Choice Hotels International completes acquisition of Radisson Hotels Americas

0
154

Choice Hotels International, Inc. (NYSE: CHH) announced today 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, including the real estate value of three own hotels.

With the closing of this transaction, Choice Hotels International has added approximately 67,000 rooms, expanding its presence in the high-end, high-end, full-service segments, and boosting its core upper-middle-range hospitality segment, particularly in the West Coast and Midwest of the United States.

Radisson Hotels Americas comprises Radisson’s 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 the 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 closing of this transaction is not expected to change Choice Hotels’ current capital allocation strategy related to dividend payment policy and planned share repurchases.

Credit Suisse Securities (USA) LLC acted as financial advisor to Choice Hotels International on the transaction, and Willkie Farr & Gallagher LLP acted as legal advisor. Baker McKenzie acted as the legal counsel for the Radisson Hotel Group.