In a deal worth around US$43m (£30m, €36m), the Wyndham Hotel Group business unit is to acquire the Tryp hotel brand from Sol Meliá Hotels & Resorts.

Wyndham will also enter into a license agreement with the current 91 Tryp hotels located throughout Europe and South America that will continue to be owned, operated, managed or licensed by Sol Meliá. The two companies have formed an alliance designed to develop the Tryp brand globally and will market the hotels through their respective central reservations systems and loyalty programs. Tryp, expected to be renamed Tryp by Wyndham, is a select-service, midmarket brand representing approximately 13,000 rooms. It caters to both the business and leisure sectors in cities such as Madrid, Barcelona, Paris, Lisbon, Frankfurt, Buenos Aires, Sao Paulo and Montevideo.

Sol Meliá will continue to operate hotels, resorts and vacation clubs under its seven other owned brands.