Allegis Will Sell Partnerships in Canadian Hotels
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CHICAGO — Allegis Corp. hopes to raise $259 million (about $350 million Canadian) by selling limited partnerships in certain of its hotels in Canada, the company announced Tuesday.
Allegis, formerly UAL Inc., controls six hotels in Canada through its Westin and Hilton International chains.
The company, which also is the parent of United Airlines and Hertz Corp., is fighting a takeover bid by New York investors and recently announced a recapitalization plan that involves borrowing $3 billion for a one-time, $60-per-share payout to shareholders.
There was speculation that the company may feel compelled to sell off some of its holdings because of the recapitalization, which would more than double the corporate debt.
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