Lehman Buys Hotels, Stake in Summerfield
Lehman Brothers Holdings Inc. bought six hotels and a stake in the Summerfield Suites brand from Wyndham International Inc. for $105 million.
Lehman and Wyndham will start a joint venture to manage Summerfield’s 24 extended-stay properties, to develop new accommodations and to sell new franchises, according to Dallas-based Wyndham. Lehman made the purchase in partnership with Gencom Group, a private Miami-based hospitality investment firm.
Lehman shares fell 30 cents to $86.97 on the New York Stock Exchange.
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