Cendant Corporation has completed the acquisition of the management and franchise business of the Dallas-based Wyndham Hotel chain.
Cendant paid The Blackstone Group $101 million in cash to acquire 82 franchise agreements, 27 management contracts and the worldwide rights to the hotel brand.
The newly renamed Wyndham Worldwide will operate as its own entity within the Cendant Hotel Group. Corporate offices will be based in Parsippany, New Jersey.
Steven Rudnitsky, Cendant Hotel Group chairman and CEO, said the purchase of the company’s first upscale hotel brand will allow Cendant “unprecedented cross-selling opportunities and marketing synergies with our timeshare and other travel businesses.”
Accelerated expansion and enhanced performance will be keystones of Wyndham’s strategic plan, according to Rudnitsky.
Report by David Wilkening
