Wyndham Sells Resort Asset for $35.3 Million and Brands Major Fort Lauderdale Hotel


Strategic Transaction Creates Stronger Resort Portfolio While Expanding Brand Presence in Key Florida Market

Wyndham International, Inc. (NYSE:WYN) has sold the 385-room Wyndham Myrtle Beach Resort and Arcadian Shores Golf Club, a leasehold interest in the golf course, and adjacent land to FelCor Lodging Trust Incorporated for $35.3 million. Under a short-term transitional agreement, the resort will retain the Wyndham flag until Spring 2003. Proceeds from the sale of the Wyndham Myrtle Beach Resort will be used to pay down debt.
As part of the same transaction, the company will now flag the Wyndham-owned and -managed Hilton Fort Lauderdale Airport to its proprietary brand, creating an even stronger Wyndham brand presence in the rapidly growing South Florida market.
As part of our ongoing brand strategy to focus on upscale and luxury accommodations, the sale of Wyndham Myrtle Beach Resort was a targeted disposition as we continue to acquire, manage and franchise assets that strengthen the Wyndham brand and enhance our distribution in important markets like Fort Lauderdale, stated Wyndham's Chairman and Chief Executive Officer, Fred J. Kleisner.
Upon completion of a multi-million dollar renovation, the Hilton Fort Lauderdale will be repositioned as the Wyndham Fort Lauderdale Airport, the brand's second hotel in Broward County and fourteenth property in Florida. Renovations will incorporate all Wyndham brand standards, including programs like Wyndham ByRequest(R), the brand's award-winning guest recognition program and the Room that Performs(R) guest room amenities that include high-speed Internet access, two-line 900 MHz cordless telephones, ergonomic Herman Miller(R) Aeron desk chairs, pillow-top Serta(R) mattresses dressed with duvets or coverlets, pillow shams, bed skirts and decorative pillows.
Located at 1870 Griffin Road in Dania, Fla., the hotel currently features 388 guest rooms and 18,500 sq. ft. of meeting space. Renovations are expected to begin immediately.
With the addition of the new Wyndham Fort Lauderdale Airport, we now have approximately 5,500 guest rooms to offer in the state of Florida, added Kleisner. We will continue the growth momentum in the state, especially in South Florida, where we pull a lot of business for our large Caribbean presence.
Wyndham's other branded properties in Florida include the Wyndham Bonaventure Resort & Spa in Fort Lauderdale; the Wyndham Casa Marina Resort and Wyndham Reach Resort, both in Key West; the Wyndham Grand Bay-Coconut Grove, the Wyndham Miami Airport, the Wyndham Miami Beach Resort, and the Summerfield Suites by Wyndham-Miami Airport, all in Miami; the Wyndham Palace Resort & Spa in the Walt Disney World Resort, the Wyndham Orlando Resort, the Summerfield Suites by Wyndham-International Drive, and the Summerfield Suites by Wyndham-Lake Buena Vista, all located in Orlando; and, the Wyndham Harbour Island and Wyndham Westshore, both in Tampa.