Wyndham latest hotel chain to be bought
Wyndham International Inc. announced it has been bought by The Blackstone Group in a deal valued at $3.24 billion.
Fred J. Kleisner, Wyndham’s chairman and CEO, said:
“Wyndham has followed a strategic approach to simplify our corporate structure, refinance our debt and sell all non-strategic assets. We have created a stream-lined organization centered around 32 high quality owned and leased hotels and destination resorts plus the world’s pre-eminent spa, the Golden Door.”
Wyndham’s desirability was obvious with other major companies also bidding to acquire it. Those included Starwood Hotels & Resorts Worldwide, Marriott International and Intercontinental, according to a Reuters report.
“The business community believes the hotel industry is doing well and is going to get even better in the next few years, so prices are up,” said Bjorn Hanson, an analyst for PricewaterhouseCooper.
Last year’s record number of mergers and acquisitions could be broken this year, according to various analysts who expect more deals before 2005 is over.
The Dallas-based Wyndham owns, leases, manages and franchises upscale hotels and resorts in the US, Canada, Mexico, the Caribbean and Europe.
The Blackstone Group is a private investment firm. It has a long track record of investing in hotels and other commercial properties.
The deal has to be approved by stockholders, which should happen in the later part of this year.
Report by David Wilkening
David
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