PARSIPPANY, N.J. (June 30, 2020) – Wyndham Rewards®, the world’s most generous rewards program, today announced it is relaxing requirements for earning Member Levels (status) in 2020, reducing the number of nights members need to stay by 40 percent.
The relaxed requirements build on earlier efforts by Wyndham to help its members amid COVID-19, such as extending the expiration of any previously earned Member Levels through the end of 2021 and pausing points expiration through September 30, 2020. They also complement Wyndham’s recently unveiled summer promotion, which offers members 2,000 Wyndham Rewards bonus points with every qualified stay, up to a maximum of 10,000 points over five stays.
“Throughout the pandemic, we’ve put our members first, providing flexibility while protecting their points and their benefits,” said Eliot Hamlisch, executive vice president, Loyalty and Revenue Optimization, Wyndham Hotels & Resorts. “Now with travel picking up, and hotels adopting our new Count On Us health and safety protocols, we’re taking the additional step of easing requirements for our Member Levels. It’s one more way we’re letting members know, when they’re ready to travel, Wyndham is ready to welcome them.”
Reach New Levels with Fewer Stays Wyndham Rewards’ Member Levels are already among the most attainable in the industry and now, attaining new levels is even easier in 2020. Members will unlock Gold when they stay three qualifying nights, Platinum when they stay nine qualifying nights and Diamond when they stay 24 qualifying nights. Only stays in 2020 will count towards the new requirements, including those from earlier this year, which will be retroactively applied. Member Level benefits vary by level and range from perks like late check-out, preferred rooms and points accelerators to suite upgrades, welcome amenities and more.
Earn 2,000 Bonus Points with Every Stay Through July 27, 2020, Wyndham Rewards members can earn 2,000 bonus points on every qualified stay, up to a total of 10,000 points over five stays, when they register ahead of completion of their first stay at www.wyndhamrewards.com/bonus. Bonus points are in addition to any points normally earned with no minimum night requirements. Stays must be booked directly with Wyndham Rewards, which includes booking via the Wyndham Rewards website, mobile app, member services or onsite at any participating hotel, among other options. Stays must be completed by July 28, 2020.
Count On Ussm to Put Safety First Wyndham and its hotels, the overwhelming majority of which are open and welcoming travelers, are committed to the health and safety of guests and team members. Last month, the Company launched its Count on Us initiative, a new multi-faceted effort designed to further elevate health and safety protocols at all its hotels in the wake of COVID-19. Grounded in guidance from the U.S. Centers for Disease Control and Prevention (CDC), the initiative requires hotels in the U.S. to use hospital-grade, EPA-approved disinfectants in all public spaces and guestrooms. Guests can also expect the use of personal protective equipment (PPE) by hotel staff, updated operational protocols to allow for easier social distancing and readily available, alcohol-based hand sanitizer in lobbies and guestrooms. Learn more at www.wyndhamhotels.com/count-on-us.
For more information on the above promotional offers, including full terms and conditions, visit www.wyndhamrewards.com.
About Wyndham Rewards Named the number one hotel rewards program by readers of USA TODAY, Wyndham Rewards® is the world’s most generous rewards program with more than 30,000 hotels, vacation club resorts and vacation rentals worldwide. Designed for the everyday traveler, members earn a guaranteed 1,000 points with every qualified stay and may redeem points for a wide-range of rewards, including free nights at any of approximately 9,300 hotels or tens of thousands of vacation club resorts and vacation rentals globally through affiliation with Wyndham Destinations (NYSE: WYND) and others. Wyndham Rewards has 83 million enrolled members around the globe. Join for free today at www.wyndhamrewards.com. You’ve earned this.®
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with 9,300 hotels across approximately 90 countries on six continents. Through its network of over 828,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services. The Company’s award-winning Wyndham Rewards loyalty program offers 83 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
Becomes first global hotel company to establish a presence in Awashima and Nagaizumi, both emerging destinations for local and international travelers
PARSIPPANY, N.J. (June 17, 2020) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,300 hotels across 90 countries, today announced the continued expansion of its portfolio in Japan, converting two hotels to its Wyndham Grand® and Wyndham Garden® brands: the 60-room, all suite, Wyndham Grand Awashima and 95-room, all suite, Wyndham Garden Nagaizumi.
Both hotels, which have recently undergone upgrades, mark the debut of their brands in the country and make Wyndham the first global hotel company to expand into the emerging destinations of Awashima and Nagaizumi. They also further elevate Wyndham’s larger portfolio across the Asia Pacific region, which consists of more than 1,700 hotels across 12 brands including Ramada® by Wyndham, Days Inn® by Wyndham and TRYP® by Wyndham, among others.
“These newest openings are indicative of the long-term potential we see in Japan and reinforce Wyndham’s continued commitment to bringing our globally recognized brands to key markets around the world. Awashima and Nagaizumi are both beautiful destinations with a wealth of natural and historical wonders for visitors to explore, making them the perfect addition to our growing global portfolio and our award-winning Wyndham Rewards loyalty program,” said Joon Aun Ooi, president, Asia Pacific, Wyndham Hotels & Resorts.
