PARSIPPANY, N.J.—Wyndham Worldwide Corporation today announced that its subsidiary, Wyndham Hotels & Resorts, has completed its previously announced acquisition of La Quinta Holdings’ hotel franchising and hotel management business. The addition of La Quinta’s over 900 franchised hotels with a total of nearly 89,000 rooms builds Wyndham Hotels & Resorts’ midscale presence and expands its reach further into the upper-midscale segment of the lodging industry.
Wyndham Hotels & Resorts is the world’s largest hotel franchising company based on the number of properties and will become an independent public company (under the NYSE ticker symbol “WH”) when it is spun-off from Wyndham Worldwide after the market close on May 31. Wyndham Hotels & Resorts now operates a portfolio of 20 lodging brands with nearly 9,000 franchised hotels across more than 80 countries and six continents.
La Quinta’s loyalty program, La Quinta Returns, which includes approximately 15 million enrolled members, will be combined in the coming months with the Wyndham Rewards program, which includes over 56 million enrolled members.
Wyndham Hotels & Resorts funded the $1.95 billion acquisition of La Quinta with proceeds from its $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 acquisition.
Prior to Wyndham Hotels & Resorts’ acquisition of La Quinta’s hotel franchising and hotel management business, La Quinta completed its spin-off of CorePoint Lodging Inc., a publicly traded real estate investment trust (REIT) that owns 316 La Quinta hotels.
