New Hostels in US to be opened by Billionaire

Billionaire Ronald Burkle, a private-equity investor and big Democratic fund raiser, is appealing to a new constituency: scruffy, 20-something backpack travelers who would rather not stay in a hotel. His Yucaipa Cos. and the Sydell Group, a New York hotel developer and operator, have formed a partnership to roll out premium youth hostels in major [...]