“The introduction of the Wyndham Grand and Wyndham Garden brands in Japan further reinforces our commitment to making hotel travel possible for all. We believe travelers will continue to seek out unique experiences and destinations, and our expanding presence in Japan will enable us to welcome new generations of guests to enjoy all that Wyndham has to offer,” said Andy Flaig, head of development, South East Asia and Pacific Rim, Wyndham Hotels & Resorts.
Wyndham Grand Awashima, formerly known as the Awashima Hotel, is a Mediterranean-style resort hotel located on the tranquil island of Awashima. Set against the backdrop of Mount Fuji, the property boasts 60 suites with spectacular ocean views. Located away from the hustle and bustle of the city, guests will enjoy an array of facilities, including an outdoor onsen, a concert hall and a wide range of dining options, including restaurants that specialize in local dishes using fresh ingredients from Shizuoka Prefecture.
Wyndham Garden Nagaizumi, formerly known as Nagaizumi Garden, features 95 suites with traditional Japanese or contemporary styles, all equipped with kitchenettes. Situated on the gentle slopes of Mount Ashitaka, guests are surrounded by panoramic views of Numazu City and Suruga Bay. Enveloped in lush greenery, visitors can bathe in the Momozawa natural onsen, which contains vanadium from Mount Fuji, while travelers with pets will be delighted to know that the hotel is pet-friendly and even has a dog café, Blue Bird.
All of Wyndham’s hotels and resorts in Japan participate in Wyndham Rewards®, the world’s most generous rewards program with thousands of hotels, vacation club resorts and vacation rentals worldwide. Designed for the everyday traveler, members earn a guaranteed 1,000 points with every qualified stay and may redeem points for a wide range of rewards, including free nights, gift cards, merchandise and more.
Note: Select photos of the above hotels may be downloaded here.
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with 9,300 hotels across approximately 90 countries on six continents. Through its network of over 828,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services. The Company’s award-winning Wyndham Rewards loyalty program offers 83 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
About Wyndham Grand Travel is the best excuse to enjoy the grand things in life. With locations in some of the world’s most sought after vacation destinations – including Shanghai, Istanbul, Doha, Salzburg and Orlando – Wyndham Grand® hotels transform ordinary moments into unforgettable experiences. Decidedly not stuffy, but approachable by design, this upper-upscale hotel brand helps travelers make every moment count. If you are interested in developing a Wyndham Grand hotel, please visit development.wyndhamhotels.com.
About Wyndham Garden Travel isn’t always easy, but that’s where Wyndham Garden® comes in. Designed with a lens on the little details, Wyndham Garden offers guests as a smart and nurturing hotel experience to help them travel at ease. Hotels include flexible meeting spaces, inviting lobbies, welcoming lounges and complementary high-speed internet access. With a strong and growing footprint around the world, including many hotels conveniently located near major airports, Wyndham Garden brings a carefree convenience and peace of mind to both business and leisure travelers escaping the hustle and bustle. If you are interested in developing a Wyndham Garden hotel, please visit development.wyndhamhotels.com.
Ongoing benefits include the ability to earn and redeem on stays, 1:1 point transfer and status match
Parsippany, N.J. (May 21, 2020) – Wyndham Rewards®, the world’s most generous rewards program, today announced the extension through 2021 of its partnership with Caesars Entertainment and Caesars Rewards®, the world’s leading casino and entertainment loyalty program. The collaboration delivers industry leading perks for members of both programs across Wyndham’s approximately 9,300 hotels and more than 30 world-class Caesars destinations.
Through the affiliation, Wyndham Rewards members have the ability to earn and redeem points at participating Caesars Rewards destinations across the U.S. and Canada when they book direct through Wyndham channels. They also have the option to transfer Wyndham Rewards points to Caesars Rewards credits, or vice versa, at a 1:1 ratio, up to 30,000 points per year. Additionally, Platinum and Diamond members of both programs may match to the corresponding level of their non-primary program—Platinum to Platinum, Diamond to Diamond—while Caesars Rewards Seven Stars members may match to Wyndham Rewards Diamond.
“As the travel landscape continues to evolve, it’s more important than ever that we continue to connect our members with best-in-class partners and benefits while letting them know that when they’re ready to travel, we’ll be ready to welcome them,” said Eliot Hamlisch, executive vice president of loyalty and revenue optimization for Wyndham Hotels & Resorts. “Access to Caesars Rewards benefits provides our members exciting and diverse gaming, hospitality and entertainment options.”
“Caesars Rewards continues to set the standard for loyalty within gaming and entertainment, including collaboration with likeminded partners to further elevate member benefits,” said Chris Holdren, EVP and Chief Marketing Officer, Caesars Entertainment. “With Wyndham Rewards, our members are able to make their travels even more rewarding, thanks to Wyndham’s unparalleled portfolio of properties and generous rewards.”
