Business Services Industry
Milwaukee-based Marcus to sell its limited-service hotel chain to La Quinta.
Knight Ridder/Tribune Business News, July, 2004
By Doris Hajewski, Milwaukee Journal Sentinel Knight Ridder/Tribune Business News
Jul. 16--Marcus Corp. will sell its Baymont limited-service hotel chain to La Quinta Corp. of Dallas for $395 million in cash, the company said Thursday.
The limited-service division makes up about a third of the revenue of Milwaukee-based Marcus, which also operates a chain of movie theaters and a full-service hotel division that includes the Pfister and Hilton hotels in Milwaukee.
Marcus shares shot up after the announcement Thursday morning. The stock closed up $3.04, or 19 percent, at $18.99. Trading volume was 7.5 times the average. La Quinta shares rose 43 cents to close at $8.62.
The limited-service division includes 178 Baymont Inns &...
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