P.M. BRIEFING : Ramada Extends Deal to Sell Hotels to Hong Kong Company
PHOENIX — Ramada Inc. announced today that it and New World Hotel Holdings Ltd. have agreed to extend until Feb. 28 the sale of Ramada’s hotel business to the Hong Kong company.
The $540-million sale is part of Ramada’s planned restructuring, which the company said it had postponed because of unfavorable conditions in the junk bond market.
Along with selling its hotel business, Ramada plans to form a new company, Aztar Corp., to operate its Nevada and New Jersey casinos.
Ramada said its board approved the extension beyond the original Nov. 30 expiration date Friday.
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