US hotel giant Wyndham Worldwide is to buy the Tryp brand from current owners Sol Melia for $43 million.
Wyndham, which owns US household names Ramada, Days Inn, Super 8, Howard Johnson and Travelodge, will have a licence agreement with the current 91 Tryp hotels in Europe and South America which will still be owned, operated, managed or licenced by Sol Melia.
Wyndham and Sol will work together to develop the Tryp brand globally and market the hotels through their CRS systems and loyalty programmes.
Meanwhile the new brand will be relaunched Tryp Wyndham and will hang over hotels in Madrid, Frankfurt, Barcelona, Paris, Lisbon, Buenos Aires, Sao Paulo and Montevideo.
Wyndham Worldwide chairman and chief executive officer Stephen Holmes said: “This acquisition reflects our strategy to invest in our fee-for-service businesses and supplement organic growth with complementary brands.
“The addition of more than 90 high-performing hotels in key international cities enhances and accelerates the recent development momentum of the Wyndham Hotel Group. The transaction significantly increases our international platform, enhancing our growth opportunities, especially in Europe and Latin America.”
by Dinah Hatch
