Cendant acquires Wyndham hotels
Cendant Corporation is entering the upscale lodging sector at long last after acquiring the Wyndham hotel brand and franchise for $100 million in cash.
Cendant bought more than 100 full-service lodging properties in major US, Mexican and Caribbean markets.
Cendant will also acquire franchise agreements for 82 hotels and management contracts for 29 hotels from Wyndham, an affiliate of The Blackstone Group.
“We have long sought to add an upscale hospitality element to our portfolio,” said Stephen P. Holmes, chairman and chief executive officer of Cendant’s Travel Division.
“We intend to build upon Wyndham’s existing franchising and property management capabilities. We also expect to pursue cross-selling opportunities and to explore property development, branding and marketing synergies with our vacation ownership and other travel businesses,” he added.
Steven A. Rudnitsky, Cendant Hotel Group chairman and chief executive officer, said:
“As one of the world’s largest hotel companies, we intend to leverage Cendant’s scale to build on Wyndham’s brand equity, further strengthen the existing base of properties and grow the brand both domestically and internationally in the upscale lodging sector.”
By acquiring the Wyndham management contracts, Cendant Hotel Group will transition from a pure franchisor into a diversified management and franchise company for the first time in its 15-year history.
Franz Hanning, president and chief executive officer of Cendant Timeshare Resort Group — the world’s largest owner and operator of vacation ownership companies — said:
“The association with a nationally recognized upscale hotel brand represents a potentially powerful competitive advantage and opportunity to enhance our position as the industry sales leader by further expansion into the high-end sector of the timeshare business.”
The deal is scheduled to close next month, subject to regulatory approvals. New York City-based Cendant Corporation provides travel and residential real estate services to businesses and consumers in more than 100 countries.
Report by David Wilkening
David
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