All 13 properties will be managed or asset managed by Sunstone Hotel Investors, LLC, which currently operates 61 properties throughout the country. The agreement, which is expected to close within three to four months, outlines the sale of 12 non-proprietary assets and one Wyndham-branded asset, which will remain a Wyndham pursuant to a ten-year franchise agreement.

The sale is part of Wyndham's strategy to sell "non-strategic assets" and use the proceeds to reduce its debt, according to Fred J. Kleisner, chairman and CEO of the Dallas-based company. Wyndham is looking to become a proprietary-branded hotel operating company.

Wyndham is continuing to discuss with Westbrook, as well as with other parties, the sale of additional non-strategic assets. Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc. are serving as financial advisors to Wyndham in connection with the transaction.