P.M. BRIEFING : Pritzker Family Lowers Its Stake in Ramada Inc. From 7.2% to 4.8%
The billionaire Pritzker family said today that it has cut its stake in Ramada Inc. to 4.8% from 7.2%, indicating that the Arizona-based hotelier has won a fight to remain independent.
HCC Corp., a Chicago-based company headed by Jay A. Pritzker, said in an April 5 filing with the Securities and Exchange Commission it had sold a total of 959,100 shares of Ramada stock from March 16 through April 5 at an average price of $11.29 a share.
Pritzker would not comment on the reasons for the stock sale, said his secretary, Rhonda Scheiss.
Last September, Ramada rejected HCC’s $10-a-share offer for all of the company’s stock and embarked on a corporate restructuring that included the sale of its 825 hotels.