Company Focuses on Remaining 24 Non-Strategic Assets Left to Sell
Wyndham International, Inc. (AMEX:WBR) announced today the sale of three non-strategic hotel assets: the 266-room Doubletree Hotel in Miami Lakes, Fla. to Garber Hotel Investments, LLC; the 128-room Radisson Hotel in Akron, Ohio to Akron Hospitality Group, L.L.C., an affiliate of Parikh and Parikh Associates; and the 224-room Holiday Inn San Francisco to Lotus Hospitality, Inc. Terms of the transactions were not disclosed.
"We will continue to divest non-strategic assets at pricing that is forward-moving to our company as we continue to reduce our debt and focus on our proprietary Wyndham brand," stated Fred J. Kleisner, chairman and chief executive officer of Wyndham International, Inc.
At the beginning of 1999, Wyndham International identified its non-strategic, owned assets. Including these three assets, the Company has successfully disposed of 129 properties, raising approximately $1.85 billion. In addition, Wyndham has converted another 20 properties to the proprietary Wyndham brand, leaving 24 non-strategic assets to sell. Wyndham International is continuing to pursue the sale of the remaining non-strategic assets with interested parties.
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