Wyndham International, Inc. (AMEX:WBR) announced today the recent sale of the 191-room Wyndham Midtown Atlanta to an affiliate of Dewberry Capital Corporation for $21.75 million. The hotel remains in the Wyndham-branded portfolio through a management agreement with the new owner, John Dewberry, a prominent local developer and real estate investor. All net proceeds from the sale have been used to pay down debt.
“The sale of the Wyndham Midtown Atlanta was a targeted disposition as we continue to move forward with selling select non-strategic assets while keeping them in our brand through new management or franchise agreements,” said Fred J. Kleisner, Wyndham`s chairman and chief executive officer. “By retaining the Wyndham Midtown Atlanta in our portfolio of nine Atlanta-area properties, we remain strong in one of our key business markets.”
The Wyndham Midtown Atlanta is located across the street from Dewberry Capital`s “Midtown Square” site, which Dewberry acquired in 1999, as well as down the street from the Federal Reserve Bank, the Margaret Mitchell House and Piedmont Park. The hotel is also convenient to Georgia Tech, Coca-Cola, the Georgia Dome, Philips Arena and the Fox Theatre.
“The acquisition of the Wyndham Midtown Atlanta is another key component of our vision for Midtown square. We are committed to transforming the area into the heart of Midtown`s culture and identity. We are excited to have Wyndham as our management team,” said John Dewberry, president of Dewberry Capital Corporation.
The hotel features the TerraNova restaurant, serving Northern Californian and Italian cuisine, an exercise room, an indoor heated lap pool and whirlpool. Eight meeting rooms comprise 5,300 square feet of flexible space that can accommodate up to 200 guests.
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.