Wyndham Worldwide Completes Acquisition of La Quinta Holdings
Wyndham Worldwide Corporation (NYSE: WYN) has 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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
