(WFRV) – Radisson Hotel Group, which operates multiple hotels in northeast Wisconsin, is set to be acquired for over $650 million.
In a press release from Choice Hotels International, a definitive agreement has been made for the acquisition of the franchise business, operations and intellectual property of Radisson Hotel Group Americas. The agreement was for an estimated $675 million.
The transaction has reportedly been unanimously approved by the Choice Hotels’ Board of Directors. It is expected to close in the second half of 2022.
“This transaction brings together two highly complementary businesses, enhancing our guest offerings in the core upper-midscale hospitality segments, while extending our reach into the upper-upscale and upscale full-service segments and in higher revenue geographic markets,” said Patrick Pacious, President and Chief Executive Officer of Choice Hotels.
An email sent out by Radisson says that both companies will operate separately for the time being. There will reportedly be no immediate changes to Radisson Rewards Americas membership and benefits.
“We are very pleased that the Radisson family of brands in the Americas will join Choice Hotels. We believe that this acquisition will drive growth in a highly competitive market and enable stronger performance for our franchisees,” said Tom Buoy, interim CEO of Radisson Hotel Group Americas.
Radisson’s website shows multiple hotels in the Green Bay area. A list of hotels can be viewed here. No additional information was provided, Local 5 will continue to update this story if more details are released.