Wyndham Hotel Group has acquired Dolce Hotels and Resorts for $57 million in cash. Dolce, which specializes in group accommodations, has 24 properties in its portfolio, and more than 5,500 guest rooms. The deal increases Wyndham's managed portfolio by 40 percent and provides the lodging company with a bigger stake in the group and meetings market. Wyndham intends to maintain and grow the Dolce brand. Dolce currently has a presence in seven countries in Europe and North America.
"Steven Rudnitsky, our president and chief executive officer, and I have consistently looked for strategic opportunities to grow Dolce in a way that preserves the brand, continues our focus on meetings and benefits our property owners," said Philip F. Maritz, chairman of Dolce Hotels and Resorts, in a statement announcing the acquisition. "When Wyndham Worldwide agreed to just such an approach with Dolce, Rudnitsky and his senior leadership team concurred that the acquisition would achieve our objectives and provide the best future for all our stakeholders. Also, speaking as a continuing owner of two Dolce-managed properties through Broadreach Capital Partners, I am confident of incremental benefits under the Wyndham Hotel Group umbrella and its dynamic plans for the brand and its properties."