Ramada Closes Hotel Sale: Ramada Inc. completed...
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Ramada Closes Hotel Sale: Ramada Inc. completed the $540-million sale of its 825 hotels around the world to a Hong Kong company. With completion of the deal with New World Hotel (Holdings) Ltd., Phoenix-based Ramada adopted the new name of Aztar Corp. New World Hotel purchased the complete Ramada chain, including Ramada Inns, Ramada Renaissance Hotels and Rodeway Inns. Aztar’s lone holdings now are the Tropicana Resort and Casino in Las Vegas, the Ramada Express Hotel Casino in Laughlin, Nev., and the TropWorld Casino and Entertainment Resort in Atlantic City.
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