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Article: Florida's Servico to Pay $513 Million for Impac Hotel Group.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 24, 1998
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Dale K. DuPont, The Miami Herald Knight Ridder/Tribune Business News
Mar. 24--Servico, the fast-growing West Palm Beach hotel management company, said Monday it will acquire Impac Hotel Group, an Atlanta firm that recently bought and refurbished the Mayfair in Coconut Grove. The $513 million stock and debt deal will create one of the largest independent hotel owners and operators, reflecting continuing industry consolidation.
The new entity, which will be called Lodgian, will own or manage 140 hotels and increase Servico's total market capitalization by 70 percent to $1.2 billion, Servico said. Lodgian will be headquartered in Atlanta.
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