Hilton Hotels to acquire Grand Casinos and split hotel, gambling operations

Article Abstract:

Hilton Hotels Corp. has agreed to purchase Grand Casinos Inc., which operates small and medium-sized casinos in the South and Midwest, and is planning on dividing into separate hotel and casino companies. Although it is not yet clear how the transaction will value Grand Casinos, those close to the negotiations said it will be an all-stock deal. Grand Casinos has a current market value of about $775 million. Those already holding Hilton stock will receive one share of the surviving hotel company and one share of the new casino company.

Comment:

Hilton's purchase Grand Casinos will split itself into separate companies for hotels and casinos

Strategy & planning, Casinos, Casinos (except Casino Hotels), Hilton Hotels Corp., Grand Casinos Inc.

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Host Marriott drops plans to spin off budget-hotel REIT

Article Abstract:

Bethesda, MD-based Host Marriott Corp. is abandonning its plan to spin off a new real estate investment trust comprised of its limited-service hotels, according to the company's president and CEO Terry Golden. He said that market conditions would not enhance an initial placement offering. Host Marriott also reported a third-quarter loss of $144 million, compared to a prodfit of $6 million reported for the same period of 1997.

Comment:

Also reported a third-quarter loss of $144 million, compared to a prodfit of $6 million reported for the same period of 1997

Sales, profits & dividends, Host Marriott Corp.

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Patriot American, unit complete acquisition of interstate hotels

Article Abstract:

Patriot American Hospitality Inc. and Wyndham International Inc. have completed the purchase of Interstate Hotels Co. for approximately $2.1 billion. Patriot took over around 40% of Interstate's common shares at a cash price of $37.50 per share. Also under the deal, stockholders in Interstate received rights to cash distribution of 42.9 cents on every Interstate share converted to paired shares.

Comment:

Patriot American Hospitality Inc. and Wyndham International Inc. complete purchase of Interstate Hotels Co. for approx $2.1 bil

Wyndham International Inc., Interstate Hotels Co., Patriot American Hospitality Inc.

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