PARSIPPANY, N.J., October 25, 2023 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2023. Highlights include:
Global RevPAR grew 3% compared to third quarter 2022 in constant currency.
System-wide rooms grew 3% year-over-year.
Development pipeline grew 4% sequentially and 12% year-over-year to a record 237,000 rooms.
Signed over 230 contracts, an increase of 8% year-over-year, including 60 new construction projects for ECHO Suites Extended Stay by Wyndham.
Returned $134 million to shareholders through $105 million of share repurchases and a quarterly cash dividend of $0.35 per share.
“We recently announced our Board of Directors unanimously rejected an unsolicited stock-and-cash proposal by Choice Hotels to acquire our company. Our Board of Directors, together with our financial and legal advisors, closely reviewed Choice’s latest proposal and determined, for multiple reasons, that it is not in the best interest of our shareholders. They remain confident that our standalone growth prospects offer superior, risk-adjusted returns to Wyndham shareholders,” said Geoff Ballotti, president and chief executive officer. “Supporting that belief are our third quarter results, which were highlighted by continued growth in global RevPAR, ongoing domestic and international organic net room growth and another 8% increase in hotel contracts awarded to franchisees driving our development pipeline to a record 1,930 hotels. Our economy brands gained market share domestically amidst a backdrop of normalizing U.S. leisure demand, and international occupancy continued to recover. Adjusted EBITDA grew in line with our expectations, we generated strong free cash flow and we returned significant capital to our shareholders. We remain focused on our growth strategy, which includes continued system expansion through our ECHO Suites by Wyndham brand and further improvements in franchisee retention, as well as the multi-year benefit expected from the U.S. infrastructure bill. We’re enthusiastic about our ability to deliver exceptional value to our shareholders, guests, franchisees and team members in the months and years ahead.”
Third Quarter Financial Results
Fee-related and other revenues was $400 million compared to $375 million in third quarter 2022 reflecting global RevPAR and net room growth, higher license and ancillary fees as well as the pass-through revenues associated with the Company’s global franchisee conference in September, which was held for the first time since 2019.
The Company generated net income of $103 million, or $1.21 per diluted share, compared to $101 million, or $1.13 per diluted share, in third quarter 2022. The increase was reflective of higher adjusted EBITDA in the Company’s hotel franchising segment and a lower effective tax rate, partially offset by higher interest expense. Adjusted diluted EPS grew 8% reflecting higher net income and a lower share count due to share repurchase activity. Adjusted EBITDA increased 5% to $200 million primarily reflecting higher fee-related and other revenues as well as marketing fund variability. During third quarter 2023, the Company’s marketing fund revenues exceeded expenses by $17 million; while in third quarter 2022, the Company’s marketing fund revenues exceeded expenses by $12 million.
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.
System Size
The Company’s global system grew 3%, reflecting 1% growth in the U.S. and 6% growth internationally. As expected, these increases included strong growth in both the higher RevPAR midscale and above segments in the U.S. and the direct franchising business in China, which grew 4% and 16%, respectively.
RevPAR
Third quarter global RevPAR grew by 3% in constant currency compared to 2022 reflecting a 1% decline in the U.S. and growth of 16% internationally. The Company had achieved record-breaking RevPAR in the U.S. during the preceding year due to COVID-impacted travel patterns. The Company’s U.S. economy brands gained market share of 100 basis points in the third quarter. Comparing to 2019 to neutralize for COVID-impacted travel patterns, U.S. RevPAR grew 9%, a 30 basis point acceleration from second quarter 2023 growth. International RevPAR growth was driven by higher occupancy levels and stronger pricing power in connection with COVID recovery, and compared to 2019 grew 45% on a constant-currency basis, a 120 basis point acceleration from second quarter 2023 growth.
Development
On September 30, 2023, the Company’s global development pipeline consisted of over 1,930 hotels and approximately 237,000 rooms, representing a 12% year-over-year increase, including 16% growth in the U.S.
Approximately 69% of the Company’s pipeline is in the midscale and above segments.
Approximately 58% of the Company’s development pipeline is international.
Approximately 80% of the Company’s pipeline is new construction, of which approximately 34% has broken ground.
During third quarter 2023, the Company awarded 172 new contracts for its legacy brands, an increase of 4% year-over-year. Additionally, the Company awarded 60 additional new contracts for its ECHO Suites Extended Stay by Wyndham brand and, as of September 30, 2023, the total number of contracts awarded for the brand was 265, or nearly 33,000 rooms.
Balance Sheet and Liquidity
As of September 30, 2023, the Company had $2.2 billion of long-term debt outstanding with a weighted average interest rate of 4.9%. The Company borrowed $110 million on its revolving credit facility during the third quarter and had an available borrowing capacity of $631 million after considering $9 million of outstanding letters of credit as of September 30, 2023. The Company ended the quarter with a cash balance of $79 million and approximately $710 million in total liquidity.
The Company generated net cash provided by operating activities of $77 million and free cash flow of $67 million in third quarter 2023.
The Company has pay-fixed/receive-variable interest rate swaps in place to hedge $600 million of the Term Loan B Facility, set to expire in the second quarter of 2024. During the third quarter of 2023, the Company executed $600 million of new forward starting interest rate swaps on the Term Loan B Facility, which will begin in second quarter 2024 and expire in 2028. The fixed rate of the new swaps is 3.8%.
Share Repurchases and Dividends
During the third quarter, the Company repurchased approximately 1.4 million shares of its common stock for $105 million. Year-to-date through September 30, the Company repurchased approximately 3.8 million shares of its common stock for $270 million.
The Company paid common stock dividends of $29 million, or $0.35 per share.
Rejection of Unsolicited Offer
On October 17, 2023, the Company announced that its Board of Directors unanimously rejected a highly conditional, unsolicited stock-and-cash proposal by Choice Hotels International, Inc. (“Choice”) to acquire all outstanding shares of Wyndham. Wyndham’s Board of Directors, together with its financial and legal advisors, closely reviewed Choice’s latest proposal with a nominal value of $90 per share, comprised of 45% in stock and 55% in cash, and determined that it is not in the best interest of Wyndham shareholders to accept the proposal.
Full-Year 2023 Outlook
The Company is updating its outlook as follows to reflect the impact of third quarter share repurchase activity:
Year-over-year growth rates are not comparable due to the sale of the Company’s owned hotels and the exit of its select-service management business, both of which occurred during 2022, as well as the variability in its marketing funds due to the support that the Company provided to its owners during 2020.
The Company’s expectations for full-year 2023 marketing funds contribution to adjusted EBITDA is unchanged at $10 million. The Company expects fund revenues will outpace fund expenses by approximately $11 million during the fourth quarter.
More detailed projections are available in Table 8 of this press release. The Company is providing certain financial metrics only on a non-GAAP basis because, without unreasonable efforts, it is unable to predict with reasonable certainty the occurrence or amount of all of the adjustments or other potential adjustments that may arise in the future during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to the reported results.
Conference Call Information
Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Thursday, October 26, 2023 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at https://investor.wyndhamhotels.com. The conference call may also be accessed by dialing 800 225-9448 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 beginning at noon ET on October 26, 2023. A telephone replay will be available for approximately ten days beginning at noon ET on October 26, 2023 at 800 839-6964.
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 approximately 9,100 hotels across over 95 countries on six continents. Through its network of approximately 858,000 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 24 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 105 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 https://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 the federal securities laws, including statements related to the Company’s 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 and restructuring charges. The Company claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “objective,” “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 the Company 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, including inflation, higher interest rates and potential recessionary pressures; the worsening of the effects from the coronavirus pandemic (“COVID-19”); COVID-19’s scope, duration, resurgence and impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on the Company’s franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel the Company’s continued performance during the recovery from COVID-19 and any resurgence or mutations of the virus concerns with or threats of other pandemics, contagious diseases or health epidemics, including the effects of COVID-19; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising businesses; the Company’s relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflict between Russia and Ukraine; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to the Company’s ability to obtain financing and the terms of such financing, including access to liquidity and capital; and the Company’s ability to make or pay, plans for and the timing and amount of any future share repurchases and/or 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, except as required by law.
Wyndham Grand Barbados, Sam Lord’s Castle Resort & Spa
to open in mid-October, now taking reservations
PARSIPPANY, N.J. (October 5, 2023) – Wyndham Grand®, the hotel brand known for its upscale accommodations and approachable designs, today announced it’s now taking reservations for its newest resort, the inviting 422-room all-inclusive Wyndham Grand Barbados, Sam Lord’s Castle Resort & Spa. The secluded, ocean-front hotel marks Wyndham Hotels & Resorts’ entrance into Barbados and will begin welcoming its first guests beginning October 12 with select amenities, followed by a formal Grand Opening in early 2024.
“Barbados offers the perfect backdrop for a chic and upscale getaway – lush, tropical gardens, uninterrupted ocean views and an array of opportunities to unplug, unwind and make lasting memories with friends and family,” said Gustavo Viescas, president, Latin America and Caribbean, Wyndham Hotels & Resorts. “Wyndham Grand Barbados brings all of that to life on our legendary grounds, allowing guests to take a step back to practice self-care and immerse themselves in the beauty of the nature around them.”
An Eco-Friendly Sanctuary Showcasing the Finer Things Nestled on the Southeastern side of the island of Barbados, just 15 minutes from the Grantley International Airport, the hotel is located on the former site of Sam Lord’s Castle, which was once renowned for pirates during the 19th century. The all-new construction, all-inclusive resort offers 422 guest rooms, including 37 suites with sophisticated architecture and sustainable designs, along with large ocean views and lanai-style private balconies to allow guests to bask in the joy of indoor and outdoor living.
At peak operation, guests can enjoy contemporary culinary experiences in the resort’s more than 10 dining venues, which cater to a variety of tastes. Culinary highlights include the Mediterranean Marketplace featuring flavors from North Africa, Italy, France, Portugal and Spain, pop-up food trucks, poolside dining and more. Celebrating Barbados’ local offerings, the resort also features a specialty “farm to fork” experience with locally sourced ingredients from nearby farmers, fisherman and purveyors.
For guests seeking to unwind, the hotel will feature a 13,000 square foot spa with a pool area and relaxation deck, along with a state-of-the-art fitness center and a sunrise yoga center. Other on-site amenities include lagoon-style swimming pools, a kids center, butler service, tennis and pickleball courses. The resort also offers 15,000 square feet of flexible indoor and outdoor meeting and event space that can accommodate up to 1,100 guests, top-of-the-line technology and purposefully built landscapes perfect for staging weddings and special events. Guests are encouraged to contact the hotel directly for the latest on available amenities.
Surrounded by beautiful greenery and stunning oceanfront, Wyndham Grand Barbados, Sam Lord’s Castle Resort & Spa is committed to improving the environment and supporting the global and local community by developing and implementing sustainable programs that deliver economic benefits to the surrounding area. The upscale, eco-hotel brings this concept to life using sustainably sourced wood, a chef’s garden integrating food crop production and education, eco-friendly alternatives to single-use plastics, high efficiency fixtures, LED bulbs and floor to ceiling glass doors and windows in guest rooms to allow for natural light and ventilation. The resort’s Building Management System aggressively manages utility consumption, with guest rooms featuring sensors that detect when guests are gone to automatically engage thermostats to reduce excess energy demand.
A Grand Experience for Any Occasion Wyndham Grand offers guests an upscale ensemble of distinguished hotels that are approachable by design, representing one-of-a-kind experiences with refined accommodations, attentive service and relaxed surroundings. With more than 70 Wyndham Grand hotels around the globe, the introduction of Sam Lord’s Castle Resort builds on Wyndham Hotels & Resorts’ rapidly growing all-inclusive offerings throughout the Caribbean, joining beautiful resorts like Wyndham Alltra® Samaná in the Dominican Republic and TRS Coral Costa Mujeres in Mexico, among others.
“Wyndham Grand offers the perfect combination of aspirational, dream-worthy destinations with cozy rooms and indulgent amenities that make any trip feel special,” said Jimena Faena, vice president, Latin America and Caribbean Marketing and Brand Operations, Wyndham Hotels & Resorts. “At Wyndham Grand Barbados, everything is at your fingertips, making it easier than ever to kick back, relax and enjoy the beauty that Barbados has to offer.”
Now through June 19, 2024, guests can take advantage of a special opening offer of 20% off stays with bookings made before November 30, 2023, subject to availability and blackout dates. To book your stay, visit www.wyndhamgrand.com.
Wyndham Grand participates in Wyndham Rewards®, the number one rated hotel rewards program as named by both USA Today and US News & World Report. Free nights are available from 30,000 points per bedroom per night while discounted nights start at just 7,500 points per bedroom per night. Learn more at www.wyndhamrewards.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 Istanbul, Doha, Salzburg and Orlando – Wyndham Grand hotels transform ordinary moments into unforgettable experiences. Approachable by design, this upper-upscale hotel brand helps travelers make every moment count. Learn more at www.wyndhamgrand.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 9,100 hotels across over 95 countries on six continents. Through its network of approximately 852,000 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 24 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards loyalty program offers over 103 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.
Wyndham Alltra Samaná now taking reservations for early December opening.
PARSIPPANY, N.J. (August 10, 2023) – Wyndham Alltra®, the brand known for its promise of “All-Inclusive Travel for All,” today announced it’s now taking reservations for its newest resort, the tranquil, 404-room Wyndham Alltra Samaná. Managed by Playa Hotels & Resorts, one of the world’s leading all-inclusive operators, the resort is slated to open December 1 and marks Wyndham Alltra’s entry into the Dominican Republic.
“The Dominican Republic, and in particular Samaná, is one of the Caribbean’s most serene and relaxing escapes, allowing guests to immerse themselves in a tropical oasis while disconnecting from the everyday,” said Roberto Garrido, vice president, Operations, Dominican Republic, Playa Hotels & Resorts. “Whether it’s unwinding with a new book under a picturesque palm or reconnecting with family as you embark on a new outdoor adventure, Wyndham Alltra Samaná pairs the best of the Dominican with the ease of all-inclusive travel.”
A Beachside Escape for Any Occasion Located in the northeast corner of the Samaná peninsula with close vicinity to spectacular beaches and the Cordillera Samaná mountain range, Wyndham Alltra Samaná is expected to open in December 2023 following an extensive renovation of all resort rooms and public spaces. Minutes away from natural preserves, waterfalls and remote islands ripe for exploration, the resort gives guests a private beachfront, live entertainment, access to four glistening pools and nearly a dozen bars and restaurants for dining and refreshments.
Rooms at the resort range from standard king and queen configurations to large family suites and bungalows, while available activities include horseback riding, bicycle tours, sailing and swimming. Additional activities, like golf, whale watching, fishing and other excursions are just a short ride away. For those looking to host larger events, including weddings, the resort boasts special venues on the beach and poolside with state-of-the-art tech and on-site coordinators, along with special honeymoon packages.
The All-Inclusive Experience for All Wyndham Alltra was born from the promise of “All-Inclusive Travel for All,” and keeps with Wyndham’s mission of delivering exceptional experiences for the everyday traveler. Now with four resorts across Mexico and the Dominican Republic and additional offerings under development in Asia, Wyndham Alltra offers an all-inclusive resort experience distinct to the upper-midscale segment, pairing elevated food and beverage, service and amenities with a range of activities expressive of each resort’s location and culture.
“Wyndham Alltra offers exactly what today’s travelers crave most: unique and memorable experiences,” said Jimena Faena, vice president and brand leader, Wyndham Alltra. “The brand’s all-inclusive approach to travel means worrying less about pulling out your wallet and instead, more reveling in the excitement of your resort arrival and all that’s available to you.”
Rates for Wyndham Alltra Samaná start as low as $198 per night (double occupancy) and can be booked today for stays beginning December 1 at www.WyndhamAlltra.com. Wyndham Alltra resorts also participate in Wyndham Rewards®, the number one rated hotel rewards program as named by both USA Today and US News & World Report. Free nights are available for 30,000 points per night per bedroom, while discounted nights can be unlocked for just 6,000 points per bedroom. Learn more at www.wyndhamrewards.com.
About Wyndham Alltra Wyndham Alltra is All-Inclusive, All for you. The ultimate carefree vacation awaits with everything you’ve been daydreaming of all in one place. From exciting eats and refreshing cocktails to live entertainment and non-stop activities, picture-perfect beaches to inviting pools, we’ve got something for everyone. It’s the moment you’ve been waiting for. Put on your out of office. Take off to Wyndham Alltra. Book your next stay at www.wyndhamalltra.com or visit www.wyndhamdevelopment.com to learn more about all-inclusive development opportunities.