Wyndham Rewards champions the everyday traveler with a program that is simple, flexible and generous. Those values become even more important in times of uncertainty, and as members consider future plans in the wake of COVID-19, Wyndham continues to update its policies worldwide to provide increased travel flexibility—relaxing cancellation policies, extending membership benefits and delaying points expiration.
For more information on the partnership between Wyndham Rewards and Caesars Rewards, including details on how to book, transfer points or status match, visit www.wyndhamrewards.com/caesars.
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About Wyndham Rewards
Named the number one hotel rewards program by readers of USA TODAY, Wyndham Rewards® is the world’s most generous rewards program with more than 30,000 hotels, vacation club resorts and vacation rentals worldwide. Designed for the everyday traveler, members earn a guaranteed 1,000 points with every qualified stay and may redeem points for a wide-range of rewards, including free nights at any of approximately 9,300 hotels or tens of thousands of vacation club resorts and vacation rentals globally through affiliation with Wyndham Destinations (NYSE: WYND) and others. Wyndham Rewards has 83 million enrolled members around the globe. Join for free today at www.wyndhamrewards.com. You’ve earned this.®
About Caesars Entertainment Corporation
Caesars Entertainment Corporation (CEC) (Nasdaq: CZR) is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. CEC is mainly comprised of the following three entities: the majority owned operating subsidiary Caesars Entertainment Operating Company, wholly owned Caesars Entertainment Resort Properties and Caesars Growth Properties, in which we hold a variable economic interest. Since its beginning in Reno, Nevada, 75 years ago, CEC has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 49 casinos in 13 U.S. states and five countries. CEC’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. CEC’s portfolio also includes the London Clubs International Limited family of casinos. CEC is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. CEC is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.
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Economy and midscale lodging leader lays foundation for long-term growth, welcoming nearly a dozen new-construction hotels in Q1 and continuing to grow its new-build pipeline for the future
PARSIPPANY, N.J. (May 19,2020) – Wyndham Hotels & Resorts (NYSE:WH) – the world’s largest hotel franchising company with approximately 9,300 hotels across 90 countries – continues forging ahead with new-construction growth, opening 11 newly built hotels across the U.S. in the first quarter and breaking ground on a number of hotels in its new-construction pipeline. In the same period, the Company executed agreements for more than 25 future new-construction hotels in the U.S., further expanding its pipeline and planting roots for travel recovery in the long term.
Welcoming New Openings
The Company’s 11 new-construction openings in the U.S. represent nearly 1,000 rooms. The recent openings, including properties across its La Quinta® by Wyndham, Wingate by Wyndham®, Days Inn® by Wyndham, and Hawthorn Suites by Wyndham® brands, are situated in destinations primed for domestic, drive-to leisure travel such as Miramar Beach, Fla.; Houston, Texas; Spokane, Wash.; and Wisconsin Dells, Wis.
Laying Foundation for the Future
Developers are also starting construction on hotels in the pipeline, reinforcing optimism for the industry’s recovery. Developers for Wyndham-branded hotels broke ground on approximately 10 new hotels in the U.S. year-to-date, including a Microtel hotel in Hot Springs, Ark.; a La Quinta hotel in San Antonio, Texas; an extended-stay Hawthorn Suites hotel in Oklahoma City, Okla.; and a Trademark Collection by Wyndham® hotel in Leavenworth, Kan.
“Despite a rapidly changing landscape for hotel developers around the world, a number of our owners are pressing forward with new-construction projects in the economy and midscale segments, reinforcing our overall confidence in the long-term viability of our industry,” said Krishna Paliwal, head of Architecture, Design and Construction for Wyndham. “New-construction growth, however gradual, represents our optimism for the future of travel. Not only do our highly recognizable brands provide significant value to hotel owners who join the Wyndham family, especially during difficult times, but they also represent the consistent, trusted and affordable experience travelers will be seeking now more than ever before.”
Igniting the Conversion Engine
Though construction has generally slowed across the industry, Wyndham continues to welcome new projects while igniting its powerful conversion engine, which is fueled by the strong value proposition across its portfolio of well-known brands. In the first quarter, Wyndham’s conversion pipeline increased 8% globally year-over-year. The Company has a proven track record of growing net rooms during lodging cycle downturns and, with over 15,000 independent economy and midscale hotels in the U.S., converting independent hotels to Wyndham brands remains an important source of consistent rooms growth for the Company through both up and down cycles.
Well-Positioned for Recovery
The impact of COVID-19 continues to rapidly evolve and many factors remain uncertain. As the pandemic begins to abate in the U.S., Wyndham’s existing franchisees are likely to be well-positioned for recovery. The Company operates a nearly 90% drive-to business in the U.S. with a concentration in the select-service chain scale segments – which have outperformed higher end full service hotels during the pandemic – and over 95% of its domestic guests originate within the U.S., making them less reliant on air travel.
