Wyndham International Inc. today said it has signed an agreement to be acquired by an affiliate of New York-based private equity firm Blackstone Group for $3.24 billion.
The Dallas-based hotel company, which owns, leases, manages and franchises more than 160 North American and European hotels-primarily in the upscale and luxury category-said it expects the deal to close late this year, pending approval of shareholders. Wyndham's board of directors already unanimously approved the transaction.
Blackstone Group, which owns a stake in Prime Hospitality, has been building up its hotel portfolio, particularly in the extended stay category. The firm in May acquired 16 extended stay hotels from Wichita, Kan.-based Sierra Suites
(BTNonline, May 12) and last year combined acquisitions of Extended Stay America, Homestead Studio Suites and Wellesley Inns & Suites into Extended Stay Hotels.