Marriott International to Sell Ramada Unit to Cendant

Marriott International (MAR Quote) Wednesday said it had agreed to sell its Ramada International Hotels & Resorts unit to Cendant's (CD Quote) hotel group.

The companies did not disclose financial terms of the agreement.

Ramada is primarily a franchised brand of 204 hotels operating in 26 countries and territories. Earlier this year, New York-based Cendant acquired the trademark rights to the Ramada brand in the United States, where there are 819 franchised properties. It also owns the Canadian rights.

Marriott acquired the rights to Ramada via a larger acquisition in 1997.

Marriott shares were down 50 cents, or 1%, at $48.67, while Cendant's shed 27 cents, or 1.2%, to $22.01.