Wyndham's Board Tells Shareholders to Reject Choice
Skift Take
- Wyndham’s Board rejects Choice Hotels' unsolicited offer to acquire WH, backed by the Asian American Hotels Owners Association's opposition.
- Hilton to open its first Tapestry Collection hotel in Los Cabos in 2024, alongside another project in La Paz.
- Preferred Hotel Group aims to expand its Beyond Green brand in Mexico, targeting 75 sustainable hotels globally.
The Daily Lodging Report will go on holiday break with the last issue of 2023 being published on December 20. The first issue of 2024 will be January 2. We wish everyone a happy and healthy holiday season.
The DJIA was up a point while Nasdaq was up 91, the S&P 500 rose 21 points and the 10-year Treasury yield was up .03 to 3.95%. Lodging stocks were modestly higher. MAR traded up to another new high while SOND was the mover of note today, up 14%.
As expected, Wyndham’s Board of Directors unanimously determined the unsolicited exchange offer from Choice Hotels to acquire WH is not in the best interests of shareholders. The Board recommends shareholders NOT tender their shares into the offer. WH continues to believe CHH fails to address many things, including the major value gap and risks of their offer, and despite being rejected a few times now, CHH is not changing their offer or the terms. The As