Wyndham also recently announced “Count on UsSM,” a new long-term, multi-faceted initiative to build confidence among guests and to support franchisees as it prepares to welcome travelers back to its U.S. hotels. The initiative will immediately focus on further elevating health and safety protocols at Wyndham hotels in the wake of COVID-19, shoring up critical supply chains and introducing new standards, training and guidelines grounded in guidance from the U.S. Centers for Disease Control and Prevention. Wyndham has expanded its relationship with industry leader Ecolab on requiring consistent use of Ecolab’s EPA-approved disinfectants in guestrooms and public spaces nationwide.
Those interested in developing a hotel under one of Wyndham’s brands may visit development.wyndhamhotels.com for additional information.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with 9,300 hotels across approximately 90 countries on six continents. Through its network of over 828,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services. The Company’s award-winning Wyndham Rewards loyalty program offers 83 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
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Company Completes Amendment to Credit Facility
Waiving Covenant Testing until Second Quarter of 2021
PARSIPPANY, N.J., May 4, 2020 -Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2020. Highlights include:
Diluted earnings per share increased 5% to $0.23, and adjusted diluted EPS decreased 4% to $0.50.
Net income was $22 million for the first quarter, a 5% increase over the prior-year quarter; adjusted net income was $47 million, an 8% decrease over the prior-year quarter.
Adjusted EBITDA decreased 4% compared with the prior-year quarter, to $107 million.
System-wide rooms grew 2% year-over-year.
The Company’s development pipeline grew 4% year-over-year to 189,000 rooms.
Global RevPAR declined 23% year-over-year in constant currency.
“During the most challenging crisis the hotel industry has ever endured, our highest priority has remained the well-being and safety of our guests, owners and team members. We have taken the difficult but prudent measures to reduce our costs and bolster our liquidity while providing support and relief for our franchisees to help them weather this downturn,” said Geoffrey A. Ballotti, chief executive officer. “Nearly 5,900 of our 6,300 hotels in the U.S. remain open, and with nearly 90% of those properties located outside of major cities in drive-to destinations that cater to a leisure customer base, we believe that our asset-light business is well positioned for a quick recovery when travel demand returns.”
Revenues decreased 12% to $410 million, compared with $468 million in the first quarter of 2019. The decline includes lower pass-through cost-reimbursement revenues, which have little to no impact on adjusted EBITDA, in the Company’s hotel management business. Excluding cost-reimbursement revenues, revenues declined $29 million or 9%, reflecting a 23% decline in constant-currency RevPAR, as well as lower license fees which were adversely impacted by declining travel demand.
Net income increased 5% to $22 million, or $0.23 per diluted share, compared to $21 million, or $0.22 per diluted share, in the first quarter of 2019 due to lower separation-related expenses associated with the Company’s spin-off and a decline in overall expenses due to cost reduction initiatives, partially offset by the decline in revenue (excluding cost-reimbursement revenues). Full reconciliations of GAAP results to the Company’s non-GAAP adjusted measures for all reported periods appear in the tables to this press release.
Business Segment Discussion
The following discussion of first quarter operating results focuses on revenue and adjusted EBITDA for each of the Company’s segments.
The Company’s franchised system increased 3% globally, which included the transfer of 7,100 rooms from the hotel management segment related to the CorePoint Lodging asset sales. Excluding the transfer, franchised net rooms grew 2% globally, including 40 basis point growth in the U.S. and 5% growth internationally.
RevPAR declined 23% globally due to travel restrictions related to COVID-19. In the U.S., RevPAR declined 17%, and internationally RevPAR declined 37% primarily due to a 70% decline in China.
Revenues decreased $26 million, or 10%, compared to first quarter 2019 reflecting the impact of COVID-19 on travel demand globally, while a decline in Adjusted EBITDA of $5 million, or 4%, was partially mitigated by cost savings initiatives.
The Company’s managed system decreased 11% globally primarily reflecting the transfer of 7,100 rooms to the hotel franchising segment as a result of CorePoint Lodging asset sales. Excluding the transfer of rooms to the hotel franchising segment, the Company’s managed system decreased 1% primarily due to the loss of rooms in the U.S. that were previously covered by unprofitable hotel management guarantees.
RevPAR declined 21% globally, primarily reflecting a 17% decline in the U.S. and a 31% decline internationally.
Revenues decreased $30 million compared to the prior-year period due to lower cost-reimbursement revenues, which have little to no impact on adjusted EBITDA. The decline in cost-reimbursement revenues is due to the loss of management properties resulting from the CorePoint Lodging asset sales and the termination of unprofitable hotel-management guarantees. Absent cost-reimbursements, revenues and adjusted EBITDA were unchanged as the unfavorable impact of COVID-19 on our owned and managed properties was offset by $5 million of management contract termination fees received from CorePoint Lodging asset sales.
Development
During the first quarter of 2020, the Company opened 58 new hotels totaling 6,200 rooms, a year-over-year decline of 47% as new construction openings were delayed in China and conversion volumes were materially lower in the U.S. during March. The Company retained 94.8% of its hotel system over the last twelve months compared to 94.7% during the same period last year. As of March 31, 2020, the Company’s hotel system consisted of approximately 9,300 properties and over 828,000 rooms, a 2% year-over-year increase.
