DALLAS -- Wyndham International reached an agreement to sell its
Malmaison Hotels chain to the British firm Marylebone Warwick
Balfour for $110.8 million.
The sale includes five Malmaison properties, spread among Leeds,
Manchester and Newcastle, England, and Edinburgh and Glasgow,
Scotland.
In March Wyndham said that it would seek to sell the properties,
which are small, stylish business hotels.
A spokesman for Wyndham said the proceeds would be used to pay
off debt, and the company expects the transaction to close in the
fall.
Included in the purchase is a $16 million fee paid by a joint
venture of Marylebone Warwick Balfour and SAS, which gives the
partners worldwide rights for Malmaison expansion.