DALLAS-Wyndham International Inc. and the Blackstone Group have closed on a $3.24-billion merger, a culmination of hard negotiations as the final step in the hotelier's transition into a management-only operation. As anticipated, the final document was inked within days of Wyndham's stockholders giving the "all clear" to the merger plan.
Under the terms of the merger, Wyndham's common stockholders will get $1.15 per share in cash, excluding interest. Preferred stockholders are entitled to $72.17 per share in cash, minus interest. For other Wyndham-Blackstone stories, click here.
Wyndham execs weren't readily available to discuss today's signing. As previously reported, the union creates a wholly owned, private subsidiary, Wind Hotel Holdings Inc. SEC documents, filed earlier today, reveal nothing more than what has been previously reported by GlobeSt.com and other news outlets.
Market watchers have kept a close eye on Wyndham's transition into a management-only company, using disposition as the primary tool in the strategy box. The hotelier is about to turn over the last of 25 deeds in a $366-million transaction with Goldman Sachs, axing the Wyndham Toledo from the portfolio. The last non-core asset, the Park Plaza in New Orleans, is under negotiation, GlobeSt.com was previously told. With Blackstone in control, industry experts are waiting to learn if more properties from the Wyndham portfolio will make their way to market or if the new owner plans to raise the hotelier's flag on some of its other hotel holdings.
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