Wyndham Worldwide (WYN) Unit Acquires Dolce Hotels in $57M Deal
- Futures rise ahead of weekly jobless claims data
- Moderna (MRNA) Tops Q2 Street Estimates, Nabs $4.2 Billion from 199 Million Sold Vaccines That Yielded 93% Efficacy Through Six Months
- Oil rises on Mideast tensions but virus concerns weigh
- Roku (ROKU) Falls Sharply on Significant Slowdown in Streaming Views, Analysts Divided
- Dollar holds gains after Fed comments, sterling ticks up after BoE
Wyndham Hotel Group, a subsidiary of Wyndham Worldwide (NYSE: WYN), announced it has acquired Dolce Hotels and Resorts, a leading provider and manager of group accommodations with a portfolio of 24 properties and over 5,500 guestrooms across seven countries in Europe and North America, for $57 million in cash.
This acquisition is consistent with Wyndham Worldwide's core asset-light strategy, and allows Wyndham Hotel Group to expand its managed portfolio by nearly 40% with a significantly larger presence in the group and meetings segment. Dolce's exceptional brand recognition among global meeting planners enhances Wyndham Hotel Group's portfolio with significant group and transient cross-selling opportunities across Wyndham's existing managed and franchised operations. Wyndham Hotel Group plans to maintain and grow the Dolce brand along with its signature service, technology and F&B products as part of its existing portfolio of brands.
"Dolce is a terrific strategic fit for us," said Geoff Ballotti, president and CEO, Wyndham Hotel Group. "With over three decades of established brand equity, Dolce is a respected leader in the group space with outstanding destination properties and some of the best meeting product offerings available in the market today. In addition, Dolce has a long, successful history of award-winning innovation in conference planning and management. We look forward to continuing the growth of the Dolce brand and leveraging these Dolce attributes across the Wyndham global system while enhancing the Dolce owner and guest experience."
"Steven Rudnitsky, our president and chief executive officer, and I have consistently looked for strategic opportunities to grow Dolce in a way that preserves the brand, continues our focus on meetings and benefits our property owners," said Philip F. Maritz, chairman of Dolce Hotels and Resorts. "When Wyndham Worldwide agreed to just such an approach with Dolce, Rudnitsky and his Senior Leadership Team concurred that the acquisition would achieve our objectives and provide the best future for all our stakeholders. Our Founder Andy Dolce and the rest of our board supported this approach. Also, speaking as a continuing owner of two Dolce-managed properties through Broadreach Capital Partners, I am confident of incremental benefits under the Wyndham Hotel Group umbrella and its dynamic plans for the brand and its properties."
Morgan Stanley & Co. LLC acted as exclusive financial advisor to the seller in connection with the transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Penn National Gaming (PENN) Acquires Score Media and Gaming (SCR) for $2B in Cash and Stock
- Forrester (FORR) Appoints LogMeIn Executive Chris Finn As New Chief Financial Officer
- AFC Gamma (AFCG) Announces Appointment of Brett Kaufman as New Chief Financial Officer
Create E-mail Alert Related CategoriesManagement Comments, Mergers and Acquisitions
Related EntitiesMorgan Stanley, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!