Renaissance, Doubletree Agree on New Price

Hotel operator Doubletree Corp. said it agreed to pay $40 million more to purchase Hong Kong-based Renaissance Hotel Group, reflecting a change in the price of its stock. The deal to buy Renaissance is now valued at about $890 million, including the assumption of $70 million of debt, from the $850-million purchase price announced on Dec. 31. Renaissance holders would receive $8 cash and 0.4342 Doubletree common shares in the deal. The ratio was 0.4105 when the companies initially announced the merger. Based on Friday’s close of $43 per Doubletree share, the total consideration would be $26.67 per share. Phoenix-based Doubletree shares were up $1.25 to close at $44.25 on Nasdaq. Renaissance shares gained $1.875 to close at $24.375 on the NYSE.