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Blackstone buys Wyndham for $3.2 billion

Private equity group Blackstone has agreed to buy hotel owner and franchiser Wyndham International Inc. in a deal valued at $3.24 billion, Wyndham said on Tuesday. The Dallas-based company said Blackstone will pay $1.15 per share as part of the deal, while holders of Wyndham's preferred stock will receive $72.17 per share in cash.

The hotel company completed a string of non-core asset sales this spring, an effort aimed at refinancing debt and simplifying its structure after shedding about 185 properties for $2.7 billion in recent years.

Blackstone refused to provide additional comment, and a Wyndham spokeswoman said she would call back with further details. Both companies expect the deal to close in the fourth quarter this year.

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