Interstate Venture Tags 22 Hotels With Wyndham Brands

Interstate Hotels & Resorts today announced a joint venture to convert 22 Exel Inn properties, located largely in the Midwest, into various Wyndham Worldwide brands.

The joint venture pairs the Arlington, Va.-based Interstate with Pittsburgh-based FFC Capital Corp., with Interstate investing a 10 percent equity in the 22 select-service properties, which have a total of 2,397 rooms. The properties were converted to Wyndham brands upon today's closing, and Interstate's equity includes a share of capital improvements for the rebranding as well as management of the properties.

The hotels all are located along major interstates in Illinois, Iowa, Michigan, Minnesota, Wisconsin and Texas. "Interstate's proven track record in the select-service sector makes them an ideal choice as manager for these properties," FFC Capital president Fred Branovan said in a statement.

In another agreement with FFC Capital, Interstate also will manage the 202-room Courtyard by Marriott Marlborough located between Boston and Worcester, Mass. The ventures bring Interstate's ownership interests to a total of 54 hotels and resorts, and the company and its affiliates manage 218 properties, or 45,500 rooms, in all.