Wyndham officials weren't available before publication time to discuss the move, but more about the action is sure to follow Tuesday when executives go before analysts and shareholders for a fourth-quarter that's already been delayed by one month. The transaction is expected to close in Q2.
Meanwhile, the long-awaited $366-million sale of 25 hotels possibly has closed this quarter as planned, but no one's talking as yet. The sale is the last one in the Dallas-based Wyndham's ongoing disposition to position itself as a management company and owner of branded resort properties and high-end hotels.
Wyndham's refinancing plan extends corporate debt maturity to 2011 with the New York City-based lender. It also pre-funds up to $100 million to invest in the hotelier's owned properties, according to this morning's press release. Just yesterday, Wyndham unveiled a multimillion-dollar plan for a restoration and re-flagging of the historic 90-room George Washington Hotel in Winchester, VA.
"The final component of our strategic plan is the refinancing of our debt and extending our maturities to 2011," Fred J. Kleisner, Wyndham's chairman, president and chief executive officer, says in the release. "We are now a branded hotel operating company focusing our full attention on maximizing our operations as well as our 'Wyndham,' 'Golden Door' and 'Summerfield Suites by Wyndham' brands. The hard work put forth by the entire Wyndham team over the last five years has now been realized."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.