The upcoming solar eclipse is causing a surge in hotel prices, with some Super 8 locations along the eclipse's path charging up to ten times their usual rates. The parent company, Wyndham Hotels & Resorts, stated that each Super 8 franchise sets its own prices using revenue management software. Even upscale hotels in major cities are experiencing price spikes, with some doubling or tripling their rates for the eclipse period.
Choice Hotels International has abandoned its $7.2 billion takeover bid for Wyndham Hotels & Resorts after failing to garner enough shareholder support. The exchange offer and director nominations have been withdrawn, and Choice will focus on its standalone strategy while increasing its share buyback authorization. Wyndham, which operates budget hotel brands, has expressed confidence in its standalone growth prospects. The decision to end the takeover bid could benefit Choice, with analysts speculating the possibility of another offer in the future.
Choice Hotels International has terminated its hostile bid for rival Wyndham Hotels & Resorts after failing to gather enough support from the target's shareholders. The company will also withdraw its nomination of independent director candidates for election at Wyndham's 2024 annual meeting. Ending the takeover bid could result in an upside for Choice, with an analyst upgrading the budget hotel operator to "buy" from "underperform."
Choice Hotels has launched a hostile bid for Wyndham Hotels & Resorts after its previous $7.8 billion offer was repeatedly rejected. Choice Hotels, the owner of brands like Comfort Inn and Radisson's Americas operation, plans to appeal directly to Wyndham shareholders. The budget hotel segment is seen as the future of the industry, and a Choice-Wyndham merger would create a strong low-cost competitor against Marriott, Hilton, and IHG. The outcome remains uncertain as Wyndham's leadership has expressed concerns and will carefully review and evaluate the offer.
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Choice Hotels is launching a hostile takeover bid for Wyndham Hotels & Resorts after failed attempts to reach a deal. The offer, valued at about $8 billion, includes $49.50 in cash and 0.324 shares of Choice common stock per Wyndham share. Choice CEO Patrick Pacious expressed a preference for a negotiated agreement but stated that the refusal of Wyndham's board to engage left them with no choice. Choice will be meeting with Wyndham shareholders and starting the regulatory approval process. Wyndham's board will evaluate the offer and determine the best course of action.
Choice Hotels is launching a hostile takeover bid for Wyndham Hotels & Resorts after being repeatedly rebuffed in its attempts to reach a deal. The offer, valued at about $8 billion, includes $49.50 in cash and 0.324 shares of Choice common stock per Wyndham share. Choice Hotels CEO Patrick Pacious expressed a preference for a negotiated agreement but stated that the Wyndham Board's refusal to engage left them with no choice. Choice Hotels will be meeting with Wyndham shareholders and starting the regulatory approval process. The exchange offer expires on March 8, 2024, and Choice Hotels is committed to completing the transaction within a year.
Choice Hotels is making a hostile takeover bid for Wyndham Hotels & Resorts after its previous attempts for a friendly deal were rejected. Choice Hotels has unveiled an exchange offer for Wyndham stock, directly appealing to its rival's shareholders. Wyndham argues that the deal would burden the combined company with excessive debt.
Choice Hotels has publicly announced a $7.8 billion takeover offer for Wyndham Hotels & Resorts, aiming to merge two of the largest budget hotel owners in the US. The companies had been in talks for several months before breaking off last month. Wyndham has rejected the offer, citing concerns about risk and undervaluation of its growth potential.
Choice Hotels International is reportedly in talks to acquire Wyndham Hotels & Resorts, which would create a budget hotel giant in the US. The talks are in the early stages and it is unclear whether Wyndham is interested in pursuing a tie-up with Choice. If Wyndham decides not to proceed with a deal, Choice Hotels could choose to go hostile and take an offer directly to Wyndham's shareholders. The news comes at a time when high inflation and recession risks could sap consumer spending on travel and drive up demand for affordable hotels.
Choice Hotels International is reportedly seeking to acquire Wyndham Hotels & Resorts, which would create one of the largest budget hotel owners in the US, with brands including Days Inn and Econo Lodge. Choice Hotels has expressed its desire to grow in upscale segments.
