DALLAS— Wyndham International has entered into a definitive agreement with Westbrook Hotel Partners IV to sell 13 hotel properties for approximately $447 million. All 13 properties will be managed or asset managed by Sunstone Hotel Investors. Sunstone currently operates 61 properties throughout the United States. The agreement, expected to close within three to four months, outlines the sale of 12 non-proprietary assets and one Wyndham-branded asset, which will remain a Wyndham pursuant to a 10-year franchise agreement. Fred Kleisner, chairman/CEO of Wyndham, said the deal reflects the company’s strategy to sell all non-strategic assets and “use the proceeds to reduce our debt.” Wyndham said it is also continuing to discuss with Westbrook and other parties the sale of additional non-strategic assets. Upon the transactions closing, which is subject to customary closing conditions, all net proceeds will be used to pay down debt. Wyndham earlier this year had stressed it would not sell assets that did not fit its proprietary brands at “fire sale” prices. The company has for the last three years worked at honing its portfolio of hotels in order to work best with those that fit its core brands.
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