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Sol Meliá sells mid-market flag for $43 million
Wyndham Hotel Group is acquiring the Tryp hotel brand from Sol Meliá Hotels & Resorts for $43 million. As part of the transaction, the Wyndham Worldwide unit will enter into a license agreement with the current 91 Tryp hotels in Europe and South America that will continue to be owned, operated, managed or licensed by Sol Meliá. In addition, the two companies will form a strategic alliance to develop the Tryp brand globally and market the hotels cooperatively through their central reservations systems and loyalty programs.
The brand, expected to be renamed Tryp by Wyndham, is a select-service, mid-market flag with about 13,000 rooms. It caters to business and leisure travelers in such cities as Madrid, Barcelona, Paris, Lisbon, Frankfurt, Buenos Aires, Sao Paulo and Montevideo.
“This acquisition reflects our strategy to invest in our fee-for-service businesses and supplement organic growth with complementary brands,” said Stephen Holmes, chairman and ceo of Wyndham Worldwide. “The addition of more than 90 high-performing hotels in key international cities enhances and accelerates the recent development momentum of the Wyndham Hotel Group. The transaction significantly increases our international platform, enhancing our growth opportunities, especially in Europe and Latin America.”
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