Wyndham Worldwide has announced that its Wyndham Hotel Group business unit has agreed to acquire the Tryp hotel brand from Sol Meliá Hotels and Resorts. In addition, Wyndham will enter into a license agreement with the current 91 Tryp hotels located throughout Europe and South America that will continue to be owned, operated, managed or licensed by Sol Meliá.
Wyndham Hotel Group and Sol Meliá will form a strategic alliance to work together 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, midmarket brand representing approximately 13,000 rooms and caters to business and leisure travelers in cities including Madrid, Barcelona, Paris, Lisbon, Frankfurt, Buenos Aires, Sao Paulo and Montevideo.
The acquisition price is approximately US$43m, subject to adjustments. The all-cash transaction is anticipated to close by the end of the second quarter, subject to satisfaction of customary closing conditions. Sol Meliá will continue to operate hotels, resorts and vacation clubs under its seven other owned brands.
The Tryp by Wyndham brand would join Wyndham Hotel Group and its 11 other hotel brands, which encompass nearly 7,100 hotels and 593,300 rooms in 65 countries.