Wyndham boss welcomes expansion news
Wyndham Worldwide’s announcement last week of its acquisition of La Quinta Holdings, representing approximately 87,500 rooms has significantly expanded Wyndham Hotel Group’s portfolio and hotel management business.
“This strategic acquisition bolsters our leadership position in the midscale hotel segment, while propelling our portfolio to more than 9,000 hotels around the world – roughly 40 per cent more than our next largest competitor,” Mr Robinson said.
“Wyndham Hotel Group is further strengthening its position as a leading global hospitality company. La Quinta is the perfect strategic fit as we prepare to become the world’s largest independent, pure-play hotel company. This acquisition, the largest in our company’s history, will create enhanced opportunities across our business for staff, owners, guests, partners and Wyndham Rewards® members,” he said.
Under Mr Robinson’s leadership from his Gold Coast, Australia, and Singapore headquarters, Wyndham Hotel Group has seen significant expansion across the Asia Pacific region in the past three years, having grown its portfolio to more than 246 hotels (and close to 54,000 rooms) open or in the development pipeline.
Wyndham Hotel Group is the world’s largest and most diverse hotel business based on number of properties. With the acquisition of La Quinta’s asset-light, fee-for-service business consisting of nearly 900 managed and franchised hotels, Wyndham Hotel Group will span 21 brands and over 9,000 hotels across more than 75 countries.
The acquisition of La Quinta is expected to close in the second quarter of 2018. Wyndham Worldwide’s planned spin-off of Wyndham Hotel Group remains on track for an expected distribution in the second quarter of 2018.
Wyndham Hotel Group, the world’s largest hotel company based on number of hotels, is one of three hospitality business units of Wyndham Worldwide. Driving the democratisation of travel, Wyndham Hotel Group is elevating the experience of the everyday traveller. As both a leading hotel brand franchisor and hotel management services provider, the company’s global network consists of approximately 8,350 hotels and over 720,100 rooms in more than 75 countries under the following brands: The Trademark Hotel Collection®, Dolce Hotels and Resorts®, Wyndham Grand®, Dazzler® Hotels, Esplendor® Boutique Hotels, Wyndham Hotels & Resorts®, Wyndham Garden® Hotels, TRYP by Wyndham®, Wingate by Wyndham®, Hawthorn Suites by Wyndham®, Microtel Inn & Suites by Wyndham®, Ramada®, Baymont Inn & Suites®, Days Inn®, Super 8®, Howard Johnson®, AmericInn®, Travelodge® and Knights Inn®. The Wyndham Rewards® program, named a best hotel rewards program for the past three years by U.S. News and World Report, offers more than 53 million enrolled members the opportunity to redeem points at more than 30,000 hotels, condos and homes globally.
For more information, visit www.wyndhamhotels.com
La Quinta Holdings Inc. (LQ) is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The company’s owned and franchised portfolio consists of more than 890 properties representing approximately 87,500 rooms located in 48 states in the U.S. and in Canada, Mexico, Honduras and Colombia. These properties operate under the La Quinta Inn & Suites™, La Quinta Inn® and LQ Hotel® brands. La Quinta’s team is committed to providing guests with a refreshing and engaging experience. For more information, please visit www.LQ.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide and La Quinta make the statements and may be identified by words such as “will,” “expect,” believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” guidance,” “target,” “estimate” and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Worldwide, Wyndham Hotel Group, La Quinta or CorePoint Lodging to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to Wyndham Worldwide’s and La Quinta’s current views and expectations with respect to the acquisition and related transactions, as well as the synergies expected as a result of the acquisition.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include without limitation general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, uncertainties that may delay or negatively impact the acquisition or cause it to not occur at all, including the timing, receipt and terms of any required governmental and regulatory approvals and the ability to satisfy the other conditions to the acquisition, uncertainties related to the successful integration of the two companies and their ability to realise the anticipated benefits of the combination, uncertainties related to Wyndham Worldwide’s ability to obtain financing for the acquisition or the terms of such financing, unanticipated developments related to the impact of the acquisition on the companies’ relationships with their customers, suppliers, employees and others with whom they have relationships, unanticipated developments resulting from possible disruption to the companies’ operations as a result of the acquisition, the potential impact of the acquisition and the spin-offs and related transactions on the companies’ credit ratings, uncertainties related to the companies’ abilities to successfully complete their respective spin-offs as contemplated or at all and to realise the anticipated benefits thereof, as well as those factors described in each of Wyndham Worldwide’s and La Quinta’s Annual Report on Form 10-K, filed with the SEC on February 17, 2017, and March 1, 2017, respectively, and in Wyndham Worldwide’s
and La Quinta’s subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Wyndham Worldwide and La Quinta undertake no obligation to publicly update or revise any forward-looking statements, subsequent events or otherwise.