Search
 

Wyndham Mortars Turnaround Strategy with Dispositions, Key Players

DALLAS-Wyndham International's three-year, turnaround plan is working, says the board chairman hired last year to set the course. More properties will be sold to focus on key facilities, ticketed for $184 million in improvements in 2001.

By Connie Gore | Updated on December 20, 2000

DALLAS-Wyndham International Inc. vows to stay the course of a three-year, turnaround strategy put into play to return stock value to its investors. At least that’s the message from yesterday’s fourth quarter conference call, while announcing the final appointment to a new management team assembled just to steer the plan. Non-strategic properties will continue to be sold and revenue applied to reduce debt plus expand and improve core brands of Wyndham Luxury Suites, Wyndham Hotels & Resorts and Summerfield Suites. The three-year plan will come full circle in 2002.

Jeff Wagoner, a 20-year hotel industry veteran, rounds out the turnaround team as the new senior vice president of hotel/garden hotel operations. He will oversee the more than 100 Wyndham properties.

Until this year, Dallas-based Wyndham had never had a strategically aligned, full-service vice presidents’ team. In addition to Wagoner, the senior vice presidents’ team consists of Michael Welly, appointed in March; Robert Burg, named in May; and Andrew Katz and Mike Grossman, both put in place in 1998.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.