8-K

CHOICE HOTELS INTERNATIONAL, INC.

Date: August 11, 2022

/s/ Simone Wu

SVP, General Counsel, Corporate Secretary & External Affairs

0001193125-22-218151.txt : 20220811 0001193125-22-218151.hdr.sgml : 20220811 20220811095143 ACCESSION NUMBER: 0001193125-22-218151 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220811 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220811 DATE AS OF CHANGE: 20220811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHOICE HOTELS INTERNATIONAL INC /DE CENTRAL INDEX KEY: 0001046311 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 521209792 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13393 FILM NUMBER: 221154107 BUSINESS ADDRESS: STREET 1: 1 CHOICE HOTELS CIRCLE STREET 2: SUITE 400 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 3015925181 MAIL ADDRESS: STREET 1: 1 CHOICE HOTELS CIRCLE STREET 2: SUITE 400 CITY: ROCKVILLE STATE: MD ZIP: 20850 FORMER COMPANY: FORMER CONFORMED NAME: CHOICE HOTELS FRANCHISING INC DATE OF NAME CHANGE: 19971118 FORMER COMPANY: FORMER CONFORMED NAME: CHOICE HOTELS INTERNATIONAL INC/ DATE OF NAME CHANGE: 19971022 8-K 1 d372649d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 11, 2022

CHOICE HOTELS INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-13393

52-1209792

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification Number)

1 Choice Hotels Circle, Suite 400,

Rockville, Maryland

20850

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (301) 592-5000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.01.

Completion of Acquisition or Disposition of Assets

Share Sale and Purchase Agreement

On August 11, 2022 Choice Hotels International, Inc. (the “Company”), completed its previously announced acquisition of (1) all of the issued and outstanding shares of Radisson Hospitality, Inc. (“Radisson Americas”) and (2) certain trademarks held by Radisson Hospitality Belgium BV/SRL (“Radisson Belgium”) covering (i) the United States of America and its territories, namely Guam, American Samoa, Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands; (ii) all countries located on the continents of North America and South America; and (iii) all countries and territories located on the Caribbean Sea (the “Transaction”), pursuant to a Share Sale and Purchase Agreement, dated as of June 12, 2022, by and among the Company, Radisson Holdings Inc. (the “Seller”), Radisson Americas, Aplite Holdings AB and Radisson Belgium (the “Purchase Agreement”).

The purchase price paid at closing (the “Closing Purchase Price”), funded by cash on hand, was approximately $673,155,000 (the “Purchase Price”), reflecting adjustments relating to disclosed leakage, including reductions for transaction expenses payable by Radisson Americas.

The foregoing description of the Purchase Agreement and the Transaction does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement, which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 12, 2022.

Item 8.01

Other Events.

On August 11, 2022, Choice Hotels International, Inc. issued a press release announcing the consummation of the Transaction. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Item 9.01.

Financial Statements and Exhibits

(a)	Financial statements of business acquired.

The Company intends to file the financial statements of the business acquired as required by this Item 9.01(a) under cover of Form 8-K/A no later than 71 calendar days after the date this Current Report on Form 8-K was required to be filed.

(b)	Pro Forma Financial Information.

The Company intends to file pro forma financial information as required by this Item 9.01(b) under cover of Form 8-K/A no later than 71 calendar days after the date this Current Report on Form 8-K was required to be filed.

(d)

Exhibits.


Exhibit No.		Description

99.1		Press Release, dated August 11, 2022, issued by Choice Hotels International, Inc.

104		Cover page Interactive data file (embedded with in the inline XBRL document)

- 2 -

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

- 3 -

EXHIBIT INDEX


Exhibit Number		Description

99.1		Press Release, dated August 11, 2022, issued by Choice Hotels International, Inc.

- 4 -

EX-99.1 2 d372649dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Choice Hotels International Completes Acquisition of Radisson Hotels Americas

Unites highly complementary hospitality businesses, adding nine brands and 67,000 rooms in attractive, higher revenue destinations

LOGO

ROCKVILLE, Md., August 11, 2022 — Choice Hotels International, Inc. (NYSE: CHH) today announced that it has completed the acquisition of the franchise business, operations and intellectual property of Radisson Hotels Americas for approximately $675 million from Radisson Hotel Group, inclusive of the real estate value of three owned hotels.

