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| Wyndham acquires TRYP hotel brand from Sol Meliá in $42m deal |
Wyndham Hotel Group, a subsidiary of Wyndham Worldwide (NYSE: WYN), has completed the previously announced acquisition of the TRYP hotel brand from Spain’s Sol Meliá Hotels & Resorts for approximately $42.5m, including franchise agreements with 92 TRYP hotels in Europe and South America.The newly renamed TRYP by Wyndham brand joins Wyndham Hotel Group’s 11 other brands, which encompass nearly 7,100 hotels and approximately 593,300 rooms in 65 countries.
TRYP, a select-service, midpriced brand representing approximately 13,000 rooms, caters to business and leisure travelers in cosmopolitan cities including Madrid, Barcelona, Paris, Lisbon, Frankfurt, Buenos Aires, Sao Paulo and Montevideo. Last month, the brand opened its third hotel in Barcelona, the Tryp Hotel Condal Mar, and anticipates additional openings this year in Lisbon, Berlin, Madrid and Medellin, Colombia.
Wyndham Hotel Group President and Chief Executive Officer Eric Danzinger said the TRYP by Wyndham brand “significantly increases the company’s global presence in Europe and Latin America.”
“We acquired the TRYP brand because of its strategic presence in major international cities and the significant growth opportunities it presents to our business,” said Danziger. “Our immediate focus is to grow the TRYP by Wyndham brand across Europe and the Americas. The latest hotel opening in Barcelona demonstrates the brand’s accelerating growth and increasing interest from developers and hotel owners.”
As previously announced, Wyndham Hotel Group and Sol Meliá will work together to develop the TRYP by Wyndham brand globally and expect to market the hotels cooperatively through their central reservations systems and loyalty programs as part of a strategic alliance between the two companies. “Wyndham Rewards” Program has more than 7 million active members, whilst Sol Melia´s loyalty Program, MaS, includes nearly 2.5 million members.
“This marks the beginning of a promising relationship between two complementary hospitality companies that will foster growth in a vast diversity of regions,” said Gabriel Escarrer Jaume, vice chairman and chief executive officer of Sol Meliá.
The agreement states that Sol Meliá will hold a license agreement with Wyndham over the next 20 years for the current 92 TRYP hotels located throughout Europe and South America, whilst they continue to be owned, operated, managed or licensed by Sol Meliá.
In connection with the closing, Danziger announced the appointment of Daniel del Olmo, as brand senior vice president, TRYP by Wyndham, responsible for its overall business strategy, brand integration, performance, customer relations, service culture, operations and sales and marketing.
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