News for the Hospitality Executive
|PARSIPPANY, N.J. (March 22, 2007) – Wyndham Worldwide Corporation
(NYSE: WYN) today announced joint transactions whereby it will invest in
and manage the 600-room luxury Rio Mar Beach Golf Resort & Spa in Rio
Grande, Puerto Rico, under the Wyndham® brand and develop an adjacent
26-acre tract as a Wyndham Vacation Ownership timeshare resort.
Wyndham Hotel Management Inc. will operate the resort – currently a Westin® – under a 20-year agreement. The hotel will remain a Westin until May 10 when it will be reflagged as the Wyndham Rio Mar – A Wyndham Grand Resort. Wyndham Vacation Ownership expects to develop and market luxury timeshare units on the adjacent tract over the next several years.
Wyndham Worldwide is purchasing a partial ownership interest in the resort, owned by Rio Mar Associates L.P. S.E., which is led by affiliates of Tishman Realty Corporation, one of the world's premier developers and asset managers of first-class hotel and resort properties. Tishman Realty affiliates originally developed and built the resort, which opened in 1996, and continue to co-own it.
The Wyndham Rio Mar is situated on 500 acres along a mile-long section of tropical beach adjacent to the Caribbean National Rain Forest of El Yunque and the Mameyes River. It features 48,000 square feet of function space; a 7,000-square-foot casino; two world-class, 18-hole golf courses; 7,000-square-foot spa and fitness center; 11 restaurants, lounges and entertainment venues; tennis center; water sports center; and two beach-front pools.
As a result of these transactions, Rio Mar Associates plans a multimillion-dollar redevelopment including a complete overhaul of the casino and an upgrade of the golf courses, hotel lobby and guest rooms. Each room will be equipped with signature brand elements designed by the acclaimed architecture firm Michael Graves & Associates.
The work will bolster capital improvements completed during the last two years including construction of the Mandara Spa and fitness center, guest room renovations, enhancement of the pool deck, improved access to the property’s semiprivate beach and the addition of private cabanas. The property improvements and timeshare development are expected to expand employment on a long-term basis.
“We are proud to welcome the Wyndham Rio Mar to our collection of high-quality Wyndham properties,” said Steven A. Rudnitsky, Wyndham Hotel Group president and chief executive officer, adding that the Wyndham Rio Mar represents the largest single addition to the brand since 2005.
Wyndham Worldwide will work closely with the government of Puerto Rico and the commonwealth’s tourism officials to develop Rio Mar into a world-class destination that will “attract thousands of travelers to Rio Grande every year, introducing them to the island’s true spirit of hospitality while sustaining high-quality, fulfilling jobs for several hundred area residents,” Rudnitsky said.
Franz Hanning, Wyndham Vacation Ownership president and chief executive officer, said the development of timeshare facilities at Rio Mar during the next few years will create an “exciting, new destination for Wyndham timeshare owners in the highly popular Caribbean market.
“We are committed to expanding the Wyndham Vacation Ownership system of timeshare resorts throughout the world to provide our owners with the broadest choice of high-quality vacation opportunities in the most desirable and exciting locations, including this beautiful resort in Puerto Rico.”
Rudnitsky added that the joint transactions demonstrate Wyndham Worldwide’s ability to apply the combined resources of Wyndham Hotel Group and Wyndham Hotel Management with Wyndham Vacation Ownership to develop mixed-use projects “that more fully leverage the value of existing properties.”
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses nearly 6,500 hotels and more than 543,000 hotel rooms worldwide. RCI Global Vacation Network offers its more than 3.4 million members access to more than 60,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of approximately 150 vacation ownership resorts serving more than 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 30,000 employees globally. Additional information is available at www.wyndhamworldwide.com.
Tishman Realty Corporation is a leading U.S.-based hotel owner and developer and asset manager whose affiliates and partners own more than 6,700 rooms in the United States and Puerto Rico. Its properties include The Westin New York at Times Square; the Walt Disney World Swan and Dolphin Resort Hotels and the Hilton in the Walt Disney World Resort, all in Lake Buena Vista, Fla.; the Sheraton Chicago Hotel & Towers; The Westin Chicago River North; the Renaissance Suites Chicago O'Hare; and the Sheraton Old San Juan in Puerto Rico.
Tishman Realty Corporation is an affiliate of Tishman Realty & Construction Co. Inc., one of the world’s premier real estate developers, owners, builders, managers and advisors, founded in 1898 and headquartered in New York. Additional information is available at www.tishmanhotels.com.
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide Corporation makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Wyndham Worldwide to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
|Also See:||Tishman Realty and Puerto Rico’s Hotel Development Corporation Acquire the 240-room Wyndham Old San Juan Hotel & Casino; Will Rebrand Sheraton / February 2004|
|Tishman Realty Affiliates and JPMorgan Fleming Acquire the 362 suite Renaissance Chicago O'Hare Hotel; The Hotel Was Completed in 2003, But Never Opened Under Original Ownership / November 2004|
|Tishman Realty Opens the Arquitectonica Designed 863-room, 45-story Westin New York at Times Square / Oct 2002|
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