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.
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References
- Hospitality Franchise: Sees trading symbol of 'NAGC' Dow Jones News Service, November 10, 1994^
- Daniel Heneghan. National Gaming bitterly cashes in its chips Press of Atlantic City, November 11, 1995^
- Natl Lodging, HFS buy Forte's North Amer Travelodge opers