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Article: Wyndham International Continues Sale of Non-Strategic Assets; Sale of Ramada Beachwood Another Step in Plan to Become a Proprietary-Branded Hotel Operating Company.
- Article from:
- Business Wire
- Article date:
- October 3, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
DALLAS--(BUSINESS WIRE)--Oct. 3, 2002
Furthering its strategy to become a proprietary-branded hotel operating company, Wyndham International, Inc. (NYSE:WYN) announced today that it has closed the sale of the Ramada Beachwood, Ohio. All net proceeds from the sale will be used to pay down debt. This follows last week's announcement of a definitive agreement with Westbrook Hotel Partners IV, LLC to sell 13 hotel properties for approximately $447 million, expected to close within three to four months.
"This most recent sale is another important step in our strategic plan to sell all non-strategic assets and to lower our leverage. ...
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