Wyndham Worldwide Corporation has announced that its subsidiary, Wyndham Hotels & Resorts, has completed its acquisition of La Quinta Holdings' hotel franchising and hotel management business, which adds more than 900 franchised hotels with a total of nearly 89,000 rooms to Wyndham's midscale portfolio.
PARSIPPANY, N.J., May 31, 2018 -- Wyndham Worldwide Corporation (NYSE: WYN) today announced that its subsidiary, Wyndham Hotels & Resorts, has completed its previously announced acquisition of La Quinta Holdings' hotel franchising and hotel management business. The addition of La Quinta's over 900 franchised hotels with a total of nearly 89,000 rooms builds Wyndham Hotels & Resorts' midscale presence and expands its reach further into the upper-midscale segment of the lodging industry.
Wyndham Hotels & Resorts is the world's largest hotel franchising company based on number of properties and will become an independent public company (NYSE: WH) when it is spun-off from Wyndham Worldwide after the market close on May 31. Wyndham Hotels & Resorts now operates a portfolio of 20 lodging brands with nearly 9,000 franchised hotels across more than 80 countries and six continents, and is a leading provider of hotel management services.
La Quinta's loyalty program, La Quinta Returns®, which includes approximately 15 million enrolled members, will be combined in the coming months with the award-winning Wyndham Rewards® program, which includes over 56 million enrolled members. As a result, La Quinta guests and franchisees will soon benefit from Wyndham Hotels & Resorts' intense focus on product quality, state-of-the-art technology solutions and a loyalty program widely regarded as the most generous in the industry.
Wyndham Hotels & Resorts funded the $1.95 billion acquisition of La Quinta with proceeds from its $500 million offering of 5.375% senior notes due 2026 completed in April and a $1.6 billion term loan due 2025 that closed in connection with the acquisition.
Prior to Wyndham Hotels & Resorts' acquisition of La Quinta's hotel franchising and hotel management business, La Quinta completed its spin-off of CorePoint Lodging Inc. (NYSE: CPLG), a publicly traded real estate investment trust that owns 316 La Quinta hotels.
ABOUT WYNDHAM WORLDWIDE
Wyndham Worldwide Corporation (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange and managed vacation rentals. With a collective inventory of over 22,000 places to stay across 110 countries on six continents, Wyndham Worldwide and its more than 42,000 associates welcome people to experience travel the way they want. This is enhanced by Wyndham Rewards®, Wyndham Worldwide's award-winning guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.
ABOUT WYNDHAM HOTELS & RESORTS
Wyndham Hotels & Resorts, Inc. (NYSE: WH beginning June 1) is the largest hotel franchising Company in the world, with nearly 9,000 hotels across more than 80 countries on six continents. Through its network of approximately 790,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company's award-winning Wyndham Rewards® loyalty program offers more than 56 million enrolled members the opportunity to redeem points at thousands of hotels, condominiums and holiday homes globally. For more information, visit www.wyndhamhotels.com.
SOURCE Wyndham Worldwide
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