Here’s Why Wyndham Worldwide Just Bought La Quinta for Nearly $2 Billion [Fortune]
THE PRICELINE GROUP INC COMMON (PCLN)
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Source: Fortune
It’s been an ongoing trend for hotels recently—consolidation. On Thursday, Wyndham said it would purchase La Quinta’s franchise and management business for roughly $1.95 billion, including $715 million for assumed debt. Notably, the deal is dependent on La Quinta, a mid-scale hotelier, completing the spinoff of its real estate assets into a real estate investment trust, or REIT, dubbed CorePoint Lodging. Wyndham has also set aside about $240 million for taxes on that spinoff. The deal comes as travelers gravitate towards cheaper options on Airbnb or book their hotel rooms via sites like Priceline (shaving away a cut of hoteliers’ profits). Hotels are also banding together and ridding themselves of real estate to stay competitive. The idea is that by consolidating, companies can combine their resources and cut the overlap. Wyndham, for example, is expecting $55 to $70 million in annual cost savings and revenue boosts resulting from the deal by the end of 2019. The
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