X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Wyndham International Inc. and two portfolio buyers have closed the first leg of sales for 2,574 rooms in 11 properties in eight states. Wyndham stays in control as asset manager and all 11 hold firm to their flags.

Dallas-based Lone Star Funds’ first round secured deeds to three non-proprietary hotels and a trio of Wyndham-branded assets. A seventh hotel, the 252-room Doubletree Hotel at 1400 Milwaukee Ave. in Glenview, IL, will be exchanged in January. When the Lone Star buy-out was announced a few months ago, industry sources’ best guesses were the 1,363-room portfolio in four states brought $30,000 to $50,000 per key for a ballpark range of $40.9 million to $68.1 million.

The Annapolis, MD-based Thayer Lodging Group closed on three of its four Wyndham purchases, spending $51.4 in its first go-around. Pending lender approval, the sale of the 242-room Wyndham Lisle at 3000 Warrenville Rd. in Lisle, IL to Thayer Hotel Investors IV will occur in December, taking the full cost to $69.6 million for 1,211 rooms in four states.

Wyndham’s strategy is to emerge as a hotel operator with long-term management pacts, except for a key portfolio of resort-style properties. The Dallas-based hotelier has 27 hotels left to sell on its disposition list.

Lone Star picked up two historic hotels, the 124-room Union Station at 1001 Broadway in Nashville and 147-room Tutwiler Wyndham at in Birmingham, AL. Its third closing was the 320-room Wyndham Roanoke Airport at 2801 Hershberger Rd. in Roanoke, VA. The closing also included two non-core Dallas assets, the 199-room Radisson Hotel at 2330 W. Northwest Highway and 172-room Holiday Inn Aristocrat Hotel at 1933 Main St. in the CBD as well as the 148-room Holiday Inn at 441 Rio Concho Dr. in San Angelo, TX. The majority of properties rose between 1983 and 1988. All were bought in 1998 from Grand Heritage Hotels International of London and Interstate Hotels & Resorts Inc. of Arlington, VA.

Thayer’s first round of closings, using separate funds to claim the deeds, secured the 408-room Wyndham Miami Airport at 3900 NW 21st St. ; 311-room Wyndham Colorado Springs at 5580 Tech Center Dr.; and 250-room Wyndham Peachtree Hotel & Conference Center at 2443 Highway 54 West in Peachtree City, GA. Wyndham bought the hotels, built between 1976 and 1988, about six years ago in several portfolio acquisitions.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.