In an ongoing effort to dispose of non-core assets, Wyndham International has agreed to sell four of its branded properties to a pair of investment fund partnerships for $69.6 million. The properties will retain the Wyndham flag under a long-term management agreement with Wyndham. The fund partnerships are part of Thayer Lodging Group.
With a combined total of 1,211 rooms, the four properties are located in Georgia, Illinois, Colorado and Florida. The deal is expected to close in October.
"Our successful disposition strategy continues to be maximized by today’s optimal real estate market conditions, yielding the company high trailing 12-month EBITDA multiples," says Fred Kleisner, chairman and CEO at Wyndham.
Wyndham has sold 29 properties valued at $499.2 million so far this year.