(Bloomberg) -- In this first episode, Alex Sherman and Bloomberg's managing editor for global M&A Jeff McCracken discuss why Marriott International Inc.'s $12.2 billion purchase of Starwood Hotels & Resorts Worldwide Inc. is just the tip of the iceberg in hotel consolidation. They also speak with University of Michigan Law School professor Erik Gordon, who explains why transaction volume this year is on a record-setting pace, even though most deals ultimately fail to create value. Hint: It's all about ego.

See omnystudio.com/listener for privacy information.