Wyndham International Inc. of Dallas sold the property at 920 Broadway for $8.4 million or $29,577 per room. The hotel has 10,000 sf of meeting space in seven rooms.
Wyndham will use the sale proceeds to pay down debt, the Texas company says in a prepared statement. Wyndham classifies the Ramada as a "non-strategic asset." The sale is the company's 16th in the past two months.
"We are progressing with our plan to sell non-strategic assets and our team remains focused on operating proprietary branded hotels and resorts," Wyndham chairman/CEO Fred J. Kleisner says in the same statement.
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