With the close of this transaction, Choice Hotels International has added approximately 67,000 rooms, expanding its presence in the higher revenue upper upscale and upscale full-service segments and bolstering its core upper-midscale hospitality segment, particularly in the West Coast and Midwest of the United States.

Radisson Hotels Americas comprises the Radisson franchise agreements, operations and intellectual property in the United States, Canada, Latin America and the Caribbean. The transaction adds nine brands, including Radisson Blu^®, Radisson^®, Radisson Individuals^®, Park Plaza^®, Radisson RED^®, Country Inn & Suites by Radisson^®, Park Inn by Radisson^®, Radisson Inn & Suites^® and Radisson Collection^®. Choice Hotels will independently own and control the brands in the Americas and looks forward to working with Radisson Hotel Group to drive the growth, continuity and success of these global brands. The close of this transaction is not anticipated to change Choice Hotels’ current capital allocation strategy related to dividend payment policy and planned share repurchases.

Credit Suisse Securities (USA) LLC served as financial advisor to Choice Hotels International on the transaction, and Willkie Farr & Gallagher LLP served as legal advisor. Baker McKenzie served as legal advisor to Radisson Hotel Group.

About Choice Hotels^®

Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. On August 11, 2022, Choice acquired Radisson Hotels Americas, adding nine brands and approximately 67,000 rooms in the United States, Canada, Latin America and the Caribbean to its portfolio. With 21 brands, Choice Hotels has more than 7,500 hotels, and nearly 650,000 rooms, in 46 countries and territories as of August 11, 2022. The Choice^® family of hotel brands provide business and leisure travelers with a broad range of high-quality lodging options from limited service to full-service hotels in the upper upscale, upper mid-scale, midscale, extended-stay and economy segments. The award-winning Choice Privileges^® loyalty program offers members a faster way to rewards, with personalized benefits starting on day one. For more information, visit www.choicehotels.com.

Forward-Looking Statements

Certain matters discussed in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “expect,” “estimate,” “believe,” “anticipate,” “should,” “will,” “forecast,” “plan,” “project,” “assume,” or similar words of futurity. All statements other than historical facts are forward-looking statements. These forward-looking statements are based on management’s current beliefs, assumptions and expectations regarding future events, which, in turn, are based on information currently available to management. Such statements may relate to expectations regarding the future performance of the acquired business and brands, payment of dividends, repurchases of common stock and other financial and operational measures. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors. Several factors could cause actual results, performance or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, our ability to integrate and realize the expected benefits of the acquisition, the timing and amount of future dividends and share repurchases. These and other risk factors are discussed in detail in the company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

For Further Information

Investor Contact:

IR@choicehotels.com

Media Contact:

Edelman for Choice Hotels International Inc. ChoiceHotelsInternational@edelman.com

Document and Entity Information	Aug. 11, 2022
Cover [Abstract]
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Security 12b Title	Common Stock, Par Value $0.01 per share
Trading Symbol	CHH
Security Exchange Name	NYSE
Amendment Flag	false
Entity Central Index Key	0001046311
Document Type	8-K
Document Period End Date	Aug. 11, 2022
Entity Incorporation State Country Code	DE
Entity File Number	001-13393
Entity Tax Identification Number	52-1209792
Entity Address, Address Line One	1 Choice Hotels Circle
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	(301)
Local Phone Number	592-5000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false

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Document and Entity Information

Aug. 11, 2022

Cover [Abstract]

Entity Registrant Name CHOICE HOTELS INTERNATIONAL INC /DE

Security 12b Title Common Stock, Par Value $0.01 per share

Trading Symbol CHH

Security Exchange Name NYSE

Amendment Flag false

Entity Central Index Key 0001046311

Document Type 8-K

Document Period End Date Aug. 11, 2022

Entity Incorporation State Country Code DE

Entity File Number 001-13393

Entity Tax Identification Number 52-1209792

Entity Address, Address Line One 1 Choice Hotels Circle

Entity Address, Address Line Two Suite 400

Entity Address, City or Town Rockville

Entity Address, State or Province MD

Entity Address, Postal Zip Code 20850

City Area Code (301)

Local Phone Number 592-5000

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