July 13, 1999 |
French travel firm Accor said it has agreed to buy U.S. economy lodging chain Red Roof Inns for $613 million plus debt in a deal that would make it the world's third-largest hotel company. Red Roof's majority shareholder, Morgan Stanley Real Estate Fund, had agreed to Accor's $22.75-per-share offer for its 68.3% stake in Red Roof, the two companies said. The price represents a 27.5% premium over the 30-day average Red Roof trading price of $17.85 per share.
June 12, 1986 |
James Trueman, the owner of the car Bobby Rahal drove to victory in the Indianapolis 500 on May 31, died Wednesday night at his home in central Ohio. He was 51. Trueman, who built the Red Roof Inns Inc. motel chain and gained equal fame as a race car owner and driver, had been suffering from cancer for about two years. "This one was for Jim Trueman," Rahal said immediately after this year's 500. "This is the one I can give him. I think everybody knows I love him.
February 25, 1997 |
The lodging industry is being roiled with blockbuster merger activity, namely Hilton Hotels Corp.'s (ticker symbol: HLT) hostile $6.5-billion bid for Sheraton owner ITT Corp. (ITT), and Marriott International Inc.'s (MAR) pact to buy Renaissance Hotel Group (RHG) for $947 million. Although more deals are likely, investors mulling lodging stocks today shouldn't count on mergers to justify their picks, analysts say.
June 2, 1991 |
The voice of Tom Bodett, Motel 6's folksy ad spokesman, wafts over the airwaves, imploring us to check into a clean, comfortable room at a rate so low that it seems straight from the '60s. The suggestion is that we put the savings toward a good restaurant meal or some other luxury. "We'll leave the light on for you," he pledges. Bodett's promise also holds for thousands of other economy motels around the country.