Wyndham International, Inc. (NYSE:WYN) today announced it received notification from the New York Stock Exchange (NYSE) that the Company`s share trading price has fallen below the continued listing criteria for an average closing price of a security of less than $1.00 over a consecutive 30 trading day period.
Wyndham International`s management has met with NYSE representatives and the NYSE`s Listing and Compliance Committee has agreed to continue the listing of the Company`s common stock through Nov. 15, 2002, subject to certain conditions. At that time, The Exchange Committee will reevaluate the Company`s listing status.
Earlier this week, Wyndham announced it had entered into a definitive agreement with Westbrook Hotel Partners IV, LLC to sell 13 hotel properties for approximately $447 million, furthering its strategy of becoming a proprietary-branded hotel operating company. Wyndham remains in discussions with Westbrook and other parties for the sale of additional non-strategic assets of which the proceeds will be used to pay down debt.
Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Based in Dallas, Wyndham 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.