Wyndham International to Be Sold to New York Equity Firm for $3.24 Billion

Troubled hotel operator Wyndham International agreed Tuesday to be sold for $3.24 billion to The Blackstone Group, a private equity firm that is on a cross-country, multibillion-dollar hotel-buying spree.

Dallas-based Wyndham said Tuesday that the New York equity firm will pay $1.15 in cash for each share of common stock and will take on $1.8 billion in debt as part of the purchase price.

Wyndham has hacked away at its nearly $4 billion in debt by selling off hundreds of hotels in recent years. Despite Wyndham´s contraction, industry observers said Blackstone will have no problem expanding the hotel chain´s respected brand through franchise and third-party hotel management agreements at a time the lodging industry is experiencing double-digit profit growth.

Blackstone declined through a spokesman to comment on the transaction or the future of Wyndham´s properties, saying it would be "imprudent" to comment before the deal closes in late fall.