by Donald Wood
Last updated: 11:15 AM ET, Thu May 31, 2018
Wyndham Hotels & Resorts announced Thursday the completion of its acquisition of the La Quinta Holdings' hotel franchising and hotel management business.
Originally announced in January, the deal will add over 900 La Quinta franchised hotels with a total of nearly 89,000 rooms to the Wyndham portfolio while also building on the brand's midscale and upper-midscale presence.
With the acquisition, Wyndham now boasts a portfolio of 20 lodging brands with nearly 9,000 franchised hotels across more than 80 countries and six continents and is a leading provider of hotel management services.
"It is an exceptionally strong brand that is led by service-minded associates who deliver some of the highest customer engagement levels in our industry," Wyndham Hotel Group CEO Geoff Ballotti said in January. "We expect that La Quinta guests and franchisees will benefit from our intense focus on product quality and our best-in-class technology, digital, loyalty and distribution platforms. This acquisition also significantly expands our hotel management business and provides us with substantial new opportunities to drive increased growth in our business."
For the approximate 15 million La Quinta Returns loyalty program members, the existing program will be combined over the next several months with the Wyndham Rewards program, which includes over 56 million enrolled members.
Financial details of the $1.95 billion acquisition of La Quinta revealed that Wyndham funded the sale with a $500 million offering of 5.375 percent senior notes due 2026 completed in April and a $1.6 billion term loan due 2025 that closed in connection with the deal.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
