Wyndham International, Inc. (NYSE:WYN) announced today that it has sold the 11 U.K.-based historic-style hotels of Arcadian International Limited to Hand Picked Hotels Limited of London for approximately $120 million. The company said it would re-deploy the proceeds from the sale into its Wyndham hotel brand.
“We are accelerating our focus on the Wyndham brand and establishing a strong presence in major markets. The Arcadian portfolio, with 11 hotels averaging about 60 rooms each, did not fit our strategy,” said James D. Carreker, chairman and chief executive officer. “The proceeds from the sale of these assets will enable us to seek properties that can better serve our key markets.”
Wyndham will continue with the development of the Great Eastern Hotel, a joint venture with Conran Holdings Ltd. in the City of London. The 267-room Great Eastern Hotel is scheduled to open in the first quarter 2000. The property features four restaurants, three bars, and event and meeting space. Two of the restaurants are already open. Wyndham also owns the Malmaison brand, with five properties in the U.K. Christie & Co. and Warburg Dillon Read advised Wyndham on the transaction.
Wyndham International, Inc. is one of the world`s largest hospitality and lodging companies. Through its proprietary brands and management services division, the company offers primarily upscale and luxury hotel and resort accommodations in the United States, Canada, the Caribbean, Mexico and Europe. Headquartered in Dallas, Wyndham International owns, leases, manages and franchises more than 300 hotels totaling approximately 70,000 rooms. For more information, visit www.wyndhamintl.com.