Wyndham Eliminates Remaining 2002 Debt Maturities

DALLAS, Sep 3, 2002 (BUSINESS WIRE)—Wyndham International, Inc. (NYSE:WYN) today announced that it has successfully concluded the refinancing of certain of its debt, thereby eliminating all significant maturities during 2002.
As previously announced, the Company had approximately $287 million in debt with maturities coming due in 2002. Those maturities had been reduced to approximately $23 million at the conclusion of the Company`s second quarter and are now eliminated. Wyndham has already begun addressing the subsequent maturities due June 2003 and beyond.

The company`s liquidity remains strong despite the sluggish economy. After payment of all required expenses, including debt service obligations and capital expenditures, the company has approximately $255 million in excess liquidity.

“We are very pleased to have completed these refinancings on schedule,” stated Wyndham Chairman and Chief Executive Officer Fred J. Kleisner. “Even with business travel picking up more slowly than anticipated, operating cash flow remains above the amount needed for debt service, and for reinvestment in our business through capital improvements.”

Kleisner continued: “Over the longer term, consistent with our previously stated goals, we will continue moving forward with our plan to focus on proprietary branded operations and improve our balance sheet through asset divestitures on a selective basis.”

Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Based in Dallas, Wyndham International owns, leases, manages and franchises hotels and resorts in the United States, Canada, Mexico, the Caribbean and Europe. For more information, visit www.wyndham.com. For reservations, call 800-WYNDHAM.