Wyndham's acquisition of La Quinta supports its brand advantage and long-term growth.
We see Wyndham’s $1.95 billion acquisition of La Quinta as a strategically strong fit that supports its intangible-asset driven narrow moat while also enhancing long-term growth, resulting in around a planned 10% increase to our existing $102 fair value estimate and leaving shares slightly overvalued.Wyndham’s brand advantage is supported by La Quinta’s 13 million loyalty members taking the pro forma company to over 60 million members, placing it behind only narrow-moat companies Marriott (over...
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