Blackstone Unit to Buy Days Inns
A Blackstone Group subsidiary that owns the Ramada and Howard Johnson hotel chains agreed yesterday to pay $250 million for Days Inns of America Inc., the 1,214-unit franchise system burdened by some $750 million in debt. If approved by the bankruptcy court, the transaction, which could be derailed if a better offer appeared -- would create one of the world's largest hotel franchisers. The three chains combined now operate 2,236 hotels with 284,000 rooms.