Some noteworthy quotes from the past week, including Wyndham Hotels & Resorts Chairman Stephen Holmes calling Choice Hotels' acquisition offer "a bit of a desperate plan."
QUOTE OF THE WEEK
"They called us and
they don't have a plan. So, their plan seems to be to put out repetitive press
releases and see if they can churn the water enough to make it interesting for
us. I just don't see that as a plan. That's a bit of a desperate plan."
– Stephen Holmes, Wyndham Hotels & Resorts on Choice Hotel’s takeover bid Read story
“We respect Wyndham’s desire to achieve the best outcome for its shareholders, but that can’t happen if Wyndham unilaterally ends our discussions. Both companies’ shareholders have expressed to us their understanding of the tremendous value this combination could deliver. As recently as a few weeks ago, Wyndham prepared a critical information request list, on which both parties broadly aligned, to help Choice and Wyndham close any remaining value gaps. Wyndham then disengaged before any information was exchanged. We therefore strongly urge Wyndham to return to the discussions. Choice is ready to move expeditiously to negotiate binding terms, including mechanisms to provide market standard protections for Wyndham shareholders.” – Patrick Pacious, Choice Hotels International Read story
“So, for us, it’s a natural complement and broadening of the
Procaccianti business more than anything else. We do view this as a very
interesting point in our economic cycle. We also would agree that debt offers a
very attractive risk adjusted proposition in this market.” – Brendan McCormick,
Smith Hill Capital Read story
“It is a very good time to buy hotels, but I think because
many people see it the same way, it also makes the hotel sector very
competitive. It’s a competitive time in hotels, but transaction volume is down
year-over-year. It’s because there is a pricing and expectation gap between the
seller and buyer right now.” – Christina Gaw, Gaw Capital Partners Read story
“We are confident in our ability to accelerate net unit
growth to 5.5% to 6% next year and return to our prior 6% to 7% growth
rate,” – Christopher Nassetta, Hilton
Read story
“Our goal at Mohari is to partner with experienced
best-in-class organizations that share our values and our view on long-term
investing while complementing the capabilities of our firm. JMA is such an
organization, and we believe our combined resources will enable us to create
some of the best hospitality and leisure properties in many of the most
desirable markets in the country.” – J. Allen Smith, Mohari Hospitality Read story
“The only thing that has really evolved over the last year
or two is that we’ll continue to be very aggressive in our pursuit of
single-asset conversion. But we’ve also ramped up our efforts on portfolio
conversions.” – Tony Capuano, Marriott International Read story
“Reflecting the breadth and attractiveness of our portfolio,
‘quicker to market’ conversions have increased this year to be over one-third
of openings and signings.” – Elie Maalouf, IHG Hotels & Resorts Read story
“Those with staying power will have the benefit of securing
prime sites that are sure to benefit them in the long run.” – Eric Levy, Tourism
Solutions International Read story