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Choice Hotels Offers to Buy Wyndham for Nearly $8B

Choice Hotels International, Inc. has offered to purchase Wyndham Hotels & Resorts, Inc. for approximately $7.8 billion, including cash and stock. When including debt, it’s valued at approximately $9.8 billion.

Choice proposed to pay $90 per share, consisting of $49.50 in cash and 0.324 shares of Choice. The offer represents a 26% premium to Parsippany, NJ-based Wyndham’s 30-day volume-weighted average closing price ending on October 16, 2023.

The proposal also contains a cash or stock election process, giving Wyndham shareholders the option of receiving cash, shares, or a combination of cash and stock.

Choice is making its latest proposal public in response to Wyndham’s decision to withdraw from further conversations with Choice after nearly six months of discussions.

“A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents. We were therefore surprised and disappointed that Wyndham decided to disengage,” said Patrick Pacious, President and CEO of Choice Hotels.

In April, Choice contacted Wyndham regarding a potential transaction, proposing to acquire the hotel for $80 per share, comprising 40% cash and 60% Choice stock. Choice soon followed up with another offer of $85 per share, comprising 55% cash and 45% Choice stock.

As of Monday, Choice had a total market cap of $6.29 billion, while Wyndham’s market cap was $5.82 billion.


Inside The Story

Choice Hotels

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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