Wyndham Hotel Group has boosted its group and meetings business with the acquisition of Dolce Hotels and Resorts in a US$57m (GBP£38m) cash deal.
Dolce Hotels has 24 properties and 5,500 guest rooms in Europe and North America. The deal will boost Wyndham’s portfolio of managed properties by 40 per cent.
With properties in Barcelona, Brussels, Munich, Frankfurt, Paris and Provence, Dolce Hotels’ European presence will add to Wyndham’s global meetings’ presence in locations such as Chicago, Miami, Berlin, Doha, Hangzhou and Xian, China.
The deal is further evidence of consolidation among international hotel groups and follows IHG’s recent $430m acquisition of Kimpton Hotels.
Dolce boasts a high brand recognition among global meeting planners and Wyndham said it had plans to grow the Dolce brand.
“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.”
Dolce Hotels chairman Philip Maritz said that both he and CEO Steven Rudnitsky had been consistently seeking strategic opportunities to grow Dolce in a way that preserved the brand, continued its focus on meetings and benefited the property owners.
Founder Andy Dolce and the rest of the board supported the approach and Morgan Stanley & Co. LLC advised the group on the transaction.
Dolce’s portfolio of hotels, resorts, conference centres and day meeting centers host approximately 100,000 events and welcome four million delegates.
Dolce is credited with pioneering the Complete Meetings Package (CMP), a concept designed to address all of the elements planners need when arranging meetings. The CMP is embraced by many hotel companies and is considered the standard by the IACC.
Wyndham Hotel Group is part of Wyndham Worldwide Corporation and manages 7,600 hotels and over 655,000 rooms in 71 countries under various brands. Most hotels are independently owned and operated.
Commenting on the deal, a London City source told CN: “Dolce’s sale to Wyndham makes it a very low key ending to one of the powerhouse brands of the 90’s that Andy Dolce aspired to be the number one conference venue brand in Europe. An ill conceived venue in the UK (which they sold to QHotels) was not helped by spreading themselves too thinly around Europe which is a very different market to Dolce’s heartland in North America.”
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