ATLANTA As previously reported by HOTEL BUSINESS., Bass Plc is said to be considering purchasing Wyndham International. The purchase price, according to a recent Reuters report, is likely to be about $4 billion.
The Wall Street Journal recently reported that Bass and Wyndham are still in the early stages of negotiations and that it is possible a deal may not come to fruition.
Wyndham has 160 owned, managed, leased or franchised Wyndham-branded properties and 82 other hotels, with brands including Marriott, Doubletree and Hyatt. Bass, which last month bought Posthouse Hotels, a midscale hotel chain from Compass Group PLC for about $1.16 billion, has been looking for other acquisitions ever since it sold its brewing business for $3.4 billion in June 2000.
Wyndham has been selling off non-strategic assets since last year, when it sold 26 properties for $175 million. According to The Wall Street Journal s reports, Wyndham is on target to sell $500 million worth of noncore properties this year; so far it has sold $51 million. (5/18/01)
SOURCE:Reuters and The Wall Street Journal