Wyndham Int'l acquisition complete
DALLAS -- The Blackstone Group, a private investment firm, completed its acquisition of Wyndham International. In June, the Blackstone Group entered into an agreement to acquire the luxury hotel chain, based here, for $3.24 billion.
Under the agreement, approved by Wyndhams board of directors, Blackstone purchased all of Wyndhams outstanding common stock at $1.15 per share.
Wyndham International leases, manages and franchises upscale and luxury hotel and resort properties in the U.S., Canada, Mexico, the Caribbean and Europe.
Wyndham is the latest addition to Blackstones portfolio, which already includes Boca Resorts; Extended Stay America; and Prime Hospitality, which operates Wellesley Inns & Suites and Prime Hotels & Resorts. -- M.M.
NEW YORK -- With
Wyndham International now part of its portfolio, the Blackstone
Group announced the formation of a new hotel brand, the LXR Luxury
Resorts Collection.
Blackstone Real
Estate Advisors, a Blackstone affiliate, will shepherd the brand,
which encompasses 14 Wyndham hotels as well as seven hotels and
resorts from Blackstones Boca Hospitality Collection and Prime
Hospitality holdings.
A spokesperson said
LXR Luxury Resorts would be the new brand name for the
hotels.
According to LXR
officials, the Wyndham [name] will be dropped and all of the
properties will return to their original names, including the El
Conquistador Resort & Golden Door Spa, Las Casitas Village, El
San Juan Hotel & Casino and the Condado Plaza Hotel &
Casino, both in San Juan; The Boulders Resort & Golden Door Spa
in Carefree, Arizona; the Peaks Resort & Golden Door Spa in
Telluride, Colo.; the Bel Age in West Hollywood, the Carmel Valley
Ranch in Carmel, and the Golden Door Spa in Escondido, all in
Calif.; the Rose Hall Resort & Country Club in Montego Bay,
Jamaica; the Park Shore Waikiki in Honolulu; the Reach Resort and
Casa Marina Resort in Key West and the Buena Vista Palace in the
Walt Disney World Resort in Lake Buena Vista, both in
Fla.
The collection also
includes the Boca Raton Resort & Club in Boca Raton; the Hyatt
Regency Pier 66 Resort and the Bahia Mar Beach Resort &
Yachting Center, both in Fort Lauderdale; the Registry Resort &
Club and the Edgewater Beach Hotel & Club, both in Naples; all
hotels in Florida; as well as the Naples Grande Golf Club in Naples
and Grande Oaks Golf Club in Fort Lauderdale, and marinas in Boca
Raton and Fort Lauderdale. In addition, the collection also
includes the Rihga Royal in New York.
The Saratoga resort
in Saratoga Springs, New York, will join LXR from Blackstones Prime
Hospitality group.
To contact the
reporter who wrote this article, send e-mail to Michael Milligan
at[email protected].