Choice Hotels International said the organic growth of its development pipeline is healthy despite claims it has recently relied on growth by acquisitions instead.
19.10.2023 - 16:50 / skift.com / Sean Oneill / Pranavi Agarwal / Alan Woinski / Skift Research
This week Choice Hotels publicly offered to acquire Wyndham Hotels & Resorts following months of private discussions between the two companies. This was pretty exciting in itself, with the last major M&A deal in the hotel industry being the Starwood-Marriott merger in 2015. However, a few days later, more news broke that Wyndham rejected Choice’s offer and saw its stock being halted on the NYSE.
All of this drama had Skift’s team asking: Are we covering Twitter here or the relatively stable hotel industry?
In this episode Pranavi Agarwal, senior analyst at Skift Research, Skift senior hospitality editor, Sean O’Neill, and Alan Woinski, editor of the Daily Lodging Report, talk us through the details of the deal, what might be motivating each side’s actions, and what the story tells us about the current state of the hospitality landscape.
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Choice Hotels International said the organic growth of its development pipeline is healthy despite claims it has recently relied on growth by acquisitions instead.
Los Angeles’ city council appeared this week to have reached a political compromise with the local hotel workers’s union about a controversial plan to mandate that hotels temporarily house the homeless.
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Accor issued rosier forecasts for full-year results and its 2024 outlook on Thursday on the strength of better-than-expected performance this year at the Paris-based hotel group.
On a third-quarter earnings call Thursday morning, Wyndham Hotels & Resorts outlined for investors its rationale for rejecting a $7.8 hostile takeover bid from budget-hospitality rival Choice Hotels. Including assumed debt, the deal value would climb to around $9.8 billion.
Wyndham’s executives talked at length Thursday about why they wouldn’t accept the unsolicited bid from Choice Hotels – a $9.8 billion buyout offer after assuming debt.
Choice Hotels on Wednesday called on Wyndham Hotels & Resorts to return to merger talks while publicly responding to concerns Wyndham executives had raised about “execution risk” — including questions about regulatory scrutiny.
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The talk of last week in Hotel World was Choice Hotels‘ hostile buyout offer for Wyndham, an offer Wyndham quickly rejected.
Choice Hotels dropped a bombshell earlier this week when it went public with a hostile takeover bid for Wyndham Hotels & Resorts. Clearly Choice likes the deal while Wyndham thinks it can do better on its own (or with someone else).
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