There's been a battle of would-be deals as Choice Hotels offered a hostile takeover of Wyndham, which said no thanks.

And in unrelated evidence of strange times in the hotel industry, a PIMCO joint venture is giving back 20 hotels to lenders over a $240 million mortgage.

Choice made its offer on Tuesday, October 17. It offered $90-per-share in a proposed cash-and-stock transition, or $7.8 billion. The company said that its offer represented a 26% premium to a 30-day volume-weighted average price that ended on Monday, October 16, an 11% premium to a 52-week high, and a 30% premium to the latest closing price.

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