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Wyndham International
Wyndham International, previously Patriot American Hospitality, was an American hotel company based in Dallas, Texas.
Patriot American Hospitality was formed in April 1995 as a real estate investment trust (REIT) and made its initial public offering in October 1995.
In 1997, Patriot American combined with the parent companies of the Bay Meadows Racetrack in a reverse merger, effectively splitting into two companies under the same ownership: a REIT and an operating company.
In January 1998, Patriot American bought Wyndham Hotel Corporation for $1.3 billion, and changed its operating company's name to Wyndham International.
In June 1998, Patriot American and Wyndham acquired Interstate Hotels, the largest independent hotel operator in the country, for $2.1 billion. Interstate's portfolio included 40 owned-and-operated hotels, most of them in the upscale segment, and 182 other hotels under lease or management. Many of the Interstate hotels were planned to be converted to the Wyndham brand, to strengthen its name recognition.
Later that month, the company acquired the Summerfield Hotel Corporation for $299 million. This acquisition added the all-suite Summerfield Suites and Sierra Suites Hotels brands, with a total of 40 properties, to Wyndham's portfolio.
The firm grew rapidly in the late 1990s, acquiring multiple portfolios of hotels and renaming them Wyndhams. In 1998, the company introduced a short-lived luxury brand, Grand Bay Hotels & Resorts, which would include 11 hotels that the company had acquired over the past few years and would turn Wyndham into a multi-brand hotel operating and ownership organization. The company also included several European properties, including the Great Eastern Hotel in London.
However, the company's rapid growth drained cash and the firm was unable to continue to grow on its own. In March 1999, the group agreed to a $1 billion restructuring when a consortium of private equity firms, including Thomas H. Lee Partners and Apollo Real Estate Advisors, assumed control of the company. As part of this transaction, Patriot and Wyndham merged and dropped their REIT status, forming a single company under the Wyndham International name.
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Wyndham International
Wyndham International, previously Patriot American Hospitality, was an American hotel company based in Dallas, Texas.
Patriot American Hospitality was formed in April 1995 as a real estate investment trust (REIT) and made its initial public offering in October 1995.
In 1997, Patriot American combined with the parent companies of the Bay Meadows Racetrack in a reverse merger, effectively splitting into two companies under the same ownership: a REIT and an operating company.
In January 1998, Patriot American bought Wyndham Hotel Corporation for $1.3 billion, and changed its operating company's name to Wyndham International.
In June 1998, Patriot American and Wyndham acquired Interstate Hotels, the largest independent hotel operator in the country, for $2.1 billion. Interstate's portfolio included 40 owned-and-operated hotels, most of them in the upscale segment, and 182 other hotels under lease or management. Many of the Interstate hotels were planned to be converted to the Wyndham brand, to strengthen its name recognition.
Later that month, the company acquired the Summerfield Hotel Corporation for $299 million. This acquisition added the all-suite Summerfield Suites and Sierra Suites Hotels brands, with a total of 40 properties, to Wyndham's portfolio.
The firm grew rapidly in the late 1990s, acquiring multiple portfolios of hotels and renaming them Wyndhams. In 1998, the company introduced a short-lived luxury brand, Grand Bay Hotels & Resorts, which would include 11 hotels that the company had acquired over the past few years and would turn Wyndham into a multi-brand hotel operating and ownership organization. The company also included several European properties, including the Great Eastern Hotel in London.
However, the company's rapid growth drained cash and the firm was unable to continue to grow on its own. In March 1999, the group agreed to a $1 billion restructuring when a consortium of private equity firms, including Thomas H. Lee Partners and Apollo Real Estate Advisors, assumed control of the company. As part of this transaction, Patriot and Wyndham merged and dropped their REIT status, forming a single company under the Wyndham International name.