$250 Million Plan Will Expand Midscale Brand’s Footprint by More Than 10 Percent
PARSIPPANY, NJ, Jun 01, 2015 (Marketwired via COMTEX) — At the 37th Annual NYU International Hospitality Industry Investment Conference in New York City today, Wyndham Hotel Group, the world’s largest hotel company, announced it has entered into an agreement with Corinthian Development Company to develop more than 15 new-construction Wingate by Wyndham® properties in key markets throughout the U.S. and Canada over the next two years.
Corinthian, along with a strong capital partner with significant experience in hospitality real estate development, plans to deploy up to $250 million of total capital to develop the multiple properties under the Hotel Group’s midscale Wingate by Wyndham brand. The franchised hotels will be managed by Dallas, Texas-based Aimbridge Hospitality, the second largest independent hotel investment and management firm in the U.S. which currently operates more than 30 Wyndham Hotel Group properties under a number of the company’s hotel brands.
“This agreement presents a significant opportunity to leverage the improving new-construction development environment and increase our Wingate by Wyndham portfolio by more than 10 percent,” said Bob Loewen, executive vice president and chief operating officer, Wyndham Hotel Group. “Wingate by Wyndham has always been a consistent, well-performing brand and we’re confident that our partners’ expertise, combined with their dedication, will help drive continued growth and success.”
Corinthian’s plan will target development of Wingate by Wyndham hotels in top markets including Boston, Chicago, Los Angeles, New York, Toronto and Vancouver, among others. The initial sites planned for development are located in Denver, Seattle and Nashville.
“Demand for hotel rooms is at historic highs, and there has been limited new supply since the economic crisis of 2008, making now an ideal time to expand the Wingate by Wyndham franchise,” said James Wolford, chief executive officer of Corinthian Development Company. “We couldn’t be more pleased to partner with Wyndham Hotel Group and Aimbridge Hospitality, two of the premier operators in the hospitality industry.”
“We are honored to expand our portfolio of Wyndham Hotel Group properties by managing these new Wingate by Wyndham properties,” said Dave Johnson, president and chief executive officer of Aimbridge Hospitality. “Additionally, we are grateful for the opportunity to partner with Corinthian Development Company and continuing our relationship with Wyndham Hotel Group. We look forward to a successful and rewarding partnership with this seasoned group of industry experts.”
The Wingate by Wyndham portfolio consists of 153 properties in the U.S., Canada and Mexico, with 20 properties representing more than 1,900 rooms currently in the development pipeline. In 2014, the brand introduced a refreshed new-construction prototype concept designed to reduce development costs and capture greater efficiencies for hotel owners while also evolving the guest experience to better meet travelers’ needs.
About Wyndham Hotel Group
Wyndham Hotel Group is the world’s largest hotel company based on number of hotels and is one of three hospitality business units of Wyndham WorldwideWYN, +0.71% As both a leading hotel brand franchisor and hotel management services provider, the company’s global portfolio consists of over 7,670 properties and over 667,000 rooms in 70 countries under the following brands: Dolce Hotels and Resorts® (acquired February 2015), Wyndham Grand® Hotels and Resorts, Wyndham Hotels and 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®, Travelodge® and Knights Inn®. Wyndham Rewards, the company’s guest loyalty program offers more than 40 million members the opportunity to earn and redeem points at thousands of hotels across the world. For more information, visitwww.wyndhamworldwide.com.
About Corinthian Development Company
Corinthian Development Company is a developer of premiere hospitality, retail, healthcare and themed entertainment destinations. The Corinthian team and its affiliates have collectively participated in the development of in excess of $20 billion of commercial real estate properties, including more than 87,000 rooms for 19 of the world’s elite hospitality and leisure brands. For more information on Corinthian Development Company, please visit www.corinthiandc.com.
About Aimbridge Hospitality
Aimbridge Hospitality is the nation’s second largest independent hotel investment and management firm with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas and with development offices in Chicago, Dallas and Puerto Rico, Aimbridge currently owns and/or manages over 270 upscale, independent and branded hotels with over 36,000 rooms across the United States and the Caribbean, including such affiliations as Marriott, Hilton, Starwood, IHG, Wyndham and Choice Hotels. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.
SOURCE: Wyndham Hotel Group
(C) 2015 Marketwire L.P. All rights reserved.