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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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090489
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09048900.061
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1990-09-22
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963b
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BUSINESS, Page 53Business NotesHOTELSHoliday Inn Checks Out
The venerable U.S. hotel chain known as "the nation's
innkeeper," whose green-and-yellow signs are familiar landmarks on
American highways, will soon take on a British accent. Last week
Memphis-based Holiday Corp. said that it will sell its North
American chain of more than 1,400 Holiday Inns for $2.2 billion to
British pub-and-brewery giant Bass PLC. The sale completes a global
acquisition for the London-based company, which last year bought
the rights to Holiday Inn franchises outside North America.
Holiday decided to sell its 37-year-old namesake so that the
company can focus on its newer ventures, which include three hotel
chains (Embassy Suites, Hampton Inns, Homewood Suites) and Harrah's
casinos. The sale will also allow Holiday to reduce more than $2
billion of debt, most of it incurred during a 1987 battle to fend
off a takeover bid by Donald Trump.