The Company’s development pipeline consisted of 1,500 hotels and approximately 189,000 rooms, a 4% year- over-year room increase, or 2% decline sequentially. Approximately 58% of the Company’s development pipeline is international and 72% is new construction, of which nearly 40% have broken ground.
Balance Sheet and Liquidity
As of March 31, 2020, the Company had $749 million of cash on hand and $2.9 billion of debt outstanding, of which $2.4 billion was first lien debt. The Company’s first lien leverage ratio was 2.6x as of March 31, 2020, within the 5.0x limitation of its quarterly tested leverage covenant under its credit agreement. In April, the Company amended its credit agreement and obtained a waiver of the quarterly tested leverage covenant through and including the first quarter of 2021 (unless earlier terminated by the Company, subject to certain conditions). The Company is not required to test this covenant until June 30, 2021. The covenant calculation was also modified for the second, third and fourth quarters of 2021 to use annualized EBITDA rather than the last-twelve-months EBITDA, as previously required. In return for the amendment, among other modifications, the Company agreed to maintain minimum liquidity of $200 million, pay 25 basis points of higher interest on outstanding borrowings and restrict share repurchases. The Company has the ability to make future quarterly dividend payments up to the amount of $0.16 per share, so long as liquidity is greater than $300 million. In addition, the Company has the right to elect out of the waiver period at its discretion, at which time the restrictions on dividends and share repurchases would be lifted.
For the three months ended March 31, 2020, net cash provided by operating activities was $17 million, compared to $7 million in the prior year period. The increase was driven by lower separation and transaction cash outlays.
Share Repurchases and Dividends
During the first quarter of 2020, the Company repurchased approximately 878,000 shares of its common stock for $45 million at an average price of $51.57 per share. The Company suspended its share repurchase activities in March.
The Company paid common stock dividends of $30 million, or $0.32 per share, in the first quarter of 2020.
Due to the material adverse impact on the global economy and travel demand resulting from COVID-19, the Company’s Board of Directors approved a reduction in the quarterly cash dividend policy from $0.32 per share to $0.08 per share, beginning with the dividend that is expected to be declared, at the Board’s discretion, in the second quarter of 2020.
Other Items
In response to the effects on travel demand as a result of COVID-19, the Company identified approximately $255 million of cash savings. In connection with these initiatives, the Company has eliminated approximately 440 positions, reduced capital spend to focus only on the highest priority projects, eliminated all non-essential spend, consolidated certain facilities and indefinitely suspended Mr. Ballotti’s salary and the Company’s Board of Directors’ cash compensation. As a result, the Company recorded a restructuring charge of $13 million during the first quarter of 2020 and expects to incur an additional charge of $18 million during the second quarter of 2020.
The first quarter charge primarily represents future cash expenditures for the payment of severance and related benefits costs resulting from the elimination of approximately 260 positions. The Company expects this initiative to be substantially complete in the second quarter of 2020 and that annual savings realized will be approximately $30 million.
The second quarter charge will represent future cash expenditures of approximately $13 million for the payment of severance and related benefit costs resulting from the elimination of approximately 180 positions and approximately $5 million of lease-related costs. The Company expects this initiative to be substantially complete in the second quarter of 2020 and that annual savings realized will be approximately $21 million to $25 million.
Outlook
The Company’s ability to assess the impact of COVID-19 on its full-year financial results continues to be limited due to the rapidly evolving circumstances and uncertainty in travel demand. As a result, the Company remains unable, at this time, to accurately predict and provide 2020 outlook.
Conference Call Information
Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Tuesday, May 5, 2020 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at www.investor.wyndhamhotels.com. The conference call may also be accessed by dialing 877 876-9173 and providing the passcode “Wyndham”. Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at noon ET on May 5, 2020. A telephone replay will be available for approximately ten days beginning at noon ET on May 5, 2020 at 800 839-1162.
Presentation of Financial Information
Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company’s ongoing operating performance. The Company uses these measures internally to assess its operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. Exclusion of items in the Company’s non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of this press release.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with 9,300 hotels across approximately 90 countries on six continents. Through its network of over 828,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services. The Company’s award-winning Wyndham Rewards loyalty program offers 83 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com. The Company may use its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Disclosures of this nature will be included on the Company’s website in the Investors section, which can currently be accessed at www.investor.wyndhamhotels.com.
