American General Hospitality Corporation and Wyndham Hotel Corporation jointly announce strategic alliance.DALLAS--(BUSINESS WIRE)--January 2, 1997--American General Hospitality Corporation (NYSE NYSE See: New York Stock Exchange :AGT AGT antiglobulin test. ) and Wyndham Hotel Corporation (NYSE: WYN n. 1. One of the runes ( ) adopted into the Anglo-Saxon, or Old English, alphabet. It had the value of modern English Under the terms of the alliance, Wyndham will have a non-exclusive option to franchise hotels acquired by American General Hospitality that will be subject to franchise brand conversions. The alliance also provides that Wyndham would be required to make an investment in American General Hospitality based upon a formula taking into account the franchise fees Wyndham receives under each franchise agreement. Additionally, American General Hospitality will have the right to be included in any solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of REITs by Wyndham on any hotel purchase that Wyndham intends to complete in conjunction with a REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). . The alliance extends until December 31, 1999, subject to earlier termination upon a change in control of either party. Wyndham Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. James D. Carreker said, "We are quite pleased about expanding our franchising opportunities through American General Hospitality. This agreement reflects our commitment, with select operators, to the potentially high growth franchise area and our continued efforts to expand Wyndham's strategic relationships." American General Hospitality Corporation President and Chief Executive Officer, Steve Jorns said, "We are pleased to have the opportunity to enter into an alliance with an outstanding organization like Wyndham Hotel Corporation. The combination of our experience at acquiring and repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. quality hotels, and Wyndham's marketing strength and widely-recognized brand name, will be beneficial for both organizations." American General Hospitality Corporation is a publicly traded real estate investment trust (REIT) and an active owner of hotel real estate with a portfolio of 15 properties. Operating in major metropolitan markets, the company is focused on adding value to its portfolio through acquisitions, redevelopment and brand repositioning. The Wyndham brand consists of three upscale full- service hotel products: Wyndham Hotels, Wyndham Garden Hotels and Wyndham Resorts. The Wyndham brand is tailored to urban, suburban and select resort markets to best serve its core customers, which include individual and group business travelers. Dallas-based Wyndham Hotel Corporation operates or franchises more than 75 hotels and resorts in the U.S., Canada, and Caribbean. For reservations or information, call your travel planner or Wyndham Hotels & Resorts at 800- WYNDHAM. For additional information on Wyndham, access Travel Web on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.travelweb.com. CONTACT: AT WYNDHAM or AT AMERICAN GENERAL Cary Jehl Broussard HOSPITALITY Wyndham Hotel Corporation Steven D. Jorns 214/863-1337 Kenneth E. Barr, 214/904-2000 or Media Relations: Investor Relations Investor relations The process by which the corporation communicates with its investors. : Wendy Lussier Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Randolph Patrice Tanaka & Company McDonough & Associates 212/229-0500 212/334-0033 or Investor Relations: Leslie Hunziker Financial Relations Board, 312/266-7800 |
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