Wyndham International, Inc. (AMEX:WBR) sold the 229-room Wyndham Valley Forge Suites in Wayne, Pa. to a group led by Valley Forge Investment Corporation and SCP Private Equity Partners L.P. for $28.3 million while retaining the hotel in its Wyndham-branded portfolio through a new 20-year franchise agreement with new ownership. All net proceeds from the sale will be used to pay down debt.
“Our asset disposition program continues to move forward with success as we continue to sell all non-proprietary assets, as well as strategic Wyndham-branded properties that remain in our portfolio pursuant to new management and franchise agreements,” said Fred J. Kleisner, chairman and chief executive officer of Wyndham. “Wyndham`s disposition pipeline is strong as buyers move to valuations based on a percentage of replacement costs rather than trailing twelve month EBITDA.”
The Wyndham Valley Forge Suites is a five-story, atrium-style hotel located in the Chesterbrook Corporate Center, just minutes from Valley Forge National Park and 30 minutes from downtown Philadelphia. The property features eight meeting rooms with approximately 5,000 square-feet of meeting space, an indoor pool, whirlpool and sauna, 24-hour health club, jogging and walking trails, and nearby golf and tennis.
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.