WYN: Wyndham International Inc Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : WYN: Wyndham International Inc

WYN 108.44

-2.1%

May 31 5:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: leigh aulper	7/12/2001 8:44:41 AM
	of 7

Wyndham International Sells $60 Million in Non-Proprietary Assets to Host Marriott Company Moves Forward With Strategy to Focus on Proprietary Branded Operations DALLAS--(BUSINESS WIRE)--July 12, 2001--Wyndham International, Inc. (NYSE:WYN - news) today announced that it has sold minority partnership interests in seven Marriott branded hotels to Host Marriott Corporation (NYSE:HMT - news) at a cash price of approximately $60 million plus the release of certain operating obligations that were held by Wyndham prior to the close of the transaction. Under the terms of the transaction, Host Marriott will remain the managing general partner of each of the seven properties, either as wholly owned entities or as part of a partnership. None of the hotels involved in the transaction were controlled or operated by Wyndham International. ``We are very pleased to have completed this transaction, which will further improve our balance sheet while bringing us another important step closer to our goal of being a proprietary branded operating company, focused solely on the Wyndham brand,'' stated Fred J. Kleisner, chairman and chief executive officer of Wyndham International. Wyndham has previously announced its goal to divest $500 million in non-strategic properties during 2001. Prior to the Host Marriott sales announced today, the company had sold eight hotels and one non-EBITDA producing asset. These sales, combined with the transaction announced today, total approximately $194 million. The proceeds from these sales will be used to reduce debt.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next