Wyndham Worldwide Corporation today announced it has completed the acquisition of U.S. Franchise Systems, Inc. and its Microtel Inns & Suites(R) and Hawthorn Suites(R) hotel brands from a subsidiary of Global Hyatt Corporation for a purchase price of $131 million. The transaction is expected to be slightly accretive to earnings in 2008.
The addition of Microtel Inns & Suites, a chain of 298 all-new-construction economy hotels with 35 more under construction, and Hawthorn Suites, a chain of 91 all-suites, extended-stay hotels, expands the Wyndham Hotel Group system to 12 brands that encompass nearly 7,000 hotels on six continents.
“This acquisition is a great fit for Wyndham Worldwide,” said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. “It further leverages our franchise system, gives us more avenues to grow domestically and internationally, and advances our strategic goal of growing Wyndham Hotel Group’s contribution to our overall profitability.”
Logo from Wyndham Hotels and Resorts.
No comments yet.