NEW YORK -- Cendant
Corp. completed its acquisition of the management and franchise
business of the Dallas-based Wyndham hotel chain from an affiliate
of The Blackstone Group for $101 million in cash.
Blackstone, which
owns Wyndham's parent, Wyndham International, retains ownership of
Wyndham's portfolio of real estate assets.
Wyndham is the
first upscale brand in Cendant's lodging portfolio, which includes
the Days Inn, Super 8 and Ramada brands.
Under terms of the
acquisition, Cendant will take over the chain's 82 franchise
agreements, 27 management contracts and the worldwide rights to the
Wyndham brand for hotel and timeshare development.
It also, marks the
first foray by Cendant, historically a franchiser, into the hotel
management business.
In a statement,
Steven Rudnitsky, Cendant Hotel Group chairman and CEO, said the
acquisition of the company's first upscale hotel brand allows
Cendant to pursue "unprecedented cross-selling opportunities and
marketing synergies with our timeshare and other travel
businesses."
To contact the
reporter who wrote this article, send e-mail to Michael Milligan at
[email protected].