Choice Hotels International to Acquire Radisson Hotel Group Americas for USD 675m.
MANews-(C)2009-2022
Maryland, US-based hospitality franchisor Choice Hotels International, Inc. (NYSE: CHH) has agreed to acquire Radisson Hotel Group Americas, the franchise business, operations and intellectual property of Brussels-based Radisson Hotel Group, for approximately USD 675m, the company said.
Choice Hotels will acquire the franchise business, operations and intellectual property of Radisson Hotels in the United States, Canada, Latin America and the Caribbean, inclusive of the real estate value of three owned assets. The acquisition will be funded with cash on hand and revolver borrowings.
The addition extends Choice's customer reach in EMEA and APAC, with the aim of doubling the portfolio by 2025. The addition of Radisson's nine hotel brands in the Americas will expand its growth opportunities by bringing its franchising platform to adjacent hotel segments and to a new set of hotel owners.
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 acquisition of the Radisson brands extends Choice Hotels' customer reach in the upscale segments and to a broader demographic within Choice's core leisure segment.
The combination strengthens Choice's ability to provide a more holistic product offering across segments and continue to capitalise on consumer trends expected to fuel future demand for travel.
The transaction brings Choice's RevPAR (revenue per available room) growth performance to a new set of franchisees and hotel investors and provides new growth opportunities to expand Choice Hotels' presence to additional locations in Canada, Latin America and the Caribbean.
Consistent with Choice Hotels' long-term strategy of growing in higher revenue segments, the Radisson brands typically have larger room counts and are...
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