Business & Tech
Parsippany-Based Wyndham Buying La Quinta
Wyndham is buying the La Quinta hotel chain for $1.95 billion in cash, the company announced.
PARSIPPANY, NJ — Parsippany-based hotel chain Wyndham announced on Thursday it will buy La Quinta for $1.95 billion cash.
Wyndman said the acquisition will help them reach more of the "upper-midscale segment" of the hotel industry. It's expected to close in the second quarter of this year, pending shareholder approval.
La Quinta stockholders will receive $8.40 per share in cash, and Wyndham will replay about $715 million worth of La Quinta's debt. Several of La Quinta's real estate assets will be spun off into CorePoint Lodging before the sale.
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Once the sale is complete, Wyndham will have more than 9,000 hotels in 75 countries.
This photo made on Monday, March 20, 2017, shows the Wyndham Grand hotel, in Pittsburgh. (AP Photo/Keith Srakocic)
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