Wyndham International Sells 11 U.K. Historic Hotels; Company Will Re-deploy Proceeds Into Wyndham Brand

Business Wire, Dec 1, 1999

DALLAS--(BUSINESS WIRE)--Dec. 1, 1999--

Wyndham International, Inc. (NYSE:WYN) announced today that it has sold the 11 U.K.-based historic-style hotels of Arcadian International Limited to Hand Picked Hotels Limited of London for approximately $120 million. The company said it would re-deploy the proceeds from the sale into its Wyndham hotel brand.

"We are accelerating our focus on the Wyndham brand and establishing a strong presence in major markets. The Arcadian portfolio, with 11 hotels averaging about 60 rooms each, did not fit our strategy," said James D. Carreker, chairman and chief executive officer. "The proceeds from the sale of these assets will enable us to seek properties that can better serve our key markets."

Wyndham will continue with the development of the Great Eastern Hotel, a joint venture with Conran Holdings Ltd. in the City of London. The 267-room Great Eastern Hotel is scheduled to open in the first quarter 2000. The property features four restaurants, three bars, and event and meeting space. Two of the restaurants are already open. Wyndham also owns the Malmaison brand, with five properties in the U.K.

Christie & Co. and Warburg Dillon Read advised Wyndham on the transaction.

Wyndham International, Inc. is one of the world's largest hospitality and lodging companies. Through its proprietary brands and management services division, the company offers primarily upscale and luxury hotel and resort accommodations in the United States, Canada, the Caribbean, Mexico and Europe. Headquartered in Dallas, Wyndham International owns, leases, manages and franchises more than 300 hotels totaling approximately 70,000 rooms. For more information, visit www.wyndhamintl.com.

Cautionary Statement

This press release contains certain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including projections about future operating results. The Company's results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause a difference include, but are not limited to, risks associated with the availability of equity or debt financing at terms and conditions favorable to Wyndham; risks associated with the course of litigation; Wyndham's ability to effect sales of assets on favorable terms and conditions; Wyndham's ability to integrate acquisitions into its operations and management; the Year 2000 issue; risks associated with the hotel industry and real estate markets in general; competition within the lodging industry; the impact of general economic conditions; risks associated with debt financing; and other risks and uncertainties set forth in the company's annual, quarterly & current reports and proxy statements.