Wyndham Hotels and Resorts is an international hotel and resort chain based in the United States. It has locations in Canada, Mexico, Colombia, Ecuador, Turkey, Germany, UK, Caribbean and Margarita Island In Venezuela. The company sold many hotels in the early 2000s.
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History
Establishment
Wyndham Hotel Corporation was founded in 1981 in Dallas, Texas, by Trammell Crow, president of Trammel Crow Company (TCC). The company appeared to be named after a friend of Crow's, a woman named Wyndham Robertson, who wrote her profile for Fortune. As the company grew, it eventually joined the REIT hotel named Patriot American Hospitality (PAH). The American Patriot organizes the joint company as a Paired-share REIT, where the Patriots own real estate assets and rent out hotels to Wyndham to run.
Expansion
The company grew rapidly in the late 1990s, acquired many hotel portfolios and renamed Wyndhams. In 1998, in an effort to build a top-class limited service brand, the company acquired Summerfield Hotel Corporation and renamed it Summerfield Suites by Wyndham . Wyndham Garden Hotels is a smaller, usually full-service property, located in a suburb or airport location. Later that year, the joint company introduced a short-lived luxury brand, Grand Bay Hotels & amp; Resorts , which will include 11 hotels that the company has acquired over the last few years and will transform Patriot into a multi-brand proprietary operating and organizational organization. The company also includes several European properties, including The Great Eastern Hotel in London City.
However, the rapid growth of the company drains money and the company can not continue to grow on its own. In March 1999, the group approved a $ 1 billion restructuring when a consortium of private equity firms, including Thomas H. Lee Partners and Apollo Real Estate Advisors, took control of the company. They renamed Wyndham International . The share status of the corporate partner was dropped, and Wyndham International re-emerged as company C.
From 1999 to 2004, the company struggled to pay its debt and was forced to sell many of the hotels it had acquired in the late 1990s, often with huge discounts in industries still suffering from the 9/11 terrorist attacks. Efforts to expand Grand Bay Hotels & amp; Resorts brands were canceled, and limited brand franchise services, Summerfield Suites and Wyndham Garden Hotels, continue to lose units as hotels converted from the system. Many Summerfield Suites hotels were sold to the Intercontinental Hotels Group and converted into Staybridge Suites hotels.
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Acquisitions
In June 2005, Wyndham International was acquired by a Blackstone Group affiliate, with $ 3.24 billion and taken private. In the following months, many of its hotels are sold to Goldman Sachs Group and Columbia Sussex. Blackstone recruits most of the remaining assets as LXR Luxury Resorts and sells Wyndham and Wyndham Garden Hotels to Cendant. Blackstone sold Summerfield Suites to the Hyatt Hotel, which he named the Hyatt House.
On August 1, 2006, all Cendant hotel brands became part of Wyndham Worldwide. Wyndham Worldwide consists of the following hotel brands: Baymont Inn & amp; Suites, Days Inn, Howard Johnson, Knights Inn, Microtel, Ramada, Super 8, Travelodge, Wyndham, Wyndham Garden Hotels, Hawthorn Suites, and Wingate by Wyndham. In addition to hotels, the company also operates Wyndham Wyndham Vacation Resorts (formerly Fairfield Resort) and WorldMark by Wyndham (formerly Trendwest) while sharing resorts.
In 2013, Wyndham Worldwide acquired Shell Vacations Club for $ 102 million including $ 153 million in debt.
Libel
The Federal Trade Commission (FTC) filed a lawsuit against Wyndham in June 2012 following a security breach that led to the theft of payment card data for hundreds of thousands of Wyndham customers. Wyndham decided against a lawsuit in court, unlike many companies, who often try to resolve FTC data security enforcement action quickly. In April 2014, the United States District Court for New Jersey Judge District Esther Salas rejected Wyndham's motion to dismiss, in a much anticipated decision for the case. Wyndham has invited controversy in many other countries due to its fake arrangement and illegal sales tactics.
References
External links
- Official website
- Wyndham Golden Foz SuÃÆ'tes - Foz IguaÃÆ'§u Brasil
Source of the article : Wikipedia
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