Columbia Sussex Corporation announced today that it has completed the acquisition of 14 full-service hotels from Wyndham International, an affiliate of The Blackstone Group, for $1.4 billion. The hotels acquired by Columbia Sussex contain over 5,800 rooms and are located primarily in large urban markets, including Atlanta, Baltimore, Boston, Chicago, Fort Lauderdale, New Orleans, Philadelphia, San Diego, Tampa, Toronto and Washington D.C.
The acquired properties represent approximately one-half of Wyndham’s owned real estate. The fifteen remaining Wyndham owned assets were recently re-branded to become part of LXR Luxury Resorts and continue to be owned by affiliates of Blackstone.
Banc of America Securities acted as financial advisor to Columbia Sussex in connection with this transaction. Katz, Teller, Brant & Hild acted as legal advisor to Columbia Sussex. Simpson Thacher & Bartlett LLP acted as legal advisor to Wyndham and Blackstone. Bear Stearns Commercial Mortgage, Inc. and Bank of America, N.A. provided $1.1 billion of financing.
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