Annual report pursuant to Section 13 and 15(d)

Hotel Brand Acquisition

v3.22.4
Hotel Brand Acquisition
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Asset Acquisition
6. HOTEL BRAND ACQUISITION
During September 2022, the Company completed the acquisition of the Vienna House hotel brand for a total purchase price of $44 million. Vienna House’s portfolio consisted of 41 franchised hotels across Europe, predominantly in Germany. This acquisition enables the Company to grow the Vienna House brand by leveraging its global scale and franchise expertise and is consistent with the Company’s strategy to expand its brand portfolio and total system size.
The purchase price was allocated based on the fair value of the indefinite lived trademark and franchise agreements acquired, which have a 20 year life. The following table summarizes the fair value of the assets acquired in connection with Wyndham's acquisition of Vienna House:
Amount
Franchise agreements $ 16 
Trademark 28
Total assets acquired $ 44 

This asset acquisition was assigned to the Company’s Hotel Franchising segment. The results of operations of Vienna House have been included in the Consolidated Statements of Income since its date of acquisition. Such results were not material to the Company's results of operations for the three months and year ended December 31, 2022.