North Bethesda, Maryland-based Choice Hotels International has ended its nearly yearlong attempt to acquire Wyndham Hotels & Resorts for nearly $8 billion.
Choice has also withdrawn its nominations for Wyndham’s board of directors.
Wyndham’s board had rejected the acquisition bid repeatedly. In December, Choice took its offer directly to Wyndham shareholders.
“The Wyndham Board is pleased that Choice has ended its hostile pursuit and proxy contest, following the expiration of its unsolicited exchange offer,” said Wyndham board chair Stephen Holmes.
“We are confident in Wyndham’s stand-alone strategy and growth prospects under the leadership of our proven management team.”
Choice, which acquired Radisson Hotels in 2022, also said it would focus on its stand-alone strategy.
“While support from Wyndham stockholders tendering in the exchange offer was significant considering the number of investors structurally prevented from participating at this stage, it was not sufficient for Choice to conclude, particularly when taking into account the Wyndham board’s obvious continuing disinterest in a combination, that a path toward a transaction is available at this time,” Choice said in a statement.
In repeatedly rebuffing Choice’s offer, Wyndham said it faced uncertain regulatory approval and it undervalued the company.
The merger would have brought together some of the best-known hotel brands in the budget category. Wyndham has 21 franchise brands, including Super 8, Days Inn, Howard Johnson and Ramada. Choice has 22 brands, including Comfort, Quality Inn, Rodeway Inn and EconoLodge.
Choice Hotels relocated from its longtime Rockville headquarters to its new corporate headquarters in North Bethesda’s Pike & Rose in December, where it has roughly 400 employees.
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