Wyndham buys Dolce Hotels
Wyndham Hotel Group has bought Dolce Hotels and Resorts for $57 million in cash.
Dolce has 24 properties and over 5,500 rooms across seven countries in North America and Europe.
The deal sees Wyndham expand its managed portfolio by nearly 40% and said the move was ‘consistent with its core asset-light strategy’.
It also gives it a significantly larger presence in the group and meetings market.
Wyndham says it plans to ‘maintain and grow’ the Dolce brand along with its signature service, technology and food and beverage products.
"Dolce is a terrific strategic fit for us," said Geoff Ballotti, president and CEO Wyndham Hotel Group.
"We look forward to continuing the growth of the Dolce brand and leveraging these Dolce attributes across the Wyndham global system while enhancing the Dolce owner and guest experience."
Philip F. Maritz, chairman of Dolce Hotels and Resorts, added: "Steven Rudnitsky, our president and chief executive officer, and I have consistently looked for strategic opportunities to grow Dolce in a way that preserves the brand, continues our focus on meetings and benefits our property owners.
"When Wyndham Worldwide agreed to just such an approach with Dolce, Rudnitsky and his senior leadership team concurred that the acquisition would achieve our objectives and provide the best future for all our stakeholders.
"Our founder Andy Dolce and the rest of our board supported this approach. Also, speaking as a continuing owner of two Dolce-managed properties through Broadreach Capital Partners, I am confident of incremental benefits under the Wyndham Hotel Group umbrella and its dynamic plans for the brand and its properties."
Dolce has meetings and resort properties in Aspen and Napa Valley in the US and also in Barcelona, Brussels, Munich, Frankfurt, Paris and Provence.
Wyndham, meanwhile, has a strong meetings’ presence in locations such as Chicago, Miami, Berlin, Doha, Hangzhou and Xian, China.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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