DALLAS—(BUSINESS WIRE)—Dec. 9, 2002—Wyndham International, Inc. (AMEX:WBR) announced today that it has closed the sale of the Warner Center Marriott located in Woodland Hills, Calif., to Warner Center Hotel Partners IV, LLC for approximately $69.5 million.
Today`s announcement arrives on the heels of last week`s closing of 11 assets for approximately $345 million to Westbrook Hotel Partners IV, LLC as well as the planned closing of an additional two assets for approximately $103 million prior to year-end. All net proceeds from the sales will be used to pay down debt.
“The strength in the real estate market has created an effective arena for us to sell our non-strategic assets at pricing that is forward-moving for our company,” stated Fred J. Kleisner, chairman and chief executive officer of Wyndham International. “We will continue to execute our plan to divest non-strategic assets, to reduce our debt and to focus on our proprietary-branded properties.”
At the beginning of 1999, Wyndham International identified 152 non-strategic, owned assets. Including the Westbrook sale, the Company will have successfully disposed of 102 of those properties, raising approximately $1.5 billion. In addition, Wyndham has converted another 16 properties to the proprietary Wyndham brand, leaving 34 non-strategic assets to sell. Wyndham International is continuing to pursue the sale of the remaining non-strategic assets with interested parties.
Sunstone Hotel Investors, LLC, which currently operates 61 upscale and mid-scale hotels with 14,838 rooms throughout the United States with approximately 90 percent being full-service hotels, will manage the Warner Center Marriott. Warner Center Hotel Partners IV, LLC is a newly formed entity created by Westbrook Real Estate Fund IV.
Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc. served as financial advisors to Wyndham in connection with the transaction.
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.