New World Development Acquires Ramada Hotel and Restaurant Business for $540 Million

On 20/12/1989, Hong Kong-based New World Development Company completed the acquisition of Ramada Inc.'s hotel and restaurant business in a transaction valued at approximately $540 million. The sale followed Ramada's decision to separate its hospitality operations from its casino gaming interests. The acquired business included the Ramada hotel brand and associated lodging operations, transferring control of the American hotel chain to an international property and investment group. Ramada Inc., headquartered in Phoenix, Arizona, retained its gaming interests and continued under the Aztar Corporation name, establishing separate ownership structures for the hotel and casino businesses. The acquisition followed an agreement announced earlier in 1989 and involved a hotel network that had expanded substantially since Ramada's beginnings in Arizona during the 1950s. New World Development's purchase transferred the hotel and restaurant operations into its hospitality portfolio, while Aztar continued managing gaming assets independently. The transaction separated the Ramada name from its original corporate parent and created a new ownership arrangement for the brand's subsequent development. The sale was reported by United Press International on the date of completion, confirming the approximately $540 million transaction value.