DALLAS Wyndham International, Inc. announced today that it has completed the previously announced sale of the Malmaison brand and hotel properties in England and Scotland to Marylebone Warwick Balfour Group Plc. Wyndham received gross proceeds of $111 million.
With the closing of the transaction, Wyndham has divested $406 million in non-strategic assets this year, exceeding its 2000 target of $300 million, as part of its strategic plan to focus on Wyndham-branded hotel and resort operations.
“The sale represents a very attractive price for the Malmaison assets and is another important step in our strategy of concentrating primarily on Wyndham-branded upscale and luxury properties,” said Fred Kleisner, chairman/CEO of Wyndham. “Proceeds from the sale of non-core and non-strategic assets are being used primarily to reduce debt and to enhance our Wyndham brand.”
Malmaison hotels are located in Leeds, Manchester, Newcastle, Glasgow and Edinburgh, with hotels planned in Birmingham and London. (11/6/00)