Accordingly, investors should monitor this section of the Company’s website in addition to following the Company’s press releases, filings submitted with the Securities and Exchange Commission and any public conference calls or webcasts.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of federal securities laws, including statements related to Wyndham Hotels’ current views and expectations with respect to its future performance and operations, including revenues, earnings, cash flow and other financial and operating measures, share repurchases and dividends, restructuring charges and statements related to the COVID-19 pandemic. Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Hotels makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “estimate,” “projection” and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Hotels to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, general economic conditions; the continuation or worsening of the effects from the
COVID-19 pandemic, its scope, duration and impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on the Company’s franchisees and property owners, guests and team members, the hospitality industry and overall demand for travel; the success of the Company’s mitigation efforts in response to the COVID-19 pandemic; the Company’s performance in any recovery from the
COVID-19 pandemic; the performance of financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising and management businesses; the Company’s relationships with franchisees and property owners; the impact of war, terrorist activity or political strife; concerns with or threats of pandemics, contagious diseases or health epidemics, including the effects of the COVID-19 pandemic and actions governments, businesses and individuals take in response to the pandemic, including stay-in-place directives and other travel restrictions; risks related to the acquisition of La Quinta and the Company’s relationship with CorePoint Lodging; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with covenants thereunder; risks related to the Company’s ability to obtain financing and the terms of such financing, including access to liquidity and capital as a result of COVID-19; and the Company’s ability and plans to pay dividends and to repurchase shares including the timing and amount of any future share repurchases and dividends, as well as the risks described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise.
Will require consistent use of industry-leading, EPA-approved disinfectants from Ecolab; announces plans to drop-ship hard-to-source face masks, hand sanitizer and disinfectant wipes to over 6,000 U.S. hotels
PARSIPPANY, N.J. (May 4, 2020) – Highlighting its continued commitment to hotel owners, team members and guests, Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,300 hotels across 90 countries, today launched “Count on UsSM,” a new long-term, multi-faceted initiative to build confidence among guests and to support franchisees as it begins making preparations to welcome travelers back to its more than 6,000 U.S. hotels.
Launch of the new initiative follows dialogue and collaboration with Wyndham franchisees, members of its Franchise Advisory Councils, leading industry partners, and key trade organizations like the American Hotel & Lodging Association (AHLA). The immediate focus is to further elevate health and safety protocols at Wyndham hotels in the wake of COVID-19, shore up critical supply chains and introduce new standards, training and guidelines grounded in guidance from the U.S. Centers for Disease Control and Prevention (CDC). Wyndham will also partner with industry leader Ecolab on requiring consistent use of Ecolab’s EPA-approved disinfectants in hotel guestrooms and public spaces nationwide.
“We want the everyday traveler to know they can count on us to put their health and safety first,” said Geoff Ballotti, president and CEO, Wyndham Hotels & Resorts. “Over 90% of our hotels in the U.S. today are open and welcoming essential business, government, healthcare and emergency responders every night. We salute these everyday heroes who are keeping our nation running. We know that people will also travel again for leisure and to see family and friends. And when they do, Wyndham will be ready to welcome them back.”
Key early components of the new initiative—designed to be cost neutral when combined with other recent operational changes—are slated to begin rolling out in the coming weeks and include:
Enhanced Cleaning and Disinfection of Guestrooms and Public Spaces Through expansion of a decades-long relationship with industry leader Ecolab, Wyndham will require consistent use of Ecolab’s EPA-approved disinfectants in all U.S. hotel guestrooms and public spaces. Building on the already high operational standards at its hotels, the move is anticipated to help deliver an elevated and more consistent cleaning experience nationwide while providing hotel owners and their team members with access to Ecolab’s best-in-class training and resources, including a field team of more than 2,000 on-the-ground experts ready to assist hotels.
A global leader in water, hygiene and infection prevention technologies and services with nearly 100 years of experience, Ecolab develops its products with a rigorous, science-based approach to infection prevention that helps enable hotels to consistently achieve the highest cleaning standards. In recent years, Wyndham’s brand operations teams have spent significant time in Ecolab’s research and development facilities, increasing their education on best practices and offering perspective on real-world use and how to create a better, cleaner stay for guests.
Easy Access to COVID-19 Health Essentials In response to the growing challenges that many small businesses and individuals face as they try to secure essential health supplies that meet CDC guidelines, Wyndham will leverage its scale and relationships with world class distributors to begin drop-shipping critical products to its more than 6,000 hotels across the U.S. within the next 30 days. Items will include face masks for hotel team members, hand sanitizer for distribution in public areas and guestrooms, and disinfectant wipes for guests. Leveraging volume discounts pre-negotiated by Wyndham, these items will be made available at cost to hotel owners with the Company financing all initial shipments and deferring payments from hotels until September 1, 2020.
Delivering on the Promise of a “Safe Stay” As a member of The AHLA Safe Stay Advisory Council, Wyndham has joined with other industry leaders as well as public health experts, scientists and medical leaders to develop a series of industry best practices and guidelines that focus on enhanced hotel cleaning practices, social interactions, and workplace protocols to meet the new health and safety challenges presented by COVID-19. In coordination with the rollout of these guidelines, Wyndham will be implementing a series of mandatory virtual trainings for all hotels while providing additional resources like housekeeping checklists, which hotels can use with team members to ensure consistency and accountability in execution.
