Wyndham Hotel Group and Hospitality Properties Trust Announce Agreement
PARSIPPANY, N.J.—Wyndham Hotel Group announced an agreement with Hospitality Properties Trust (HPT) to brand 20 hotels with the Wyndham Hotels and Resorts and Hawthorn Suites by Wyndham brand names. READER COMMENTS
As part of the agreement, four of the hotels will become Wyndham Hotels and Resorts properties and 16 will become Hawthorn Suites by Wyndham hotels. All 20 properties will be managed by the Wyndham Hotel Group management company under a 25-year management contract. Wyndham Hotel Group will have two consecutive 15-year renewal options, which may be exercised for all of the hotels.
“We are proud to align with HPT, a prominent ownership group which clearly believes in and supports our brand growth strategy,” said Eric Danziger, Wyndham Hotel Group president and CEO, in an announcement. “We look forward to a rewarding alliance and to furthering our association with HPT.”
The 20 rebranded hotels will become:
• Wyndham Irvine John Wayne Airport, Irvine, Calif.
• Wyndham Atlanta Perimeter, Atlanta, Ga.
• Wyndham Dallas Park Central, Dallas, Texas
• Wyndham Houston West Energy Corridor, Houston, Texas
• Hawthorn Suites by Wyndham Denver Tech Center, Centennial, Colo.
• Hawthorn Suites by Wyndham Hartford-Meriden, Meriden, Conn.
• Hawthorn Suites by Wyndham Orlando Altamonte Springs, Altamonte Springs, Fla.
• Hawthorn Suites by Wyndham Chicago-Hoffman Estates, Hoffman Estates, Ill.
• Hawthorn Suites by Wyndham Louisville, Louisville, Ill.
• Hawthorn Suites by Wyndham Chicago-Schaumburg, Schaumburg, Ill.
• Hawthorn Suites by Wyndham Northbrook-Wheeling, Wheeling, Ill.
• Hawthorn Suites by Wyndham Detroit Aubrun Hills, Aubrun Hills, Mich.
• Hawthorn Suites by Wyndham Detroit Farmington Hills, Farmington Hills, Mich.
• Hawthorn Suites by Wyndham Charlotte-Coliseum, Charlotte, N.C.
• Hawthorn Suites by Wyndham Greensboro, Greensboro, N.C.
• Hawthorn Suites by Wyndham Raleigh, Raleigh, N.C.
• Hawthorn Suites by Wyndham Omaha, Omaha, Neb.
• Hawthorn Suites by Wyndham Cincinnati Blue Ash, Blue Ask, Ohio
• Hawthorn Suites by Wyndham Dallas Near the Galleria, Dallas, Texas
• Hawthorn Suites by Wyndham Salt Lake City – Fort Union, Salt Lake City, Utah
Hospitality Properties Trust will provide up to $75 million for refurbishment and rebranding of the hotels, which is expected by the third quarter of this year. The management contract also requires that up to five percent of the hotels’ gross revenues for an FF&E Reserve be escrowed for future periodic refurbishments of the hotels. Management fees due to Wyndham Hotel Group are contractually subordinated to the owner’s priority return due HPT and the FF&E Reserve funding. The payment of these amounts to HPT is guaranteed by Wyndham Worldwide for the first seven years subject to a maximum cap of $20 million and an annual cap of $10 million. All amounts are subject to future recapture by Wyndham Worldwide and any payments or recapture is done on a consolidated portfolio basis.
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