Choice Hotels to acquire Radisson Hotel Group Americas in deal valued at about $675 million

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Choice Hotels International Inc. CHH, -4.17% said Monday it has agreed to acquire Radisson Hotel Group Americas for about $675 million in a deal expected to close in the second half. The purchase includes the franchise business, operations and IP of Radisson Hotels in the U.S., Canada, Latin America and the Caribbean, including the real estate of three owned assets. The deal will be funded with cash on hand and revolver borrowings. The deal includes 10 Radisson Blu hotels, 130 Radisson hotels, 9 Radisson Individuals, 1 Park Plaza hotel, 4 Radisson RED hotels, 453 Country Inn & Suites by Radisson and 17 Park Inn by Radisson hotels, as well as the Radisson Inn & Suites and Radisson Collection brands. “The added 624 hotels with over 68,000 rooms expand Choice Hotels’ presence in the upscale and core upper-midscale hospitality segments, particularly in the West Coast and Midwest of the United States,” the company said in a statement. Choice Hotels shares were not yet active premarket, but have fallen 23% in the year to date, while the S&P 500 SPX, -2.91% has fallen 18%.

This article was originally published by Marketwatch.com. Read the original article here.

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