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Hotel Industry News |
Saturday November 22nd, 2008 |
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Cendant’s Ramada Franchise Systems to Franchise Hotels in Canada |
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PARSIPPANY, N.J. (Dec. 5, 2002) – Ramada Franchise Systems Inc., a unit of Cendant Corporation (NYSE: CD), today announced it has signed a definitive agreement to become the franchisor for Ramada hotels in Canada, which will expand its existing system from 941 Ramada hotels in the United States to 1,012 hotels in both countries.
Under the agreement signed today, the Canadian franchise rights for the Ramada brand will be transferred to the Cendant unit from Ramada Franchise Canada Inc., a wholly owned subsidiary of AFM Hospitality Corp., based in Toronto. The transaction, which is expected to close no later than the first quarter of 2003, is subject to certain regulatory approvals in Canada. Financial terms were not disclosed.
“This agreement demonstrates that we are committed to the Ramada brand and enthusiastic about its growth potential,” said Steve Rudnitsky, chairman & chief executive officer of Cendant’s Hotel Group. “Our goal is to build upon the existing system in every province where we find favorable markets.”
AFM Hospitality, which is licensed by Cendant to franchise Howard Johnson, Knights Inn and Villager brand hotels in Canada, now will focus on expanding those and its seven other hotel brands and management business, according to Lawrence Horwitz, the company’s chairman & chief executive officer.
“This agreement will enable us to accelerate our plans for other AFM brands in Canada and to aggressively pursue growth opportunities for our business,” he said. “Our goal at AFM is to continue to be Canada’s hospitality industry leader and largest multibrand hotel franchisor.”
AFM Hospitality Corporation (TSX:AFM) has executed franchise and management agreements with more than 230 hotels in North America, representing an inventory of nearly 22,000 hotel rooms. Additional information about AFM Hospitality Corporation may be found on the Internet at www.afmcorp.com.
Cendant Corporation’s Hotel Group, based in Parsippany, N.J., is the world’s largest lodging franchisor with 6,595 open hotels representing 544,569 rooms on five continents under the Super 8®, Days Inn®, Ramada®, Travelodge®, Howard Johnson®, Knights Inn®, Villager, Wingate Inn® and AmeriHost Inn® brands. Cendant’s franchised hotels sell one out of every four economy and midpriced room-nights in the United States, and Cendant franchises 12.5 percent of the entire U.S. hotel room supply, according to Smith Travel Research. All hotels are individually owned and operated under franchise agreements with Cendant subsidiaries.
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New York City-based Cendant Corporation (NYSE:CD) provides travel and residential real estate services to businesses and consumers in more than 100 countries. Cendant Hotel Group, based in Parsippany, N.J., is one of the world's largest integrated lodging franchise and management companies with more than 6,300 hotels on six continents under the Wyndham(R), Super 8(R), Days Inn(R), Ramada(R), Travelodge(R), Howard Johnson(R), Knights Inn(R), Wingate Inn(R) and AmeriHost Inn(R) brands. All hotels are individually owned, and they are operated under franchise agreements with Cendant subsidiaries.
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