Wyndham Worldwide Corp. on Thursday said it will buy La Quinta Holdings Inc.’s hotel franchise and management businesses for $1.95 billion in cash, adding 900 hotels to Wyndham’s portfolio.

PARSIPPANY, N.J. — Wyndham is buying La Quinta’s hotel franchise and management businesses for $1.95 billion in cash. Wyndham said Thursday that the investment will push the hotel further into ...