DOW JONES NEWSWIRES
Wyndham Worldwide Corp. (WYN) said it will open hotels in Khao Lak, Thailand, and Sanya, China, continuing the lodging company's expansion into the Asian-Pacific region.
A number of U.S. hotel operators--including Marriott International Inc. (MAR), Starwood Hotels & Resorts Worldwide Inc. (HOT) and Hyatt Hotels Corp. (H)--have been expanding in China's fast-growing market.
Wyndham said the Wyndham Khao Lak Resort, owned by South Sea Prakarang Resort Co., is under construction and scheduled to open late this year. It expects to open the Wyndham Sanya Resort, being built by Sanya Hengsen Industrial Investment Co., in January 2014.
The company said it is the largest U.S.-based hotel company in China and now has 14 Wyndham hotels open or under development in China. Its Wyndham Hotel Group opened nearly 100 properties during 2010 in the Asian-Pacific region.
Shares of Wyndham closed Tuesday at $30.40 and were inactive premarket. The stock has risen 26% the past year.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; firstname.lastname@example.org