Cendant Hotel Group is acquiring the
Baymont Inn & Suites, a limited service, midscale chain from
the Blackstone Group. The financial details of the transaction,
which is scheduled to close next month, were not disclosed.
In addition,
Cendant said that as part of the acquisition, it assumes worldwide
rights to the Baymont Inn & Suites brand and its 115 franchised
properties.
The Baymont Inn &
Suites brand will be a strategic fit for our existing portfolio,
adding a large number of guests to our already significant consumer
marketing database, said Steven Rudnitsky, chairman and CEO of
Cendant Hotel Group in a statement.
Rudnitsky added
Baymonts frequent guests would bring even more members to our
TripRewards loyalty program, offering our franchisees and the
traveling public even more options to do business with
us.
Blackstone acquired
the Baymont chain last November when it purchased the La Quinta
Corp., which had previously purchased Baymont in July
2004.
Baymont is the Cendant
Hotel Groups second acquisition from Blackstone.
Last October, Cendant
acquired the management and franchise business of the Dallas-based
Wyndham hotel chain from an affiliate of the Blackstone Group for
$101 million in cash.
In addition to Wyndham
and Baymont, the Cendant Hotel Group manages and franchises more
than 6,300 hotels under the Ramada, Days Inn, Super 8, Wingate Inn,
Howard Johnson, Travelodge, Knights Inn and AmeriHost Inn
brands.
To contact the
reporter who wrote this article, send e-mail to Michael Milligan at
[email protected].