Wyndham's European Partner Gains Development Funding
DECEMBER 12, 2006. Wyndham Hotel Group and its joint-venture partner, Corinthia Hotels International, today announced plans by Istithmar Hotels of Dubai to invest 178 million Euros in Corinthia's principal owner, International Hotel Investments, to acquire and build upscale hotels in Europe and globally. The investment, which would increase International Hotel Investments' issued share capital to 500 million Euros, is subject to various statutory and regulatory approvals and it is expected to close by March 2007.
Wyndham Hotel Group, a subsidiary of Wyndham Worldwide Corporation (NYSE:WYN) , of Parsippany, N.J., recently gained a 30 percent stake in Corinthia's management company, CHI Limited, as part of a joint venture to provide management services for Wyndham-franchised hotels in Europe, the Middle East and Africa. Fifteen Corinthia-owned hotels in that region will be rebranded as Ramada Plaza, Wyndham hotels and a new tier, Wyndham Grand Hotels, with which Corinthia-branded hotels are being affiliated.
"By enabling Corinthia to expand its portfolio, this investment will accelerate the development of our hotel brands throughout Europe and neighboring regions," said Steven A. Rudnitsky, Wyndham Hotel Group president and chief executive officer. "Istithmar Hotels' investment is a powerful vote of confidence in Wyndham Hotel Group's joint venture with Corinthia Hotels."
The Istithmar deal was announced this week in Malta by Alfred Pisani, IHI chairman, and Khaled Al Kamda, Istithmar's vice chairman. Participating were Rudnitsky; Joe Sita, Istithmar Hotels chief executive officer; Simon Naudi, IHI director of business development; Tony Potter, Corinthia Hotels chief executive officer; and Karmenu Vella, Corinthia Hotels chairman.
"This is a momentous occasion for a Maltese company, welcoming Istithmar Hotels as our partner with a substantial shareholding interest in IHI," Pisani said. "Together, we will grow this company into a major hotel company."
IHI was founded in March 2000 by the Corinthia Group and since has acquired and developed five-star hotels in Malta, St. Petersburg, Budapest and Lisbon, to which are being added hotels in Tripoli and Prague.
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