Chartwell Leisure

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

  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

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