A Visible Commitment to Guests Recognizing the importance of building trust and instilling confidence, Wyndham is also taking steps to ensure guests and hotel team members can physically see the above efforts and trust in their impact. On property, guests will be offered sanitizing wipes along with their keycards at check in, notice social distancing enhancing measures in public spaces, observe increased frequent cleaning and disinfecting of high-touch areas, and can utilize complimentary travel-size hand sanitizer in each room. To further amplify these efforts, Wyndham will make available to hotels a suite of branded collateral emphasizing key safety measures. Similar messaging will also make its way onto the Company’s brand websites, emails and social channels.
“At a time when our industry is facing unprecedented challenges, Wyndham has once again proven itself to be an unwavering partner and advocate for me and for my business,” said Ajit Patel, chairman of the Days Inn® by Wyndham Franchise Advisory Council and a 21-year Wyndham franchisee. “By consistently putting first the needs of its franchisees, Wyndham enables us to always do what is best for our hotel and in turn, what is best for our team members and our guests.”
Count on Us is an extension of Wyndham’s signature Count on Me® service culture and is the latest in a growing list of efforts by the Company to help hotels, team members and guests affected by the global impact of COVID-19. In the last month alone, Wyndham has taken unprecedented steps to provide substantial financial assistance to its thousands of hotel owners; united with leading companies to offer alternative employment opportunities to displaced Wyndham team members; updated its policies to provide travelers and Wyndham Rewards members with increased travel flexibility; and launched #EverydayHeroes, a new initiative honoring essential workers on the frontlines of COVID-19. In the months to come, the Company will look for new ways to bring Count on Us to life, including exploring opportunities to expand the initiative to its hotels around the world.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by number of properties with approximately 9,300 hotels across approximately 90 countries on six continents. Through its network of over 831,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with approximately 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 81 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
Will Host Conference Call and Webcast on May 5, 2020 at 8:30 a.m. ET
Wyndham Hotels & Resorts (NYSE: WH) announced today that it will report first quarter 2020 results on Monday, May 4, 2020 at approximately 5:00 p.m. ET. Geoffrey A. Ballotti, president and chief executive officer, and Michele Allen, chief financial officer, will host a call with investors on May 5, 2020 at 8:30 a.m. ET to discuss the Company’s results and business outlook.
Listeners can access the webcast live through the Company’s website at www.investor.wyndhamhotels.com. The conference call may also be accessed by calling 877 876-9173 and providing the passcode “Wyndham.” Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at noon ET on May 5, 2020. A telephone replay will be available for approximately ten days beginning at noon ET on May 5, 2020 at 800 839-1162.
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with approximately 9,300 hotels across approximately 90 countries on six continents. Through its network of over 831,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with approximately 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 81 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
PARSIPPANY, N.J. (April 14, 2020) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company by the number of properties with approximately 9,300 hotels across 90 countries, today announced the launch of its new #EverydayHeroes initiative, offering all essential workers on the front lines of COVID-19 instant complimentary Gold membership upgrades in its award-winning loyalty program, Wyndham Rewards®.
Eligible workers—including, but not limited to, truck drivers, delivery drivers, warehouse workers, construction workers, sanitation workers, grocery associates and of course, healthcare workers—may claim their upgrades by visiting www.wyndhamrewards.com/heroes. The offer is available to both new and existing Wyndham Rewards members.
“We’re humbled to honor such a deserving group of individuals: everyday people who have been performing herculean tasks in the face of danger,” said Geoff Ballotti, president and CEO of Wyndham Hotels & Resorts. “This is one small way we can help make their next trip—whether it be to visit loved ones, friends, or simply to get away—as special as it deserves to be. They’ve earned it.”
Wyndham Rewards Gold membership provides everyday travelers with a host of meaningful benefits including members-only discounts, a dedicated member services line, preferred rooms, accelerated points earning and late checkout. Membership upgrade must be requested by September 30, 2020, is good through December 31, 2021, and applies to stays at all 20 Wyndham brands including names like Days Inn® by Wyndham, Super 8® by Wyndham, La Quinta® by Wyndham and Wyndham Grand.
In addition to recognizing those on the front lines of COVID-19, Wyndham continues to update its policies worldwide to provide travelers and Wyndham Rewards members with increased travel flexibility—relaxing cancellation policies, extending membership benefits and delaying points expiration. The Company also encourages members to donate Wyndham Rewards points to its preferred charitable partners, many of whom are also working to fight the burdens created by COVID-19.
Recently named the number one hotel rewards program by readers of USA TODAY, Wyndham Rewards® is the world’s most generous rewards program with more than 30,000 hotels, vacation club resorts and vacation rentals worldwide. Designed for the everyday traveler, members earn a guaranteed 1,000 points with every qualified stay and may redeem points for a wide-range of rewards, including free nights at any of approximately 9,300 hotels or thousands of vacation club resorts and vacation rentals globally through affiliation with Wyndham Destinations (NYSE: WYND) and others. Wyndham Rewards has approximately 81 million enrolled members around the globe. Join for free today at www.wyndhamrewards.com. You’ve earned this.®
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,300 hotels across approximately 90 countries on six continents. Through its network of over 831,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with approximately 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 81 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
PARSIPPANY, N.J. (April 6, 2020) – As the global novel coronavirus pandemic creates unprecedented circumstances for hospitality workers around the country, Wyndham Hotels & Resorts has partnered with leading organizations to give team members whose positions have been furloughed or eliminated access to job opportunities opening up across various industries including retail, grocery, senior living and more.
