Traveler sign-ups for hotel loyalty programs have soared in the past five years, and Hilton and Marriott have enjoyed some of the greatest gains.
20.12.2023 - 15:57 / skift.com / Sean Oneill
Choice Hotels International’s hostile buyout offer of rival Wyndham Hotels & Resorts has entered a new phase: recriminations.
Choice Hotels said on Wednesday that institutional shareholders representing 40% of Wyndham’s total outstanding shares have talked with Choice about its recent offer to exchange their shares for Choice shares or cash.
“Since launching the exchange offer, we have engaged with dozens of Wyndham’s institutional shareholders representing over 40% of shares outstanding based on the most recently available filings,” the company said in a statement on Wednesday. “In our discussions, many shareholders have consistently expressed support for the industrial merits of a transaction as well as the desire for both parties to work together to reach an expedient resolution.”
Choice Hotels, operator of Comfort and other brands, said representatives of Wyndham contacted Choice representatives to talk about “a potential transaction and regulatory protections,” but the “good faith discussions” ended “abruptly” on December 17.
On Monday, Wyndham’s board of directors said in a filing it opposed Choice Hotels’ unsolicited offer last week to acquire it and unanimously recommended that Wyndham stockholders reject it.
Some analysts are upbeat. JP Morgan analysts raised their rating on ChoiceHotels’ stock to “neutral” from “underweight,” partly given the stock’s pullback since announcing plans to go hostile to try to buy Wyndham. However, Skift Research believes the way the market has priced shares of Choice and Wyndham since the deal talks were disclosed suggests that a majority of investors are skeptical a deal will close.
Moelis & Company recently noted that, since 2019, there have been 98 unsolicited offers made with an enterprise value above $1 billion. Still, none of those buyout offers closed, as was first noted by Hotels Magazine.
“We remain confident we can complete the transaction within a one-year customary timeframe,” said Choice Hotels on Wednesday.
Traveler sign-ups for hotel loyalty programs have soared in the past five years, and Hilton and Marriott have enjoyed some of the greatest gains.
The next time you’re on a plane, if the person next to you doesn’t seem to own anything that isn’t bright red, it might be Celia Paerels. Kindle case, sweater, sunglasses, headphones, charging cord, everything in shocking scarlet: It’s how she avoids leaving anything behind in the seat or the seat pocket.
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You don't need me to remind you that points and miles can be used for fancy flights and posh hotel stays.
S Hotels and Resorts PCL, the international hospitality company from Singha Estate PCL, has signed a landmark Memorandum of Understanding (MoU) with the Maldives’ Ministry of Climate Change, Environment & Energy to preserve this idyllic island nation’s natural environment, share knowledge about the importance of conservation, and support CROSSROADS Maldives’ rich marine biodiversity in an area covering 3.15km² – about 31% of the total project size – as part of an Other Effective Area-Based Conservation Measures (OECMs) programme.
For anyone who has experienced the Day of the Dead in Mexico, they understand how important this celebration is—one that combines tradition, spirituality, and culture. It is something that truly must be experienced in person.
Al Horford is a professional basketball player for the Boston Celtics. He is married to 2003 Miss Universe Amelia Vega, and they have five children together (one boy and four girls). He is close with both of his parents - Alfredo “Tito” Horford and Arelis Reynoso. His dad, Tito, also played in the NBA for four years. Outside of his professional life, Al is very involved in the community, taking on a variety of philanthropic positions, winning the NBA’s Community Assist Award twice. In his free time, he loves to spend time with his family. And he loves to travel – especially on The Boston Celtics’ private jet.
The retailer Tommy Bahama is best known for its Hawaiian shirts and board shorts. But the yacht-owning multi-millionaires who like the brand’s easy breezy clothes have wanted a similarly ultra-chill hotel to slip into.
Good morning from Skift. It’s Wednesday, December 20. Here’s what you need to know about the business of travel today.
Wyndham Hotels & Resorts‘ board of directors said in a filing on Monday it had unanimously rejected Choice Hotels International’s unsolicited exchange offer last week to acquire it.
Minor Hotels, a Thai-based operator of luxury hotels, made a global splash in 2018 when it took majority control of NH Hotels, a Madrid-based chain of upscale hotels, in a deal valued at about $2.6 billion (€2.5 billion).
Sitting on the shores shores of the Caribbean, the Hyatt Regencyis a stunning hotel located in the city of Cartagena, Colombia. Combining modern elegance with breathtaking views and world-class amenities, this property is the perfect destination for both leisure and business travelers, allowing you to immerse yourself in the rich culture and history that Cartagena is known for.