The transaction includes the sale of two non-proprietary assets and two non-strategic Wyndham-branded assets:
- 495-room Crowne Plaza Ravinia in Atlanta
- 510-room Hilton Parsippany, N.J.
- 360-room Wyndham Wind Watch Hotel in Hauppauge, N.Y.
- 322-room Tremont Boston - A Wyndham Historic Hotel
Bear, Stearns & Co. Inc. served as financial advisor to Wyndham International in connection with the transaction. All net proceeds from the sale will be used to pay down debt.
Based in Dallas, Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Wyndham owns, leases, manages and franchises hotels and resorts in the U.S., Canada, Mexico, the Caribbean and Europe, and guarantees that the best rates for its properties will be found on its proprietary Web site. For more information or to make a reservation, visit or call 800-WYNDHAM. Wyndham is a founding member of the Global Hotel Alliance (), a worldwide union of hospitality companies that provides guests with unique, personalized guest services.
Cautionary Statement
This press release contains certain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including projections about future operating results. The Company's results, expectations and objectives could differ materially from those set forth in the forward-looking statements. Certain factors that might cause a difference include, but are not limited to, risks associated with the availability of equity or debt financing at terms and conditions favorable to Wyndham; risks associated with the course of litigation; Wyndham's ability to effect sales of assets on favorable terms and conditions; Wyndham's ability to integrate acquisitions into its operations and management; risks associated with the hotel industry and real estate markets in general; competition within the lodging industry; the impact of general economic conditions; travelers' fears of exposure to contagious diseases; the impact of terrorist activity or war, threats of terrorist activity or war and responses thereto on the economy in general and the travel and hotel industries in particular; risks associated with debt financing; and other risks and uncertainties set forth in the company's annual, quarterly and current reports, and proxy statements.