastball to complement his heater-splitter arsenal, aiming to give him more weapons against big-league lineups the third time through the order.
Fan frustration has surfaced at times. Reports and social media clips from spring games captured moments where Sasaki heard boos from Dodger Stadium crowds after shaky outings, echoing occasional heckling he faced on the road last season. In one memorable 2025 postseason exchange against the Philadelphia Phillies, Sasaki shrugged off boos by noting through an interpreter that he doesn’t understand English well enough to be bothered — a response that quickly became a fan favorite for its unflappable cool.
Those moments highlight the high expectations placed on the young international star in a star-studded clubhouse. Sasaki himself has spoken about embracing competition during DodgerFest events, acknowledging the depth of the rotation and the need to earn his spot daily.
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The broader rotation picture remains formidable even with injuries. Snell, a former Cy Young winner, is targeting a late-May return from a shoulder issue. Gavin Stone is also sidelined. That leaves Yamamoto — already compared to Sandy Koufax for his early Dodgers dominance — Glasnow, who looked sharp in his final spring start with 11 strikeouts over five innings, Ohtani, Sheehan and Sasaki to carry the load.
Ohtani’s dual role adds unique flexibility. The two-time MVP and reigning American League MVP will continue hitting every day while making starts roughly every six days, a workload the Dodgers have carefully managed.
Depth arms such as River Ryan, who is returning from surgery, and others on the 40-man roster provide insurance. Roberts noted the club could “piggyback” starters early to control innings and protect arms, a common strategy for teams with elite but sometimes fragile pitching.
Analysts project the Dodgers’ staff to rank among the majors’ best if health cooperates. Yamamoto and Glasnow form a potent 1-2 punch, while Ohtani’s starts carry historic weight. Sheehan earned his rotation spot with strong spring and minor-league track record. Sasaki represents the wildcard — immense upside tempered by the need for consistency.
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Spring training statistics for Sasaki showed elevated walk rates and difficulty locating his pitches, prompting mechanical tweaks. Roberts has downplayed the results, saying the organization is “betting on the talent” and expecting improvement with regular-season adrenaline and refined routines.
The Dodgers open the season with a favorable homestand against the Diamondbacks and Guardians before heading on the road. Early off-days in the schedule allow for the piggyback approach without immediately taxing the bullpen.
Longer term, the club hopes to settle into a six-man rotation once Snell returns, giving everyone extra rest in a marathon 162-game season. That setup could maximize the rotation’s talent while minimizing injury risk for pitchers like Glasnow, who has a history of durability questions.
Sasaki’s journey from Japanese phenom to MLB starter has drawn global attention. Signed under international bonus pool rules for a relatively modest $6.5 million, he quickly became one of the most discussed young arms in baseball. His 2025 rookie season was a tale of two halves: promise as a starter followed by dominance in relief.
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Now, with a full offseason of adjustments under his belt, Sasaki aims to prove he belongs at the front of a championship rotation. Teammates and coaches have praised his work ethic and positive attitude amid the scrutiny.
“He’s excited about returning to the rotation,” Sasaki said through an interpreter at fan events. “It’s the team’s decision, but I have to secure my position.”
Off the field, the Dodgers’ pitching depth has fueled ongoing debates about competitive balance in Major League Baseball. The club’s ability to attract top talent, including multiple Japanese stars in Yamamoto, Sasaki and others, has drawn both admiration and criticism from rival front offices.
For now, focus remains on execution. Roberts and his staff will monitor Sasaki closely in the first few turns through the rotation. If command issues persist, the club has options to shift him to shorter outings or the bullpen temporarily, though the stated preference is to develop him as a starter.
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The 2026 Dodgers enter the season as heavy favorites in the National League West and among the top World Series contenders once again. Their rotation — anchored by proven aces and high-ceiling young arms — will be central to those aspirations.
Whether Sasaki can silence doubters and translate his raw stuff into consistent outings remains one of the most compelling storylines as the defending champions begin their title defense.
Fans at Dodger Stadium will get their first extended look Thursday when Yamamoto takes the mound, with the rest of the rotation following in quick succession. For Sasaki, the boos of spring could turn to cheers if he delivers on the promise that made him a coveted international signing.
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