Wyndham Sells $60M In Assets To Host Marriott

DALLAS— Wyndham International has sold minority partnership interests in seven Marriott-branded hotels to Host Marriott Corp. at a cash price of approximately $60 million plus the release of certain operating obligations that were held by Wyndham prior to the close of the transaction. Under the terms of the deal, Host Marriott will remain the managing general partner of each of the seven properties, either as wholly owned entities or as part of a partnership. None of the hotels involved in the transaction were controlled or operated by Wyndham International. Wyndham has previously announced its goal to divest $500 million in non-strategic properties during 2001. Prior to the Host Marriott sale, the company had sold eight hotels and one non-EBITDA producing asset. These sales, combined with the Host Marriott transaction, total approximately $194 million.