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MarketWatch MarketPulseJan 18, 2018
Wyndham Worldwide to pay $1.95 billion for La Quinta's hotel business
Wyndham Worldwide Corp. said Thursday it will pay $1.95 billion in cash to buy La Quinta Holdings Inc.'s hotel franchise and management businesses. Under terms of the deal, La Quinta shareholders will receive $8.40 a share in cash, a total of about $1 billion, Wyndham will repay about $715 million in La Quinta debt and Wyndham will set aside $240 million in reserves for estimated taxes in connection with the spinoff of La Quinta's owned real estate assets. La Quinta's stock closed Wednesday at $19.45, giving the company a market capitalization of $2.28 billion. 'La Quinta will immediately become one of our flagship brands,' said Wyndham Chief Executive Geoff Ballotti. 'It is an exceptionally strong brand that is led by service-minded associates who deliver some of the highest customer engagement levels in our industry.' Wyndham and La Quinta shares were not active in premarket trade. La Quinta's stock has run up 35% over the past 12 months, while Wyndham shares have soared 52% and the S&P 500 has climbed 23%.

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