Wyndham International, Inc., whose shares are paired and trade with those of Patriot American Hospitality, Inc. (NYSE:PAH), today said it intends to sell the 11 U.K.- based historic-style hotels of Arcadian International Limited.
The portfolio includes 10 historic properties in England and one in Jersey. The hotels are all of distinctive character and are close to major metropolitan areas as well as main road and rail networks. Most have leisure club facilities attached. Christies have been appointed as selling agents and the overall process will be managed by Warburg Dillon Read.
Wyndham will focus its European operations on The Great Eastern Hotel in the City of London and on its Malmaison flag. The 266-room Great Eastern Hotel, a joint venture with Conran Holdings Ltd., is scheduled to open in the coming months. Wyndham`s proprietary Malmaison brand offers contemporary-style hotels with traditional French brasseries. The opening of its fifth Malmaison in Leeds next month is part of a planned rollout of this emerging brand.
Wyndham also said that Robert Breare, the Chief Executive Officer of Arcadian International Limited, will leave the Company on July 9, 1999, to become Chief Executive Officer of Ushers of Trowbridge, a brewer which owns over 800 pubs.
Breare founded Arcadian in 1990 as a (pound)5 million company growing to over (pound)110 million at the time of its acquisition by Patriot in 1998. This expansion program included diversifying into a number of high profile and exciting projects such as Malmaison and the Great Eastern. Under Breare`s leadership, Arcadian has achieved an outstanding reputation in the U.K. and has won a number of awards, both centrally and at the hotel level.
Wyndham International, Inc. is the paired operating company of Patriot American Hospitality, Inc., one of the largest hotel companies in the United States. The Companies recently announced their intent, subject to shareholder approval, to merge Patriot American with a subsidiary of Wyndham International, Inc. and terminate Patriot`s status as a REIT.