Choice Hotels surrenders its $8 billion hostile takeover attempt of rival chain, Wyndham

Choice Hotels is abandoning its hostile $8 billion takeover bid for Wyndham Hotels & Resorts.

Choice said Monday that while it received support from some Wyndham shareholders, it wasn't sufficient enough for the company to conclude that a deal could be done, particularly when taking into account the Wyndham board's opposition to a combination.

There was also some resistance from hotel franchisees to the deal.

Choice launched a hostile takeover offer for Wyndham in December after repeated attempts to reach a deal with the rival hotel chain were rebuffed. Its exchange offer to shareholders of Wyndham, which runs Days Inn, La Quinta, Ramada and a host of other brands, was the same as its last bid to company management, which was $49.50 in cash and 0.324 shares of Choice common stock per Wyndham share.