The new relationships empower Wyndham’s affected hotel-level and corporate team members with opportunities to align their hospitality experience with thousands of newly available full-time, part-time, or temporary positions within leading corporations that are rapidly expanding their workforces to meet changing demands.
Team members whose positions were furloughed or eliminated may access employment opportunities with well-known national and regional organizations, including:
Albertsons Companies
Amazon
Dollar Tree & Family Dollar
Domino’s
Lowe’s
Pizza Hut
Senior Living Works
University of Texas Medical Branch
Walgreens
Walmart
Wyndham is also working closely with the American Hotel & Lodging Association (AHLA) and the AHLA Foundation to identify and make available additional relevant work opportunities for hospitality professionals, available on AHLA’s website.
“In such difficult and destabilizing times, it’s more important than ever for businesses to come together to help serve those who need us most,” said Mary Falvey, chief administrative officer at Wyndham Hotels & Resorts. “Our team members are the best of the best – their passion for hospitality makes them ideal candidates to help fill these essential positions on a temporary basis. We’re grateful to partner with other leading companies who recognize and celebrate the skillset and service these team members can provide while the hotel industry works to overcome the impact of this crisis.”
Team members at all levels are eligible to explore positions and can access relevant information and resources through Wyndham’s online human resources and learning portal or on the Company’s new Workforce Resources page, available here.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,300 hotels across approximately 90 countries on six continents. Through its network of over 831,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with approximately 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 81 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
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With new search and RFP features, Wyndham caters to small and mid-size groups and meetings;
Offers limited-time discount of 10% off qualifying revenue on master bill, now through March 31
Wyndham Hotels & Resorts – the world’s largest hotel franchising company with approximately 9,300 hotels in approximately 90 countries – is making planning group travel easier than ever by partnering with Cvent to develop wyndhamhotels.com/meetings, a dynamic site featuring innovative search capabilities designed to make the RFP process seamless for occasional planners and event organizers.
For more experienced planners, Wyndham worked with Cvent to create innovative, customized, location-based microsites within the Cvent Supplier Network, the world’s largest venue sourcing database used by more than 100,000 actively sourcing meeting professionals. Professional planners who have their eye on specific destinations can now search by region for Wyndham’s hotels in the U.S. and Canada; Latin America; Europe, Middle East and Africa; and South East Asia. Wyndham also offers third-party planners booking on behalf of other organizations a generous 10% commission on actualized booking revenue.
To celebrate, Wyndham is offering planners the opportunity to save 10% off qualifying revenue on their master bill for group bookings of 20 rooms or more booked by March 31 (for stays completed by December 31, 2020) at participating locations. Planners simply submit an RFP on wyndhamhotels.com/meetings and reference “MP2020” in the contract. Full terms and conditions are available at wyndhamhotels.com/meetings.
“Many of us become travel planners at some point, whether we’re scheduling a business meeting, planning a social event, or booking a room block for a tournament. For both experienced professional planners and occasional event organizers, finding the right hotel is all about simplicity, speed and options,” said Carol Lynch, Wyndham’s senior vice president, global sales. “That’s exactly what we aim to deliver with these new tools: give planners a seamless search experience across 9,300 hotels and 15 million square feet of meeting and event space worldwide to help curate the perfect gathering – whether you’re planning your first meeting or your fiftieth.”
Wyndhamhotels.com/meetings now allows planners to intuitively filter by location, capacity, amenities and more, empowering them to send RFPs and request a complete proposal back from multiple hotels. It also thoughtfully features Wyndham’s full portfolio of both full and select-service hotel brands for planners to explore, whether planning a corporate meeting at Dolce by Wyndham’s Silverado Resort and Spa, a team conference at Wyndham Grand Rio Mar Puerto Rico Golf & Beach Resort, or a room block for their team’s cheer competition at the La Quinta Inn & Suites by Wyndham Orlando I Drive Theme Parks.
For more casual planners who are looking for event-specific support, the site also offers global, occasion-minded collections focused on sports team travel, tour and leisure trips, incentive travel and meetings on a new search page empowering a retail “shopping cart” experience where they can explore multiple Wyndham hotels. Wyndham Hotels & Resorts hotels participate in the award-winning Wyndham Rewards loyalty program, offering approximately 81 million enrolled members the opportunity to redeem points at thousands of hotels, club resorts and vacation rental properties globally.
Planners who are members of Wyndham Rewards can take advantage of go meetSM to earn one point per dollar spent on qualifying revenue, including meeting space and event catering, with no minimum spend and no maximum point limit at participating properties. For full terms and conditions, visit www.wyndhamhotels.com/wyndham-rewards/go-meet.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,300 hotels across approximately 90 countries on six continents. Through its network of over 831,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with approximately 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 81 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
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