About Playa Hotels & Resorts N.V. Playa Hotels & Resorts N.V. (NASDAQ: PLYA, “Playa”) is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in Mexico, Jamaica and the Dominican Republic. Playa currently owns and/or manages a total portfolio consisting of 24 resorts (9,097 rooms) under the following brands: Hyatt Zilara, Hyatt Ziva, Hilton All-Inclusive, Tapestry Collection by Hilton, Wyndham Alltra, Seadust, Jewel Resorts and The Luxury Collection. Playa leverages years of all-inclusive resort operating expertise and relationships with globally recognized hospitality brands to provide a best-in-class experience and exceptional value to guests, while building a direct relationship to improve customer acquisition cost and drive repeat business. For more information, please visit www.playaresorts.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 9,100 hotels across over 95 countries on six continents. Through its network of approximately 852,000 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 24 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards loyalty program offers over 103 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 Grows Development Pipeline by 10% and Global RevPAR by 7% Successfully Completes Refinancing Transaction Board Increases Share Repurchase Authorization by $400 Million
PARSIPPANY, N.J. (July 26, 2023) – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2023. Highlights include:
Global RevPAR grew 7% compared to second quarter 2022 in constant currency.
System-wide rooms grew 4% year-over-year.
Development pipeline grew 1% sequentially and 10% year-over-year.
Signings of 24,000 rooms grew 6% year-over-year and 7% compared to 2019.
Awarded 60 new construction projects for ECHO Suites Extended Stay by Wyndham in July, including its first hotels in Canada, bringing the total number of contracts to 265.
Returned $139 million to shareholders through $109 million of share repurchases and a quarterly cash dividend of $0.35 per share.
Successfully completed the refinancing of its Term Loan B Facility, extending maturity from 2025 to 2030.
“During the second quarter, we celebrated the tremendous progress we’ve made in our five-year journey as a new public company with another quarter of solid results including global RevPAR growth of 7%, net room growth of 4% and the 12th consecutive quarter of sequential growth in our development pipeline, which has never been stronger,” said Geoff Ballotti, president and chief executive officer. “International travel demand continues to accelerate, our U.S. economy brands continue to outperform the industry and our nation’s infrastructure bill spend is expected to represent a meaningful tailwind for our franchisees in the months and years ahead. We remain very confident in our ability to deliver outstanding value for our franchisees and shareholders, as does our Board of Directors who today approved a $400 million increase in our share repurchase authorization, reflecting their confidence in the ongoing strength of our business and our strong free cash flow.”
Second Quarter Financial Results
The comparability of the Company’s second quarter results is impacted by the sale of its owned hotels and the exit of its select-service management business, both of which occurred in 2022, as well as quarterly timing variances from its marketing funds. The Company’s reported results and comparable-basis results (adjusted to neutralize these impacts) are presented below to enhance transparency and provide a better understanding of the results of the Company’s ongoing operations:
Fee-related and other revenues was $358 million compared to $354 million in second quarter 2022, which included $12 million from the Company’s select-service management business and owned hotels. On a comparable basis, fee-related and other revenues increased 5% year-over-year primarily reflecting higher royalties and franchise fees resulting from global RevPAR and system growth.
The Company generated net income of $70 million, or $0.82 per diluted share, compared to $92 million, or $1.00 per diluted share, in second quarter 2022. The decline in net income was expected and reflective of the marketing fund variability, higher interest expense and transaction-related costs primarily related to the Company’s refinancing of its Term Loan B Facility. On a comparable basis, adjusted diluted earnings per share grew 10% reflecting 8% growth in comparable basis adjusted EBITDA and a lower share count due to share repurchase activity.
Adjusted EBITDA was $158 million compared to $175 million in second quarter 2022. On a comparable basis, adjusted EBITDA increased 8% year-over-year primarily reflecting higher fee-related and other revenues.
During second quarter 2023, the Company’s marketing fund expenses exceeded revenues by $15 million; while in second quarter 2022, the Company’s marketing fund revenues exceeded expenses by $12 million, resulting in $27 million of marketing fund variability.
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.
System Size
The Company’s global system grew 4%, reflecting 1% growth in the U.S. and 9% growth internationally. As expected, these increases included strong growth in both the higher RevPAR midscale and above segments in the U.S. and the direct franchising business in China, which grew 4% and 13%, respectively, as well as 80 basis points of growth globally and 200 basis points internationally from the acquisition of the Vienna House brand. The Company remains solidly on track to achieve its net room growth outlook of 2 to 4% for the full year 2023, including an increase in its retention rate compared to 2022.
RevPAR
Second quarter global RevPAR grew by 7% in constant currency compared to 2022 reflecting a 1% decline in the U.S. and growth of 34% internationally. The Company had achieved record-breaking RevPAR in the U.S. during the preceding year due to COVID-impacted travel patterns. Comparing to 2019 to neutralize for these impacts, U.S. RevPAR grew 8%, a 30 basis point acceleration from first quarter 2023 growth. The international RevPAR growth was driven equally by stronger pricing power and higher occupancy levels.
Development
On June 30, 2023, the Company’s global development pipeline consisted of nearly 1,850 hotels and approximately 228,000 rooms, representing a 10% year-over-year increase, including 22% growth in the U.S.
Approximately 72% of the Company’s pipeline is in the midscale and above segments.
Approximately 57% of the Company’s development pipeline is international.
Approximately 81% of the Company’s pipeline is new construction, of which approximately 35% has broken ground.
During second quarter 2023, the Company awarded 179 new contracts for its legacy brands, an increase of 8% year-over-year. In July, the Company awarded 60 additional new contracts for its ECHO Suites Extended Stay by Wyndham brand to established and experienced developers, including what will be the brand’s first hotels in Canada. This brings the total number of contracts awarded for the brand to 265 since its launch, or nearly 33,000 rooms.
Cash and Liquidity
The Company generated net cash provided by operating activities of $83 million and free cash flow of $74 million in second quarter 2023. The Company ended the quarter with a cash balance of $63 million and approximately $800 million in total liquidity.
In May 2023, the Company successfully amended and extended its outstanding Senior Secured Term Loan B Facility (“Prior Term Loan B”), which was due May 2025. The new $1.1 billion Senior Secured Term Loan B Facility (“New Term Loan B”) matures in May 2030 and carries an interest rate of SOFR plus 2.25% (with a 0.10% credit spread adjustment). The net proceeds from the New Term Loan B were used to repay all outstanding principal under the Company’s Prior Term Loan B.
As a result of this transaction, the Company moved its next material debt maturity to 2027 and increased its weighted average maturity from 3.2 to 6.0 years, providing significant financial flexibility to execute on the Company’s strategic objectives of delivering outstanding value to its guests and franchisees while driving strong shareholder return.
Share Repurchases and Dividends
During the second quarter, the Company repurchased approximately 1.6 million shares of its common stock for $109 million at an average price of $68.56 per share. Year-to-date through June 30, the Company repurchased approximately 2.4 million shares of its common stock for $165 million at an average price of $69.20 per share. The Company’s Board of Directors recently increased the Company’s share repurchase authorization by $400 million.
The Company paid common stock dividends of $30 million, or $0.35 per share.
Full-Year 2023 Outlook
The Company is refining its outlook as follows:
The reduction in adjusted net income represents an increase in interest expense due, in part, to the refinancing of the Company’s Term Loan B. This impact was offset in adjusted diluted EPS by second quarter share repurchase activity.
Year-over-year growth rates are not comparable due to the sale of the Company’s owned hotels and the exit of its select-service management business, both of which occurred during 2022, as well as the variability in its marketing funds due to the support that the Company provided to its owners during 2020.
The Company’s expectations for full-year 2023 marketing funds contribution to adjusted EBITDA is unchanged at $10 million. The Company expects fund revenues will outpace fund expenses by $29 million in the second half of 2023 with approximately $10 million to $15 million per quarter.
More detailed projections are available in Table 8 of this press release. The Company is providing certain financial metrics only on a non-GAAP basis because, without unreasonable efforts, it is unable to predict with reasonable certainty the occurrence or amount of all of the adjustments or other potential adjustments that may arise in the future during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to the reported results.
Conference Call Information
Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Thursday, July 27, 2023 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at https://investor.wyndhamhotels.com. The conference call may also be accessed by dialing 800 267-6316 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 beginning at noon ET on July 27, 2023. A telephone replay will be available for approximately ten days beginning at noon ET on July 27, 2023 at 800 839-5124.
