The closing completes all terms of an agreement reached in September for the sale of 12 non-proprietary assets and one Wyndham-brand holding that holds onto the flag under a 10-year franchise pact. A Dec. 5 closing brought the transfer of 11 hotels for $344.7 million. Sunstone Hotel Investors will manage the 13 properties.

Wyndham delivered a year-end closing on the package, just as it promised in September. Going forward, there are still 34 hotels left to hawk in Wyndham's strategy to grow through branding rather than ownership. Another closing, it previously was intimated to GlobeSt.com could be coming in the first quarter. As with other such sales in today's economy, all proceeds are being used to reduce debt. For previous story, click here.

Westbrook Hotel Partners IV is a newly formed entity of Westbrook Partners Real Estate Fund IV. Bear, Stearns & Co. Inc. and J.P. Morgan Securities Inc. served as Wyndham's financial advisers.