Westbrook Hotel Partners Acquires 13 Wyndham Hotels for $448M

BOSTON-Locally-based Westbrook Hotel Partners IV, LLC is purchasing 13 hotel properties from Dallas-based Wyndham International Inc. for $448 million. A spokesperson for Wyndham tells GlobeSt.com that while all the properties are under one agreement, the companies have not yet closed on two of the hotels.Wyndham’s Darcie Brossart says that the companies expect to close on the Embassy Suites in Chicago and the Wyndham Greenspoint in Houston by the end of the month. She points out that these two properties are cross-collaterized with one another–one cannot be sold without the other. The Greenspoint hotel is the only proprietary asset being sold in this deal and Brossart emphasizes that it is only being sold because of the cross-collateralization. Wyndham will continue to manage the facility, she says, in a ten- year franchise agreement.The other properties being sold are Marriott Tyson’s Corner in Vienna, VA; Marriott Houston North at Greenspoint in Houston; Marriott Philadelphia West in West Conshohocken, PA; Marriott Troy in Troy, MI; Hilton Del Mar in Del Mar, CA; Hilton Huntington in Melville, NY; Doubletree Suites Minneapolis in Minneapolis; Radisson Englewood in Englewood, NJ; Radisson Ft. Magruder in Williamsburg, VA; Hyatt Newporter in Newport Beach, CA; and the Valley River Inn in Eugene, OR.Fred J. Kleisner, chairman and CEO of Wyndham, says that with the sale, the company has sold approximately $1.4 billion in non-strategic assets over the past four years. Kleisner notes that Wyndham is “aggressively pursuing” a disposition strategy to sell the remaining 35 non-proprietary assets in its portfolio. He emphasizes that the company is focused on becoming a “proprietary-branded” hotel operating company. All 13 properties will be managed or asset managed by Sunstone Hotel Investors, LLC.