Choice Hotels International, Inc. completed the acquisition of Radisson Hospitality, Inc. from Radisson Holdings, Inc. for approximately $670 million.
August 10, 2022
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Choice Hotels International, Inc. (NYSE:CHH) entered into an agreement to acquire Radisson Hospitality, Inc. from Radisson Holdings, Inc. for approximately $680 million on June 12, 2022. The consideration is subject to certain adjustments relating to disclosed leakage, including reductions for transaction expenses payable by Radisson Americas. The acquisition will be funded with cash on hand and revolver borrowings. Choice Hotels International, Inc. entered into the Restated Senior Unsecured Credit Agreement for a $600 million unsecured credit facility with a maturity date of August 20, 2023. CHH expect to draw on the facility for the pending Radisson Hotels Americas transaction.
The transaction has been unanimously approved by Choice Hotels' Board of Directors, pending regulatory approvals and customary closing requirements. The closing of the Transaction is subject to (1) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (2) the absence of any material adverse effect (as defined in the Purchase Agreement) on the business of Radisson Americas, (3) the approval of certain governmental agencies of specified amendments or waivers to Radisson Americas' National Security Agreement and (4) other customary closing conditions. The Transaction is expected to close in the second half of 2022, subject to the satisfaction or waiver of such conditions. As of August 4, 2022, transaction is expected to close in August 2022.
Credit Suisse Securities (USA) LLC is serving as financial advisor to Choice Hotels on the transaction, and Adam Turteltaub and Jonathan Kubek of Willkie Farr & Gallagher is serving as legal advisor. Baker McKenzie is serving as legal advisor to Radisson Hotel Group.
Choice Hotels International, Inc. (NYSE:CHH) completed the acquisition of Radisson Hospitality, Inc. from Radisson Holdings, Inc. for approximately $670 million on August 11, 2022. The purchase price was funded by Choice Hotels' cash on hand.
Choice Hotels International, Inc. is a hotel franchisor. The Companyâs segments include Hotel Franchising & Management and Corporate & Other. The Hotel Franchising & Management segment includes the Company's hotel franchising operations which consists of its 22 brands and brand extensions and the hotel management operations of 14 hotels (inclusive of four owned hotels). It has 7,527 hotels with 632,986 rooms open and operating, and 1,032 hotels with 105,062 rooms. The Companyâs brands include Comfort Inn, Comfort Suites, Quality, Clarion, Clarion Pointe, Ascend Hotel Collection, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites, Suburban Studios, WoodSpring Suites, Everhome Suites, and Cambria Hotels. It also includes Radisson Blu, Radisson RED, Radisson, Park Plaza, Country Inn & Suites by Radisson, Radisson Inn & Suites, Park Inn by Radisson, Radisson Individuals, and Radisson Collection brands, which are located across the United States, Canada, the Caribbean and Latin America.
CHOICE HOTELS INTERNATIONAL, INC. 
