[1/2] Geoffrey Ballotti, CEO of Wyndham Hotels & Resorts, Inc. rings the opening bell at the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023.
REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 17 (Reuters) - Choice Hotels (CHH.N) on Tuesday proposed to acquire Wyndham Hotels and Resorts (WH.N) for about $7.8 billion in a cash and stock deal that would create a U.S. budget hotel giant.
Demand for affordable hotels such as Choice and Wyndham are on the rise as persistent high inflation and recession sap consumer spending on travel.
Choice offered Wyndham shareholders $90.00 per share, including $49.50 in cash and 0.324 shares of its common stock for each Wyndham share owned.
As of yesterday's close, Choice had a total market capital of $6.29 billion, Wyndham's stood at $5.82 billion.
Persons:
Geoffrey Ballotti, Brendan McDermid, Wyndham, Wyndham's, Priyamvada, Shinjini
Organizations:
Wyndham Hotels & Resorts, Inc, New York Stock Exchange, REUTERS, Wyndham Hotels, Resorts, Wyndham, Reuters, Thomson
Locations:
New York City, U.S, Bengaluru