Wyndnams sold to US firm Blackstone

16 June 2005
Wyndnams sold to US firm Blackstone

US venture-capital group Blackstone is to buy Wyndham International hotel group in a deal worth $3.24b (£1.78b).

Blackstone is offering Wyndham $1.15 per share in cash. This is 19% above the group's share price on close of trading last Monday.

The New York luxury hotel group has sold 185 hotels in the past five years in a bid to decrease debt and expand its core brand.

Wyndham's losses increased from $389.6m (£213.98) in 2003 to $509.5m (£279.84) last year. They currently own only one European hotel, the 267-room Great Eastern Hotel in London.

"Wyndham has followed a strategic approach to simplify our corporate structure, refinance our debt and sell non-strategic assets," said Fred Kleisner, Wyndham chairman.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking