PARSIPPANY, N.J. (October 28, 2020) – Essential workers across the globe are getting something special in their email inbox today. In honor of National First Responders Day, Wyndham Hotels & Resorts, the world’s largest hotel franchising company with over 9,000 hotels across approximately 90 countries, is surprising over 45,000 workers on the frontlines of the pandemic with 7,500 Wyndham Rewards® points, enough for a free one-night stay at thousands of Hotels by Wyndham.
The latest initiative under Wyndham’s ongoing #EverydayHeroes campaign, the points are being sent to any health care worker, police officer, teacher, truck driver, construction worker or other essential worker who opted into the campaign at www.wyndhamrewards.com/heroes prior to 11:59 p.m. ET on October 27, 2020.
“Throughout this pandemic, it’s our essential frontline workers who have helped keep us all safe and our Nation running,” said Geoff Ballotti, president and CEO of Wyndham Hotels & Resorts. “On this National First Responders Day, we want to honor their hard work and continued sacrifice. Whether it’s with a quick overnight getaway or a week-long escape, our hope is that these points, combined with the added perks of Wyndham Rewards Gold membership, help to make their next trip not only more attainable, but more enjoyable too. They’ve earned it.”
Wyndham launched its #EverydayHeroes campaign this past April as a way to recognize and say thank you to those on the frontlines of the pandemic—many of whom continue to travel as a necessary function of their job. Through the campaign, eligible workers are able to receive a complimentary instant upgrade to Wyndham Rewards Gold membership, which comes with added perks like late checkout, a preferred room and accelerated earning.
Points are being distributed today via email and must be claimed by November 18, 2020. Once claimed, recipients have 18 months to redeem. While workers must have opted into the campaign before today to receive the points, those who have yet to do so can still claim their complimentary Gold membership, thanks to an extension of the campaign through December 31, 2020. For more information, including full terms and conditions, visit www.wyndhamrewards.com/heroes.
As the travel landscape continues to evolve in the wake of COVID-19, Wyndham and its brands remain committed to the health and safety of guests and team members. The vast majority of the Company’s hotels remain open and are welcoming guests with flexible booking policies and enhanced health and safety protocols through Wyndham’s Count on UsSM initiative. The Company has also extended current Wyndham Rewards member benefits through the end of 2021 and paused points expiration through the end of this year. Learn more at www.wyndhamhotels.com/COVID-19.
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with over 9,000 hotels across approximately 90 countries on six continents. Through its network of 813,000 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®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, 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 84 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 Rewards 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 over 9,000 hotels or thousands of vacation club resorts and vacation rentals globally through affiliation with Wyndham Destinations (NYSE: WYND) and others. Wyndham Rewards has approximately 84 million enrolled members around the globe. Join for free today at www.wyndhamrewards.com. You’ve earned this.®
PARSIPPANY, N.J., July 28, 2020 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2020. Highlights include:
Diluted loss per share was $1.86, and adjusted diluted earnings per share was $0.10.
Net loss was $174 million for the second quarter and adjusted net income was $9 million.
Adjusted EBITDA was $63 million.
System-wide rooms remained flat year-over-year.
Global comparable RevPAR declined 54% year-over-year.
Paid quarterly cash dividend of $0.08 per share.
“We generated positive adjusted EBITDA in the second quarter, driven by our drive-to and leisure-oriented franchise business model, along with our immediate and concerted cost savings initiatives,” said Geoffrey A. Ballotti, president and chief executive officer. “We were pleased to see a steady improvement in Average Daily Rate, Occupancy and RevPAR over the past three months. Our select-service, small business owners are uniquely positioned to both remain open and capture emerging travel demand, whatever the shape of the recovery may be. Approximately 85% of our hotels have remained open globally throughout the pandemic, and over 99% of our domestic hotels are open today. Importantly, our economy and midscale brands continue to outperform versus their local markets. We remain committed to supporting our owners during this difficult period, while showing our guests and team members that they can “Count on Us” to put their safety first.”
Revenues declined to $258 million in the second quarter of 2020, compared with $533 million in the second quarter of 2019. The decline includes lower pass-through cost-reimbursement revenues of $94 million, which have no impact on adjusted EBITDA, in the Company’s hotel management business. Excluding cost- reimbursement revenues, revenues declined $181 million reflecting a 54% decline in comparable RevPAR and the impact from hotels temporarily closed due to COVID-19.
The Company generated a net loss of $174 million, or $1.86 per diluted share, in the second quarter of 2020, reflecting $1.71 per diluted share in non-cash impairment charges related to certain intangible assets and $0.18 per diluted share in restructuring and transaction-related costs. Net income in the second quarter of 2019 was $26 million, or $0.27 per diluted share, which included a non-cash impairment charge of $0.34 per diluted share and $0.16 per diluted share in transaction-related, separation-related and contract termination expenses. The decline in net income of $200 million, or $2.13 per diluted share, was primarily due to the impact of the non-cash impairment charges and the revenue declines, which were partially offset by lower volume-related expenses as well as cost containment initiatives, including restructuring actions. 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 second quarter operating results focuses on revenue and adjusted EBITDA for each of the Company’s segments.
The Company’s franchised system, which included 7,500 rooms transferred from the hotel management segment related to the CorePoint Lodging asset sales, remained flat globally. Excluding the transfer, franchised net rooms declined 50 basis points globally, reflecting the Company’s removal of approximately 9,000 non-compliant master franchise rooms in China.
RevPAR declined 59% globally, or 53% on a comparable basis, due to the impact of COVID-19 on travel demand. In the U.S., RevPAR declined 52%, or 49% on a comparable basis, and internationally RevPAR declined 76%, or 66% on a comparable basis.
Revenues decreased $149 million compared to second quarter 2019 reflecting the impact of COVID-19 on travel demand globally, while a decline in adjusted EBITDA of $79 million was partially mitigated by lower volume-related expenses as well as cost containment initiatives.
The Company’s managed system decreased 11% globally primarily reflecting the transfer of 7,500 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 grew 1%, reflecting 13% growth internationally, partially offset by a 3% decline in the U.S. primarily due to the loss of rooms that were previously covered by unprofitable hotel management guarantees.
RevPAR declined 69% globally, or 63% on a comparable basis, primarily reflecting a 68% decline in the U.S., or 63% on a comparable basis, and a 72% decline internationally, or 60% on a comparable basis.
Revenues decreased $125 million compared to the prior-year period primarily due to $94 million of lower cost- reimbursement revenues, which have no impact on adjusted EBITDA. Absent cost-reimbursements, revenues declined $31 million due to the unfavorable impact of COVID-19 on travel demand globally, while adjusted EBITDA declined $20 million as the RevPAR impacts were partially mitigated by lower volume-related expenses as well as cost containment initiatives.
Development
As of June 30, 2020, the Company’s hotel system of over 9,000 properties and 813,000 rooms remained flat year-over-year. During the second quarter of 2020, the Company opened 62 new hotels totaling 5,700 rooms, a year-over-year decline of 65% as new construction openings were delayed and conversion volumes were lower.
As expected, the Company’s global retention rate over the last twelve months declined to 93.7% compared to 95.2% during the same period last year due to the Company’s removal of approximately 9,000 non-compliant master franchise rooms in China, as previously disclosed.
The Company’s development pipeline consisted of over 1,300 hotels and approximately 180,000 rooms, a 4% year-over-year room decline, or a 5% decline sequentially, as a result of softer sales activity in the second quarter due to travel restrictions, increased hurdle rates and a more conservative probability factor applied to projects in the pipeline which have not yet secured financing. Approximately 64% of the Company’s development pipeline is international and 76% is new construction, of which 34% have broken ground.
Impairment Charge
The continued disruption to the travel industry resulting from COVID-19 prompted the Company to perform an evaluation and comparison of the carrying value of its assets to their fair value. As a result of this evaluation, the Company recorded a net impairment charge of $206 million ($159 million, net of tax) during the second quarter of 2020 primarily related to the La Quinta tradename. The future cash flows expected to be generated from the La Quinta tradename have not changed materially; rather, the impairment charge was principally attributable to a higher discount rate primarily resulting from increased share price volatility, consistent with the lodging sector and broader equity markets.
Restructuring Charge
In an effort to mitigate the revenue declines resulting from COVID-19 and to further position itself for growth during the recovery period, the Company undertook various restructuring actions that resulted in a charge of $16 million ($13 million, net of tax) during the second quarter. This charge is comprised of $11 million for severance and related benefit costs resulting from the elimination of approximately 180 positions and $5 million of lease-related costs. In combination with the Company’s first quarter COVID-19 related restructuring charge, the Company has now reduced approximately 440 positions and expects to realize $50 million to $55 million of annual savings as a result of these actions.
Cash
During the second quarter of 2020, the Company’s cash balance decreased $85 million to $664 million. The impact of the Company’s franchisee fee deferral program was approximately $67 million during the second quarter. In addition, the Company made $28 million of special-item cash outlays, including restructuring payments, during the second quarter.
Dividends
The Company paid common stock dividends of $8 million, or $0.08 per share, in the second quarter of 2020.
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 uncertainty in travel demand during the remainder of 2020.
Conference Call Information
Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Wednesday, July 29, 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 866
342-8591 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 July 29, 2020. A telephone replay will be available for approximately ten days beginning at noon ET on July 29, 2020 at 800 839-5484.
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 over 9,000 hotels across approximately 90 countries on six continents. Through its network of 813,000 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®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, 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 84 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 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 any resurgence of the virus 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 restrictions on share repurchases or the Company’s ability and plans to pay dividends including the timing and amount of any future 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.
As travelers consider summer stays, Wyndham launches new ad campaign with promotion inspiring future trips, reminding travelers: chances are, you’re only 10 minutes from a hotel by Wyndham
PARSIPPANY, N.J. (July 23, 2020) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with 9,300 hotels across approximately 90 countries, is inspiring travelers to book their next trip with its ‘Stay Two Nights, Earn a Free Night’ promotion, offering Wyndham Rewards members a free night – in the form of 7,500 bonus Wyndham Rewards points – when they stay two consecutive nights or more, now through September 10, 2020. The promotion is featured in Wyndham’s latest advertising campaign, reminding travelers that no matter what they’re checking out this summer, a hotel they can count on is about ten minutes away.
Guests who are members of the free-to-join Wyndham Rewards program can book a stay of two consecutive nights or more at www.WyndhamRewards.com/freenight to earn a one-time 7,500 points bonus – enough for a free night at thousands of hotels – upon the completion of their stay. Stays must be booked directly with Wyndham Rewards from July 16 through September 8, 2020 and completed by September 10, 2020. The 7,500 bonus points are additional to any points normally earned for the stay.
“With everyday travelers out there traveling, and vacationers gearing up for road trips this summer and fall, Wyndham is reminding every kind of traveler that our hotels are open, ready to welcome them, and within reach,” said Sheila Schottland, vice president of Brand Marketing at Wyndham Hotels & Resorts. “This promotion, along with our latest ad campaign, offers travelers a chance to consider where their next stay will take them – whether it is a quick car trip to reconnect with their family or a longer vacation to get away from it all – and makes it that much more rewarding with enough Wyndham Rewards bonus points for a free night stay towards future trips.”
Summer travel “intenders” – those who are considering a drive-to summer trip in the coming weeks – can also find the offer promoted in a new advertising campaign. Focused on engaging everyday travelers at the moment they’re looking to book a hotel stay, the campaign builds upon the Company’s previous “10 Minutes from a Hotel by Wyndham” spot. It reminds travelers that with over 6,000 hotels in the U.S., whatever it is they’re checking out in their travels, they can confidently check-in to a hotel by Wyndham. It is currently running across digital channels focused on targeting travelers who are looking to get back out on the road, supported through television, digital video, streaming radio, social media, email, direct response channels, and various website channels.
As the travel landscape evolves in the wake of COVID-19, Wyndham Hotels & Resorts and its brands are committed to the health and safety of guests and team members. The vast majority of the Company’s hotels remain open and are welcoming guests with flexible booking policies and enhanced health and safety protocols through Wyndham’s Count on UsSM initiative. Learn more at www.wyndhamhotels.com/count-on-us.
The ‘Stay Two Nights, Earn One Free’ promotion is available at participating Wyndham hotels. Guests must be members of Wyndham Rewards, which is free to join. To register, book a stay or view full terms and conditions, visit www.WyndhamRewards.com/freenight.
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 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®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, 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.
As travel re-emerges, China’s largest international hotel franchisor prepares to meet
budding domestic demand; three hotels already open, remaining two to open by end of quarter
PARSIPPANY, N.J. (June 15, 2020) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,300 hotels across 90 countries, today announced plans for further growth in China as travel in the country continues to show encouraging signs of recovery.
The Company will add five new hotels to its Ramada® by Wyndham brand this quarter, with three of the hotels already open: the 142-room Ramada by Wyndham Luoyang Downtown, the 191-room Ramada by Wyndham Jianyang and the 140-room Ramada by Changsha Wuguang. Joining them later this month will be the 101-room Ramada by Wyndham Wuhan Qingshan and 179-room Ramada by Wyndham Kunming Yiliang.
“As travel in China continues to pick up, Wyndham and its brands are well poised to meet the budding demand,” said Joon Aun Ooi, president, Asia Pacific, Wyndham Hotels & Resorts. “People are eager to travel again, and Chinese travelers in particular are seeking domestic destinations more than ever before. Building on what is already one of our most popular brands in China, these new openings under Ramada by Wyndham further strengthen our presence in key cities that we know are important to Chinese travelers while sending a message that when they’re ready to travel, Wyndham is ready to welcome them.”Details on the new hotels include:
Ramada by Wyndham Luoyang Downtown
Located in the center of Luoyang city, the Ramada by Wyndham Luoyang Downtown offers convenient access to one of China’s most famed ancient dynastic capitals. Less than 30 minutes by car from Longmen Grottoes, a UNESCO world heritage site housing some of the finest examples of Chinese Buddhist art, the hotel offers 142 rooms and suites and is an ideal jumping off point for all Luoyang and its surrounding areas have to offer. On-site amenities include concierge service, meeting facilities, business center, fitness center, bar, restaurant, free wi-fi and more. The hotel opened in late April and is managed by Wyndham.
Ramada by Wyndham Jianyang Situated southeast of Chengdu, the capital of Sichuan province, the Ramada by Wyndham Jianyang is the first international five-star hotel in Jianyang city and offers 191 spacious rooms and suites. A gateway to Chengdu’s many historical, cultural and gastronomic offerings, the hotel is just 30 minutes from the new Chengdu Tianfu International Airport and only 18 minutes from Chengdu East Railway Station. On-site amenities include meeting facilities, fitness center, indoor pool, restaurant, lobby bar, free wi-fi and more. The hotel opened in early May.
Ramada by Wyndham Changsha Wuguang
Looking over Changsha’s Yuhua district, the Ramada by Wyndham Changsha Wuguang offers travelers easy access to the Changsha International Convention & Exhibition Center and is just 20 minutes from Changsha Huanghua International Airport. Changsha Avenue metro station is only a five-minute walk away. The hotel features 140 rooms and suites, a modern and upscale design, and provides on-site amenities such as concierge service, meeting facilities, fitness center, two restaurants, free wi-fi and more. The hotel opened earlier this month.
Ramada by Wyndham Wuhan Qingshan
Under development in the capital of Central China’s Hubei province, the Ramada by Wyndham Wuhan Qingshan is situated at the intersection of Jianshe 3rd Road and Fushun Street near Qingshan River. Boasting a contemporary design and over 100 well-appointed rooms and suites, the hotel provides convenient access to nearby businesses as well as attractions like East Lake, the Hubei Provincial Museum, Yellow Crane Towers and Wuhan Happy Valley. On-site amenities will include two restaurants, meeting facilities, free wi-fi, parking and more. The hotel is scheduled to open later this month.
Ramada by Wyndham Kunming Yiliang
Adjacent to Yiliang Bus Terminal, the 179-room Ramada by Wyndham Kunming Yiliang will offer upscale accommodations for travelers visiting Yiliang county in central Yunnan province. Surrounded by scenic and cultural attractions, the hotel is just 45 minutes from the famous Jiuxiang Scenic Region and Shilin Stone Forest, a UNESCO world heritage site. On-site amenities will include two restaurants, meeting facilities, pool, spa and more. The hotel is scheduled to open later this month.
With a presence of more than 1,500 hotels across the country, Wyndham Hotels & Resorts is the largest international hotel franchisor in China. The Company currently operates 11 of its 20 brands in China, most recently debuting its Microtel® by Wyndham brand there in 2019.
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.
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.
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.
The COVID-19 pandemic has essentially stopped most travel, and accordingly, we’ve been forced to make incredibly difficult decisions that affect our entire Wyndham family. These include job eliminations, salary reductions and reduced-hour work weeks impacting nearly half of our 2,500 corporate team members around the globe, as well as team member furloughs and property closures at some of our managed hotels. Additionally, our President and CEO is indefinitely forgoing 100 percent of his salary and our Board of Directors is indefinitely forgoing 100 percent of its cash compensation.
We also know this is an incredibly challenging environment for our thousands of franchised hotel owners. To help them weather operational difficulties, we’ve taken a number of proactive measures around the world to support our franchisees during this challenging period. We’re also providing guidance and resources designed to help owners identify and, if appropriate, leverage government-sponsored programs that may help them and their businesses.
While these are extraordinary times, we know they will pass. We remain confident in the strength and resiliency of our business and we are committed to the health and safety of our team members, owners and guests. The travel industry will inevitably rebound, and when it does, Wyndham will be there, ready to welcome the everyday traveler to its approximately 9,300 hotels around the world.
The safety of our guests and team members around the world is a top priority. We have provided the thousands of independently owned and operated franchised hotels in our network and our managed and owned properties worldwide with helpful guidelines and safety information provided by the World Health Organization (WHO) and the U.S. Centers for Disease Control and Prevention (CDC) detailing how to identify COVID-19 symptoms and mitigate its transmission. We have also partnered with third parties, including Ecolab and other suppliers, to provide our hotels with access to industry-standard cleaning and disinfecting supplies and have made training available to support our franchisees and our managed and owned hotels in achieving the highest standards of cleanliness, disinfection and hygiene.
Our mission is to make hotel travel possible for all, and that becomes especially important during times of uncertainty. Our cancellation policies for direct bookings are among the most flexible in the hotel industry, with thousands of our hotels honoring no-fee cancellations up to 6 p.m. on the day of arrival.
We have enhanced our policies as follows:
Guests traveling with new or existing direct bookings for stays in any of our hotels through June 30, 2020 will have their cancellation or change penalties waived if the request is received at least 24 hours (or less if permitted by the hotel’s policy) prior to arrival.
Guests who are prohibited from traveling to their booked hotel under applicable law will have their cancellation or change penalties waived on direct bookings.
