Choice Hotels International has completed its acquisition of Radisson Hotels Americas in a deal worth roughly USD $675 million, according to a press release issued Thursday (Aug. 11).
The transaction, which is inclusive of the real estate value of three owned hotels, was first announced in June.
With the close of the transaction, Choice Hotels International has added approximately 67,000 rooms, expanding its presence in the higher revenue and upscale full-service segments, bolstering its core upper-midscale hospitality segment, particularly in the West Coast and Midwest of the U.S.
Radisson Hotels Americas comprises the Radisson franchise agreements, operations and intellectual property in the United States, Canada, Latin America and the Caribbean.
The transaction adds nine brands, including Radisson Blu, Radisson, Radisson Individuals, Park Plaza, Radisson RED, Country Inn & Suites by Radisson, Park Inn by Radisson, Radisson Inn & Suites and Radisson Collection.
Choice Hotels will independently own and control the brands in the Americas and looks forward to working with Radisson Hotel Group to drive the growth, continuity and success of the brands, the press release reads.
The close of the transaction is not exacted to change Choice Hotels' current capital allocation strategy related to dividend payment policy and planned share repurchases.