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GlobeSt.com UPDATE: Cendant Closes on $100M Wyndham Brand Buy

NEW YORK CITY-In a $100-million cash deal, Cendant Corp. completes its acquisition of the Dallas-based Wyndham hotel brand and franchise system. The locally based firm is not acquiring any properties as part of the transaction.

By Barbara Jarvie | Updated on October 12, 2005

NEW YORK CITY-Cendant Corp. has closed on its previously announced $100-million, all-cash acquisition of the Wyndham hotel brand and franchise system from Wyndham International, an affiliate of locally based Blackstone Group. Cendant acquired 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, however the firm is not acquiring any properties as part of the transaction.

The newly renamed Wyndham Worldwide will operate as a distinct entity within Cendant Hotel Group. A management team will focus on the brand, its managed hotels as well as franchise development. A company spokesperson tells GlobeSt.com that the firm “will be announcing staff appointments in the coming days.” Wyndham Worldwide’s corporate offices will be based in Parsippany, NJ.

Steven A. Rudnitsky, Cendant Hotel Group chairman and chief executive officer, says accelerated expansion and enhanced performance will be keystones of the Wyndham strategic plan, he said. “We will seek to aggressively expand Wyndham distribution, both domestically and internationally.”

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