Another bid by Choice Hotels to strike a deal with Wyndham Hotels & Resorts has fallen flat. After months of on-and-off talks for a deal that would unite two of the biggest budget hotel owners in the country, Wyndham’s board received a letter from Choice to restart negotiations and strike a deal with Wyndham before the end of the year. Choice hasn’t boosted its cash-and-stock offer, currently worth $86 a share. That is down from $90 given a decline in Choice shares since the takeover offer was made in October. Wyndham views the offer as too low and worries it would saddle the combined company with too much debt.