Holiday Inn, Inc. (NASDAQ:HON) announced that it will be purchasing Holiday Inn Hotel Express, Inc., which is a hotel company based in the US.
The transaction is expected to close in the second half of 2021.
Holiday Inn is also looking to expand into the hospitality industry.
The Holiday Inn International Corporation will be the company’s primary financial sponsor.
The purchase price is expected be approximately $4.2 billion, which includes cash consideration and debt.
Holiday Express will be comprised of approximately 1,500 hotel rooms in the Americas, Europe and Asia.
Holiday is a global hotel company, providing guest experience and hospitality, as well as transportation, distribution and marketing services.
Holiday has been a leader in hotel design and management since 1982, with over 300 hotels worldwide.
It currently has approximately 8,700 hotel rooms and has a presence in over 180 countries.
Holiday operates 24 hotels in 25 countries, as of December 31, 2021.