Wyndham hotels & resorts, inc. announces agreement with corepoint lodging inc

Wyndham hotels & resorts announced that it has entered into an agreement with corepoint lodging inc. to collaborate on a number of new technology and operating initiatives, support corepoint’s efforts to enhance its portfolio and resolve open issues between the two companies. as part of the agreement, wyndham will make payments of approximately $20 million to corepoint, primarily over the next year, and corepoint will commit to maintain cash operating reserves of approximately $20 million. wyndham also will commit to developing enhanced automated revenue management, sales and reservations technology. corepoint agreed to pay wyndham for the substantiated costs of the implementation of the sabre synxis property management system for corepoint’s properties. the agreement does not change the underlying fee structures set forth in the management and franchise agreements between the parties.
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