Choice Hotels International has entered into a definitive agreement to acquire the franchise business, operations and licences of Radisson Hotel Group Americas for approximately $ 675 million, adding nine brands to its portfolio . The agreement will allow Choice Hotels to expand to other locations in Canada, Latin America and the Caribbean, and add 624 hotels (over 68,000 keys) to its portfolio in the luxury and upper-midscale segments, particularly in the West Coast and Midwest of the United States.

Choice Hotels will independently own and control brands in the Americas and partner with Radisson Hotel Group to drive brand growth, continuity and success. The transaction is not expected to change Choice Hotels’ current capital allocation strategy relating to its dividend payment policy and planned share buybacks. The transaction was unanimously approved by Choice Hotels’ Board of Directors and is expected to close in the second half of 2022, pending regulatory approvals and customary closing requirements.