Tishman sells hotel ownership interest to Wyndham Worldwide.

RIO GRANDE, PUERTO RICO: Wyndham Worldwide Corporation announced joint transactions whereby it will invest in and manage the 600-room luxury Rio Mar Beach Golf Resort & Spa in Rio Grande, Puerto Rico, under the Wyndham[R] brand and develop an adjacent 26-acre tract as a Wyndham Vacation Ownership timeshare resort.

Wyndham Hotel Management Inc. will operate the resort--currently a Westin[R]--under a 20-year agreement. The hotel will remain a Westin until May 10 when it will be reflagged as the Wyndham Rio Mar--A Wyndham Grand Resort. Wyndham Vacation Ownership expects to develop and market luxury timeshare units on the adjacent tract over the next several years. Wyndham Worldwide is purchasing a partial ownership interest in the resort, owned by Rio Mar Associates L.P.S.E., which is led by affiliates of Tishman Realty Corporation which originally developed and built the resort, which opened in 1996, and continue to co-own it.

Rio Mar Associates plans a multimillion-dollar redevelopment including a complete overhaul of the casino and an upgrade of the golf courses, hotel lobby and guest rooms.

The work will bolster capital improvements completed during the last two years. "We are proud to welcome the Wyndham Rio Mar to our collection of high-quality Wyndham properties," said Steven A. Rudnitsky. Wyndham Hotel Group president.