Neither Cendant nor Blackstone would comment further on the arrangement until the deal, which involves more than 100 full-service properties in the US, Mexican and Caribbean markets, closes next month. Cendant is not acquiring any of the properties.

Cendant will acquire franchise agreements for 82 hotels and management contracts for 29 hotels. The acquisition also includes the worldwide rights to the Wyndham brand for timeshare development and sales.

"We have long sought to add an upscale hospitality brand to our portfolio," says Stephen P. Holmes, chairman and chief executive officer of Cendant's Travel Content Division. Steven A. Rudnitsky, Cendant Hotel Group chairman and chief executive officer, adds that the firm intends to leverage Cendant's scale to build on Wyndham's brand equity and grow the brand both domestically and internationally. A separate management team will be put in place and report to Rudnitsky.