Advertisement
YOU ARE HERE: LAT HomeCollectionsRenaissance Hotel Group
IN THE NEWS

Renaissance Hotel Group

FEATURED ARTICLES
BUSINESS
January 3, 1997 | Times Staff and Wire Reports
Renaissance Hotel Group said its board is reviewing the terms of Doubletree Corp.'s $850-million takeover bid. Hong Kong-based Renaissance said terms have not yet been approved by its board and that the company is continuing to negotiate a memorandum of understanding. Phoenix-based Doubletree said earlier this week that it had signed an agreement in principle to acquire Renaissance for $780 million in cash and stock and assume $70 million in debt.
ARTICLES BY DATE
BUSINESS
February 19, 1997 | JESUS SANCHEZ, TIMES STAFF WRITER
Marriott International Inc. on Tuesday said it has agreed to buy Renaissance Hotel Group in a $1-billion deal that promises to dramatically expand Marriott's presence in fast-growing Asian markets. The Marriott announcement comes only a few weeks after Renaissance, which is controlled by Hong Kong real estate and lodging giant New World Development Co., had tentatively agreed to be sold to rapidly expanding Doubletree Corp.
Advertisement
BUSINESS
January 7, 1997 | Times Staff and Wire Reports
Hotel operator Doubletree Corp. said it agreed to pay $40 million more to purchase Hong Kong-based Renaissance Hotel Group, reflecting a change in the price of its stock. The deal to buy Renaissance is now valued at about $890 million, including the assumption of $70 million of debt, from the $850-million purchase price announced on Dec. 31. Renaissance holders would receive $8 cash and 0.4342 Doubletree common shares in the deal. The ratio was 0.
BUSINESS
January 7, 1997 | Times Staff and Wire Reports
Hotel operator Doubletree Corp. said it agreed to pay $40 million more to purchase Hong Kong-based Renaissance Hotel Group, reflecting a change in the price of its stock. The deal to buy Renaissance is now valued at about $890 million, including the assumption of $70 million of debt, from the $850-million purchase price announced on Dec. 31. Renaissance holders would receive $8 cash and 0.4342 Doubletree common shares in the deal. The ratio was 0.
BUSINESS
February 19, 1997 | JESUS SANCHEZ, TIMES STAFF WRITER
Marriott International Inc. on Tuesday said it has agreed to buy Renaissance Hotel Group in a $1-billion deal that promises to dramatically expand Marriott's presence in fast-growing Asian markets. The Marriott announcement comes only a few weeks after Renaissance, which is controlled by Hong Kong real estate and lodging giant New World Development Co., had tentatively agreed to be sold to rapidly expanding Doubletree Corp.
BUSINESS
January 1, 1997 | From Times Wire Services
Doubletree Corp. said Tuesday that it will acquire Renaissance Hotel Group for $850 million in its latest step to add more profitable upscale hotels and expand overseas where there is less competition. The purchase is Doubletree's second in two months and would add more than 140 Renaissance, Ramada and New World hotels worldwide. Doubletree would have more than 370 properties with 100,000 rooms. Upscale hotels charge $90 and up a night, analysts say.
BUSINESS
February 25, 1997 | Times Staff and Wire Reports
Hilton Hotels Corp. Chief Executive Stephen Bollenbach sent a second letter to ITT Corp. Chairman and Chief Executive Rand Araskog urging him to meet and discuss Hilton's $10.5-billion hostile offer. Bollenbach said that delaying the combination would put the hotel and casino companies at a competitive disadvantage as other lodging companies rush to combine. Last week, Marriott International Inc. agreed to buy Renaissance Hotel Group for $1 billion in cash and assumed debt.
BUSINESS
March 11, 1997 | From Washington Post
Westin Hotels & Resorts Co. may be put up for sale by its owners, Goldman, Sachs & Co. and Starwood Capital Group LP, which have set an asking price of $1 billion. Hotel analysts on Monday said that likely buyers of the chain could include Bethesda, Md.-based Marriott International Inc., Doubletree Corp. and Starwood Lodging Trust. Barry Sternlicht, who is chairman and chief executive of Starwood Lodging, also has a stake in Westin as president and CEO of Starwood Capital Group.
BUSINESS
February 25, 1997 | JAMES F. PELTZ
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.
BUSINESS
February 19, 1997 | From Times Wire Services
Blue-chip stocks sprinted to another record high Tuesday, resuming last week's fast-paced rise with the help of a flurry of merger activity. The Dow Jones industrial average ended up 78.50 points at 7,067.46 after closing above the 7,000 level for the first time last Thursday. Philip Morris led the gains, rising 5 3/4 to an all-time high of 131 1/4 amid speculation that cigarette makers will negotiate a broad settlement of pending tobacco-related litigation.
BUSINESS
January 3, 1997 | Times Staff and Wire Reports
Renaissance Hotel Group said its board is reviewing the terms of Doubletree Corp.'s $850-million takeover bid. Hong Kong-based Renaissance said terms have not yet been approved by its board and that the company is continuing to negotiate a memorandum of understanding. Phoenix-based Doubletree said earlier this week that it had signed an agreement in principle to acquire Renaissance for $780 million in cash and stock and assume $70 million in debt.
BUSINESS
January 1, 1997 | From Times Wire Services
Doubletree Corp. said Tuesday that it will acquire Renaissance Hotel Group for $850 million in its latest step to add more profitable upscale hotels and expand overseas where there is less competition. The purchase is Doubletree's second in two months and would add more than 140 Renaissance, Ramada and New World hotels worldwide. Doubletree would have more than 370 properties with 100,000 rooms. Upscale hotels charge $90 and up a night, analysts say.
BUSINESS
February 19, 1997 | From Times Staff and Wire Reports
A powerful surge in shares of Philip Morris pushed the Dow Jones industrial average to another record Tuesday, while the broad market lagged. The Dow jumped 78.50 points, or 1.1%, to 7,067.46, eclipsing the previous record of 7,022.44 set last Thursday. Other blue-chip indexes also hit new highs. But the Nasdaq market of mostly smaller stocks was weak, as investors continued to focus on big-name stocks. Meanwhile, in other markets, bond yields were up modestly while the dollar slumped.
Los Angeles Times Articles
|