CHOICE HOTELS INTERNATIONAL COMPLETES ACQUISITION OF RADISSON HOTELS AMERICAS (United States)
Unites highly complementary hospitality businesses, adding nine brands and 67,000 rooms in attractive, higher revenue destinations |
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CHOICE HOTELS INTERNATIONAL COMPLETES ACQUISITION OF RADISSON HOTELS AMERICAS (United States)
Unites highly complementary hospitality businesses, adding nine brands and 67,000 rooms in attractive, higher revenue destinations |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2022-08-12
Choice Hotels International, Inc. (NYSE: CHH) today announced that it has completed the acquisition of the franchise business, operations and intellectual property of Radisson Hotels Americas for approximately $675 million from Radisson Hotel Group, inclusive of the real estate value of three owned hotels.
With the close of this transaction, Choice Hotels International has added approximately 67,000 rooms, expanding its presence in the higher revenue upper upscale and upscale full-service segments, and bolstering its core upper-midscale hospitality segment, particularly in the West Coast and Midwest of the United States.
Radisson Hotels Americas comprises the Radisson franchise agreements, operations and intellectual property in the United States, Canada, Latin America and the Caribbean.
The transaction adds nine brands, including Radisson Blu, Radisson, Radisson Individuals, Park Plaza, Radisson RED, Country Inn & Suites by Radisson, Park Inn by Radisson, Radisson Inn & Suites and Radisson Collection.
Choice Hotels will independently own and control the brands in the Americas and looks forward to working with Radisson Hotel Group to drive the growth, continuity and success of these global brands.
The close of this transaction is not anticipated to change Choice Hotels' current capital allocation strategy related to dividend payment policy and planned share repurchases.
Credit Suisse Securities (USA) LLC served as financial advisor to Choice Hotels International on the transaction, and Willkie Farr & Gallagher LLP served as legal advisor. Baker McKenzie served as legal advisor to Radisson Hotel Group.
About Choice Hotels
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. On August 11, 2022, Choice acquired Radisson Hotels Americas, adding nine brands and approximately 67,000 rooms in the United States, Canada, Latin America and the Caribbean to its portfolio. With 22 brands, Choice Hotels has more than 7,500 hotels, and nearly 650,000 rooms, in 46 countries and territories as of August 11, 2022. The Choice family of hotel brands provide business and leisure travelers with a broad range of high-quality lodging options from limited service to full-service hotels in the upper upscale, upper mid-scale, midscale, extended-stay and economy segments. The award-winning Choice Privileges loyalty program offers members a faster way to rewards, with personalized benefits starting on day one.
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