PARSIPPANY, N.J.
Wyndham Hotel Group, a subsidiary of Wyndham Worldwide, has acquired Dolce Hotels and Resorts, a manager of group accommodations with a portfolio of 24 properties and over 5,500 guest rooms across seven countries in Europe and North America, for $57 million in cash.
Wyndham has stated that the acquisition is consistent with its core asset-light strategy, and allows Wyndham Hotel Group to expand its managed portfolio by nearly 40 percent with a significantly larger presence in the group and meetings segment.
Wyndham is counting on Dolce's brand recognition among global meeting planners to boost Wyndham Hotel Group's portfolio, with significant group and transient cross-selling opportunities across Wyndham's existing managed and franchised operations. Wyndham Hotel Group plans to maintain and grow the Dolce brand along with its signature service, technology and F&B products as part of its existing portfolio of brands.
"Dolce is a terrific strategic fit for us," said Geoff Ballotti, president and CEO, Wyndham Hotel Group. "With over three decades of established brand equity, Dolce is a respected leader in the group space with outstanding destination properties and some of the best meeting product offerings available in the market today.
"In addition, Dolce has a long, successful history of award-winning innovation in conference planning and management. We look forward to continuing the growth of the Dolce brand and leveraging these Dolce attributes across the Wyndham global system while enhancing the Dolce owner and guest experience."
Morgan Stanley & Co. LLC acted as exclusive financial advisor to the seller in connection with the transaction.
