Select-service hotelier La Quinta Holdings Inc. has set a special meeting of stockholders April 26 to consider and vote on the proposed business combination with global hospitality company Wyndham Worldwide Corp.
Stockholders on record as of March 19 are entitled to vote during the meeting, according to a release.
Wyndham is offering to buy La Quinta's hotel franchise and management businesses for $1.95 billion in cash. Prior to the closing of the deal, La Quinta has agreed to spin off its real estate assets, which will be held by its newly formed CorePoint Lodging Inc. subsidiary.
The company remains hopeful that the merger will close in the second quarter, subject to certain conditions including approval from La Quinta stockholders.
