Page 7 - Patrick Pacious News Today

Choice Hotels is seeing weakness in its hotel development pipeline. That may not improve much if it remains distracted by pursuing a merger with Wyndham.

Choice Hotels Has Eyes For Wyndham Resorts | Global Finance Magazine

Choice Hotels said on Wednesday that it had asked the board of U.S. budget hotel operator Wyndham Hotels and Resorts to engage in merger talks.

Chairman Stephen Holmes and CEO Geoff Ballotti discussed Choice's unsolicited buyout offer, plus they added sharp criticism of Choice's business.

Choice Hotels International, Inc. (NYSE: CHH) (the "Company" or "Choice"), today called upon the board of directors of Wyndham Hotels & Resorts, Inc. (NYSE: WH) ("Wyndham") to engage in good faith discussions so that shareholders of both companies can benefit from the compelling combination.

Rockville-based Choice Hotels, whose $9.8 billion hostile takeover bid for Wyndham Hotels and Resorts was rejected by Wyndham's board earlier this month…

Article - Choice Hotels Calls on Wyndham Hotels & Resorts to Engage in Discussions - Choice Sees a Clear Path to Completion and Remains Committed to the Transaction - Strongly Urges Wyndham to Return to the Negotiating Table

This comes about a week after Wyndham rejected Choice's $7.8 billion acquisition offer, deeming it "underwhelming" and citing regulatory risks around a potential deal. "We respect Wyndham's desire to achieve the best outcome for its shareholders, but that can't happen if Wyndham unilaterally ends our discussions," Choice CEO Patrick Pacious said. Choice said it first approached Wyndham in April with an $80 per share offer, which it later bumped up to $85.

Wyndham called the $8 billion proposal "opportunistic" and said that it undervalues its growth potential.

Shares of Wyndham Hotels & Resorts jumped more than 6% in afternoon trading on Tuesday and shares of Choice Hotels fell more than 5% after Wyndham rejected an unsolicited $8 billion buyout offer from Choice Hotels. Once