DALLAS--(BUSINESS WIRE)--Dec. 19, 2002--Wyndham International Inc. (AMEX:WBR) announced today that it has closed the sale of two properties for $102.7 million to Sunstone Hotels and Westbrook Hotel Partners IV, LLC.
The closing completes the agreement reached by the two parties in September that outlined the sale of 12 non-proprietary assets and one Wyndham-branded asset, which will retain the Wyndham flag pursuant to a ten-year franchise agreement, for approximately $447 million. On Dec. 5, Wyndham announced the closing of 11 of the 13 properties for $344.7 million. The company said it would use the net proceeds from the sales to pay down debt.
We are pleased that we have completed this transaction as it continues our strategic plan to become a proprietary branded hotel operating company. We intend to continue our strategy to sell the remaining 34 non-strategic assets as we enter the New Year, stated Fred J. Kleisner, chairman and chief executive officer of Wyndham International Inc.
The two properties sold in today's transaction include:
Embassy Suites Chicago
Wyndham Greenspoint Houston
All 13 properties will be managed or asset managed by Sunstone Hotel Investors, LLC. Sunstone currently operates 61 upscale and mid-scale hotels with 14,838 rooms throughout the United States with approximately 90 percent being full-service hotels. Westbrook Hotel Partners IV, LLC is a newly formed entity of Westbrook Partners Real Estate Fund IV.
Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc. served as financial advisors to Wyndham in connection with the transaction.
Wyndham International Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division.
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