LOS ANGELES, Sept 21 (Reuters) - Wyndham Worldwide Corp's hotel unit has reached a deal with Planet Hollywood Resorts International LLC to franchise hotels with the entertainment-themed brand.
Planet Hollywood, founded in 1989, is best known for its restaurants filled with movie, television and celebrity memorabilia.
Wyndham, which franchises hotels under brands like Days Inn, Ramada, and Super 8, is seeking to expand from its base of nearly 7,200 hotels by adding new brands to its portfolio.
An entertainment-based hotel brand will help the company expand its appeal to a wider audience, said Eric Danziger, president and chief executive officer of Wyndham Hotel Group.
Planet Hollywood will continue to own its brand trademarks and intellectual property, the companies said. Financial details of the agreement were not disclosed.
Harrah's Entertainment, one of the world's largest casino operators, earlier this year bought the 2,500-room Planet Hollywood Resort & Casino on the Las Vegas Strip by spending about $70 million to buy its discounted debt and agreeing to take over a $554 million mortgage that was in default.
Wyndham said it plans to expand the brand 'in key tourist hotspots around the world.'
Shares of Wyndham rose 1.5 percent to close at $28.27 on the New York Stock Exchange.
(Reporting by Deanna Beasley. Editing by Robert MacMillan) Keywords: WYNDHAM/ (deena.beasley@thomsonreuters.com; + 1 213-955-6746) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Planet Hollywood, founded in 1989, is best known for its restaurants filled with movie, television and celebrity memorabilia.
Wyndham, which franchises hotels under brands like Days Inn, Ramada, and Super 8, is seeking to expand from its base of nearly 7,200 hotels by adding new brands to its portfolio.
An entertainment-based hotel brand will help the company expand its appeal to a wider audience, said Eric Danziger, president and chief executive officer of Wyndham Hotel Group.
Planet Hollywood will continue to own its brand trademarks and intellectual property, the companies said. Financial details of the agreement were not disclosed.
Harrah's Entertainment, one of the world's largest casino operators, earlier this year bought the 2,500-room Planet Hollywood Resort & Casino on the Las Vegas Strip by spending about $70 million to buy its discounted debt and agreeing to take over a $554 million mortgage that was in default.
Wyndham said it plans to expand the brand 'in key tourist hotspots around the world.'
Shares of Wyndham rose 1.5 percent to close at $28.27 on the New York Stock Exchange.
(Reporting by Deanna Beasley. Editing by Robert MacMillan) Keywords: WYNDHAM/ (deena.beasley@thomsonreuters.com; + 1 213-955-6746) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.