For new or existing direct bookings with arrivals after June 30, 2020, all of our properties are required to accommodate non-cancellable rate reservation changes if the request is received at least 48 hours prior to arrival and the same number of room nights or more are booked for a future stay.
We are pausing the expiration of any Wyndham Rewards points until September 30, 2020 and have extended current Wyndham Rewards Member Levels (status) for all members globally through the end of 2021.
We are committed to, and actively exploring, additional steps that we can take to help all Wyndham Rewards members globally, which will include relaxed Member Level earning requirements, among other options. Due to rapidly evolving circumstances, it’s too soon to share specifics, however, we will do so as soon as possible.
Please note that the cancellation policies above do not apply to any Group booking, such as conferences, meetings, or events. For guests with Group reservations, please review the terms and conditions for the booking and/or contact the group planner for more information.
For bookings made by a travel agent or online booking platform, guests are advised to contact the agent or booking platform directly. Please consult travel advisories and information made available by the World Health Organization, U.S. Centers for Disease Control and Prevention and the U.S. Department of State. We will continue to closely monitor the situation and adapt our policies accordingly.
Additionally, due to the current situation with coronavirus, our hotels are implementing new processes to protect the safety of our guests and team members. This may result in a reduction in certain services and amenities that are normally available at our hotels. Those traveling to hotels located in areas that are allowing only “essential travelers,” are required to comply with all guidelines and restrictions and may be required to provide identification establishing that they are “essential travelers.” If guests have questions or concerns, we ask them to please contact the hotel directly.
Global hotel company’s culture of integrity, ethical business practices and focus on social responsibility and sustainability are the foundation of its commanding presence in the lodging industry
PARSIPPANY, N.J. (February 25, 2020) – With a commitment to acting with integrity and a mission to making hotel travel possible for all, Wyndham Hotels & Resorts (NYSE: WH) has been recognized as one of the 2020 World’s Most Ethical Companies by the Ethisphere Institute. This distinction marks the second time the Company has been by named to the list by Ethisphere, a leader in defining and advancing the standards of ethical business practices. Wyndham Hotels & Resorts is one of only two companies recognized in the lodging and hospitality segment for 2020.
“Our ethics and values-driven culture guide how we serve our guests, partners, communities and each other every day,” said Paul Cash, general counsel and chief compliance officer, Wyndham Hotels & Resorts. “Wyndham’s core values of integrity, accountability, inclusivity, caring and fun are reflected in our compliance, social responsibility and sustainability programs, helping us to make smart and ethical decisions, which contribute to the bottom line.”
The World’s Most Ethical Companies designation recognizes those companies which align principle with action, work tirelessly to make trust part of their corporate DNA, and in doing so, shape future industry standards by introducing tomorrow’s best practices today.
“Our ethical business practices foster great experiences and brand loyalty for our guests and for Wyndham Rewards members, as well as our Wyndham Hotels & Resorts team members,” added Samantha Vaughan, group vice president, corporate compliance and chief privacy officer.
Maintaining a strong focus on ethical practices is part of Wyndham Hotels & Resorts’ robust social responsibility commitment. Some of the Company’s activities and accomplishments include:
Creating a diverse and inclusive place to work and do business through its values-driven culture of ethics and integrity;
Working to protect human rights by providing team members, hotel owners and franchisees training and awareness tools to identify human trafficking in partnership with Businesses Ending Slavery and Trafficking (BEST), Polaris Project and ECPAT-USA; and
Implementing the Wyndham Green Certification Program, a progressive five-level property certification program focusing on sets of actions addressing energy, water and operational efficiencies as well as other industry best practices.
The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient® (EQ) framework which offers a quantitative way to assess a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics. Scores are generated in five key categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership and reputation (10%).
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honors superior achievement through its World’s Most Ethical Companies recognition program and provides a community of industry experts with the Business Ethics Leadership Alliance (BELA). More information about Ethisphere can be found at: https://ethisphere.com.
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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