Wyndham International Sells Six Non-Strategic Assets; Non-Proprietary Assets Sale Marks Significant Progress for Wyndham's Business Plan.Business Editors/Travel Writers DALLAS--(BUSINESS WIRE)--Feb. 2, 2004 In keeping with its plan to sell all non-proprietary assets, Wyndham International, Inc. (AMEX AMEX See: American Stock Exchange :WBR WBR West Baton Rouge WBR With Best Regards WBR Warner Brothers Records (record label) WBR Whole Brain Radiation WBR Big Rapids, Michigan (Airport Code) WBR Wide Band Radio WBR Widening But Replicating ) announced today the sale of its interest in six Doubletree Hotel properties to Slohat Hotels, L.P. Terms of the transactions were not disclosed and the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale will be used to pay down debt. Wyndham was advised by Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. and J.P. Morgan Securities Inc. on the transaction. "This is a huge step toward Wyndham's goals -- to sell all non-proprietary assets, stop paying fees to support other brands, and focus on our core brand," said Fred J. Kleisner, chairman and chief executive officer for Wyndham. "With over $1.7 billion in assets sales now complete, and a proprietary brand that continues to gain market share, we believe our strategy has not only been successful, but it also positions us well for the future." The six hotels included in the transaction are the Doubletree Anaheim, Calif.; Doubletree Tulsa, Okla.; Doubletree Allen Center, Houston; Doubletree Post Oak, Houston; Doubletree St. Louis; and Doubletree Overland Park Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Mexico, the Caribbean and Europe. For more information, visit www.wyndham.com. For reservations, call 800-WYNDHAM. |
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