Wyndham's executive team steadfastly said it would close the deal with the private investment fund by month's end. Separate closings will be held in the second quarter for the Wyndham Toledo in Ohio, and Marriott Atlanta North Center, both of which are part of the $366-million harvest. JF Capital Advisors, Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc. were Wyndham's advisers. For previous story, click here.
As before, all net proceeds will go to reduce debt. With the latest sale, Wyndham has hawked 208 hotels since 1999, collecting more than $3 billion for the till.
Fifteen Wyndham-branded assets will remain in the brand's portfolio pursuant to new franchise agreements, but management falls to Interstate Hotels & Resorts of Arlington, VA. Interstate's contract spans 22 hotels with the deal excluding the Lexington hotel. The 5,895-room portfolio will undergo $75 million of renovations under Interstate's watch.
The just-sold package consists of three Doubletree brands in Tallahassee, FL, Des Plaines, IL and Minneapolis; one Hyatt in Lexington, KY; two Hiltons in Newark, NJ and Cleveland and a former Hilton in Denver; and a former Holiday Inn in Houston and the Radisson Town & Country, also in Houston. The branded properties include the Wyndham City Center in Washington, DC, Wyndham Dallas Market Center, Wyndham Westshore in Tampa and Wyndham Grand Bay-Coconut Grove in Miami. The balance of the Wyndham-flagged hotels are located in Irving and Arlington, TX; Andover and Westborough, MA; Commerce, CA; Harrisburg, PA; Newark Airport in New Jersey; Pittsburgh Airport; Syracuse, NY; and Indianapolis.
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