Wyndham Worldwide Corporation’s (WYN) business unit Wyndham Hotel Group recently signed an agreement with Hoteles Costa del Sol hotel group to franchise three new hotels under the Ramada Worldwide brand in Peru, South America.
Ramada Worldwide is a global chain of nearly 900 midscale and upscale hotels spanning in over 50 countries around the world. Presently, Wyndham Hotel Group’s portfolio consists of nearly 90 properties and over 9,000 rooms in Latin America.
The agreement extends Wyndham Hotel group’s alliance with Costa del Sol hotel group. The franchisee company currently owns and operates the Ramada Costa del Sol Lima Airport Hotel in South America.
The agreement will broaden the Ramada brand portfolio in some of the most beautiful and well-traveled locations in Peru including Cusco, Tumbes and Chiclayo. Moreover, Wyndham Hotel Group will be able to expand its presence by affiliating existing portfolios and national hotel chains in core markets of Latin America, which includes Argentina, Brazil, Colombia, Peru and Mexico.
Wyndham Worldwide’s Hotel Group business unit is world’s largest hotel group having around 7,150 hotels and approximately 609,300 rooms in 65 countries. Some of the renowned hotel brands are Wyndham Hotels and Resorts, Ramada, Days Inn, Super 8, Wingate by Wyndham, and others. Additionally, the unit franchises the Planet Hollywood Hotels, Dream and Night brands and provides management services globally.
Headquartered in Parsippany, New Jersey, Wyndham Worldwide, having more than 55 brands, provides various hospitality products and services to individual and business customers in the United States and internationally. The company operates three business units namely Wyndham Hotel Group, Wyndham Exchange & Rentals and Wyndham Vacation ownership.
Wyndham Worldwide, which competes with Starwood Hotels & Resorts Worldwide Inc. (HOT), currently retains a Zacks #1 Rank, which translates into a short-term Strong Buy rating. We are maintaining our long-term Neutral recommendation on the stock.
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