Chartwell Leisure

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Chartwell Leisure was an American hotel company. It was formed in 1994 as National Gaming, a spin-off of the gaming businesses of Hospitality Franchise Systems (HFS).[1] A year later, after finding little success, the company said it was leaving the casino industry, and would seek to acquire a business in a less risky field.[2]

In January 1996, the company changed its name to National Lodging, and paid $98 million to buy 16 Travelodge hotels and joint venture interests in 96 more from Forte, as part of a deal that also saw HFS acquire the Travelodge trademark and franchise operation.[3] In August, the company was renamed Chartwell Leisure after taking a $57 million investment from groups affiliated with the Fisher family, the Gordon Getty family, and the de Gunzburg family, giving them a total 52 percent stake in the firm.[4]

In March 1998, the company was acquired by a partnership of Whitehall Street Real Estate (a Goldman Sachs affiliate) and Westmont Hospitality Group for $349 million, including $77 million in assumed debt.[5] Westmont received a minority share, and took over operations of the company's 124 properties, under the new name WW Leisure.

References[edit]

  1. ^ "Hospitality Franchise: Sees trading symbol of 'NAGC'". Dow Jones News Service. November 10, 1994.  – via Factiva (subscription required)
  2. ^ Heneghan, Daniel (November 11, 1995). "National Gaming bitterly cashes in its chips". Press of Atlantic City.  – via NewsBank (subscription required)
  3. ^ "Natl Lodging, HFS buy Forte's North Amer Travelodge opers". Dow Jones News Service. January 23, 1996.  – via Factiva (subscription required)
  4. ^ "National Lodging holders okay sale of shrs to Chartwell, FSNL". Dow Jones News Service. August 8, 1996.  – via Factiva (subscription required)
  5. ^ "Whitehall, Westmont team acquires Chartwell". Hotel & Motel Management. May 4, 1998.  – via Factiva (subscription required)

External links[edit]