Wyndham Worldwide (WYN) Announces Acquisition of Fën Hotels
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Wyndham Hotel Group announced its acquisition of Latin America's leading Fën Hotels, adding 26 management contracts across Argentina, Peru, Costa Rica, Uruguay, Paraguay, Bolivia, and the U.S. including two new Fën-built Wyndham Grand hotels opening in Montevideo, Uruguay, and Asunción, Paraguay. With the addition of Fën Hotels' signature Esplendor Boutique Hotels and Dazzler Hotels, Wyndham Hotel Group's portfolio of distinct brands grows to 18, all of which will be bookable through the company's award-winning loyalty program, Wyndham Rewards, by the end of 2017.
Fën Hotels' 100+ executives and management staff in Buenos Aires will continue leading Fën hotels and augment Wyndham Hotel Group's Latin America team as Fën's current headquarters becomes Wyndham Hotel Group's new Latin America HQ for management operations. Current Fën CEO, Patricio Fuks, will remain as chairman of Fën, helping lead Fën's explosive growth across the region.
"Over the last 14 years, Fën Hotels' dedicated and trailblazing leadership-team has introduced a diversified and iconic portfolio with celebrated brands embraced by guests across Latin America," said Paulo Pena, president and managing director for Wyndham Hotel Group in Latin America and the Caribbean. "From design-led boutique hotels to an exceptional focus on service and comfort, Fën Hotels delight guests visit after visit making for a great addition to our portfolio as we continue delivering elevated experiences for our guests."
Latin America continues showing signs of economic growth – manifested in new infrastructure projects, foreign investment, record international visitors and a growing middle class population – driving the need for quality hotel supply across the region. Fën Hotels is uniquely poised to leverage the region's appetite for quality accommodations with 22 existing hotels in 6 countries and a strong pipeline throughout Latin America. Together with Wyndham's existing hotels in the region, the combined portfolio of 188 hotels in 19 countries joins Wyndham's nearly 8,000 hotels across the globe, providing business and leisure travelers a multitude of branded hotel choices.
"Wyndham Hotel Group's strength and significant scale as the company with more hotels globally than any other hotel company -- dramatically increases our distribution, immediately enabling us to grow faster not only in Argentina, but also throughout the region ensuring more guests experience what Fën Hotels have to offer," said Patricio Fuks, Fën Hotels CEO and co-founder. "As we integrate the companies over the next 18 months, becoming part of the Wyndham family of brands will enable our guests to have access to some of the most aspirational vacation experiences on earth thanks to Wyndham Rewards, Wyndham's unparalleled loyalty program, which makes redeeming free nights in hotels, condos and homes simple and attainable."
Additionally, Fën Hotels' partner, Emprenurban, led by CEO Ivan Kozicki, will become a Wyndham strategic partner across Latin America, launching the first two Wyndham Grand Hotels in Latin America later this year and next. "Coupling our proven development model and capabilities across Latin America with Wyndham's global brands and resources will ensure an accelerated and robust joint growth pipeline for Fën and Wyndham," said Ivan Kozicki, Emprenurban CEO and Fën Hotels co-founder.
Wyndham Hotel Group is committed to continuing to grow its global management operations and distribution system as it looks for new development opportunities and strategic brand acquisitions around the world.
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