Choice Hotels International has finalized an agreement to purchase the franchise business, operations and intellectual property of Radisson Hotel Group Americas for $675 million.
Radisson Hotel Group Americas comprises Radisson Hotels in the U.S., Canada, Latin America and the Caribbean.
The agreement adds 624 hotels with 68,000 rooms to the Choice Hotels portfolio and, according to Skift, will help Choice grow its upscale and upper-midscale hospitality segments.
Choice’s core brands of Comfort and Econo Lodge will now be complemented 10 Radisson Blu hotels, 130 Radisson hotels, nine Radisson Individuals, one Park Plaza hotel, four Radisson RED hotels, 453 Country Inn & Suites by Radisson and 17 Park Inn by Radisson hotels, as well as the Radisson Inn & Suites and Radisson Collection brands.
The acquisition, which was unanimously approved by the Choice Hotels board of directors and is expected to close in the second half of 2022, will be funded with cash on hand and revolver borrowings, the company said on Monday.
