Monday, Sep. 04, 1989
Business Notes HOTELS
The venerable U.S. hotel chain known as "the nation's innkeeper," whose green-and-yellow signs are familiar landmarks on American highways, will soon take on a British accent. Last week Memphis-based Holiday Corp. said that it will sell its North American chain of more than 1,400 Holiday Inns for $2.2 billion to British pub-and-brewery giant Bass PLC. The sale completes a global acquisition for the London-based company, which last year bought the rights to Holiday Inn franchises outside North America.
Holiday decided to sell its 37-year-old namesake so that the company can focus on its newer ventures, which include three hotel chains (Embassy Suites, Hampton Inns, Homewood Suites) and Harrah's casinos. The sale will also allow Holiday to reduce more than $2 billion of debt, most of it incurred during a 1987 battle to fend off a takeover bid by Donald Trump.