Wyndham Finalizes Acquisition of La Quinta
Wyndham Worldwide Corporation (NYSE:WYN) announced yesterday that it completed its acquisition of La Quinta Holdings, a hotel franchising and hotel management business. Over 900 hotels that are affiliated with La Quinta will now also be associated with Wyndham’s 9,000 hotels under its portfolio of 20 hotel brands.
The acquisition significantly expands Wyndham to have more of a presence in the midscale hotel market.
Wyndham Hotels & Resorts funded the $1.95 billion acquisition of La Quinta with proceeds from its $500 million offering of 5.375% senior notes due 2026 completed in April and a $1.6 billion term loan due 2025 that closed in connection with the acquisition.
Wyndham said that La Quinta franchise owners will benefit La Quinta guests and franchisees will soon benefit from its focus on product quality, technology solutions and its loyalty program that will pull in guests.
*photo by faungg