Wyndham to buy La Quinta's hotel management business for $1.95 bln

Reuters

Jan 18 (Reuters) - U.S. hotel operator Wyndham Worldwide Corp said on Thursday it would acquire La Quinta Holdings Inc's hotel franchise and management businesses for $1.95 billion in cash, expanding its midscale presence amid increasing travel demand.

La Quinta shareholders will receive $8.40 per share in cash and Wyndham will repay about $715 million of La Quinta debt net of cash.

Ahead of the acquisition, La Quinta will spin off its real estate assets into a publicly-traded real estate investment trust, CorePoint Lodging Inc.

The deal is expected to close in the second quarter of 2018, Wyndham said.

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Referenced Symbols:LQ,

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