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 approximately 9,100 hotels across over 95 countries on six continents. Through its network of approximately 852,000 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 24 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards loyalty program offers over 103 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 the federal securities laws, including statements related to the Company’s 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 and restructuring charges. The Company claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “objective,” “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 the Company 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, including inflation, higher interest rates and potential recessionary pressures; the worsening of the effects from the coronavirus pandemic (“COVID-19”); COVID-19’s scope, duration, resurgence and impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on the Company’s franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel the Company’s continued performance during the recovery from COVID-19 and any resurgence or mutations of the virus concerns with or threats of other pandemics, contagious diseases or health epidemics, including the effects of COVID-19; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising businesses; the Company’s relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflict between Russia and Ukraine; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to the Company’s ability to obtain financing and the terms of such financing, including access to liquidity and capital; and the Company’s ability to make or pay, plans for and the timing and amount of any future share repurchases and/or 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, except as required by law.
World's largest hotel franchising company well-positioned for future growth following a year in which it added new brands, entered new markets and attracted new, diverse hotel owners
PARSIPPANY, N.J., (January 23, 2022) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,100 hotels across more than 95 countries, is setting its sights on continued expansion in 2023, following a banner year that saw the Company cap multiple milestones and accomplishments across the globe.
“Last year was an incredible year for the travel industry and for Wyndham,” said Geoff Ballotti, president and CEO, Wyndham Hotels & Resorts. “Amid the backdrop of the industry’s continued recovery, hoteliers across the world turned to Wyndham and our brands to help them elevate their portfolios and drive their businesses forward. Now, with consumer travel demand holding steadfast, anticipated tailwinds from continued infrastructure spend, and our iconic, trusted brands resonating with travelers like never before, Wyndham and its franchisees remain well positioned for success in 2023.”
In its latest forecast, U.S. Travel estimated domestic travel spend to increase more than 8% in 2023, adjusted for inflation, while London-based Economist Intelligence expects global tourism to rise 30%. Wyndham is also anticipating significant tailwinds from the recent $1.2 trillion infrastructure bill, the largest signed into U.S. law in the last 70 years. Wyndham’s business travelers primarily come from infrastructure accounts, which generated double-digit revenue growth compared to 2019 and are anticipated to climb further as these workers begin new projects to repair America’s highways, bridges and ports.
New Brands, New Markets, New Hotels Known for its diverse 24-brand portfolio spanning every segment of the industry, Wyndham saw continued expansion of its global footprint in 2022, adding new brands, entering new markets and attracting new, diverse hotel owners. Among the highlights, the Company:
Tapped into the white-hot extended stay market in the U.S. with the launch of ECHO Suites Extended StaySM by Wyndham, exceeding early development expectations by rapidly growing its pipeline to 170 hotels and more than 21,000 rooms in only 9 months.
Significantly grew its presence in the all-inclusive space, adding 14 new resorts to its luxury Registry Collection Hotels® brand. Wyndham now has nearly 30 all-inclusive resorts across Latin America.
Nearly doubled the size of its upscale footprint in Europe, the Middle East, Eurasia and Africa with the acquisition of the Vienna House® brand from Berlin-based HR Group, a longstanding Wyndham franchisee, adding over 40 new hotels and more than 6,400 rooms.
Bolstered its commitment to diverse hotel ownership, becoming the first major hotel company to launch a program focused on the advancement of women hotel owners (Women Own the Room) and introduce a program for Black entrepreneurs (BOLD by Wyndham).
“Developers choose Wyndham for the power of our brands and because they know we’re going to be collaborative partners at every step of the journey. That starts with our team taking the time to understand their unique needs and then working with them to help ensure they’re putting the right brand in the right market at the right time,” said Chip Ohlsson, chief development officer, Wyndham Hotels & Resorts. “Hospitality is all about relationships and, for Wyndham, there are no relationships more important than the ones we have with our franchisees. From day one, we are committed to their success because we know—their success, is our success.”
Elevating the Guest Experience
Further advancing its mission of making hotel travel possible for all, Wyndham continued to champion the everyday traveler in 2022, launching an array of new initiatives designed to elevate the guest experience. Among the highlights, the Company:
Introduced Road Trip Planner (RTP), an innovative new tool allowing travelers to seamlessly plot, plan and directly book their ideal road trip via Wyndham’s award-winning, mobile app. The Wyndham mobile app currently has over 5.5 million downloads.
Expanded Wyndham Rewards® with new free night redemption options, adding to the program’s portfolio of more than 50,000 hotels, vacation club resorts and vacation rentals. USA TODAY recently ranked Wyndham Rewards number one for a 5th consecutive year, along with the Wyndham Rewards Earner Card, for a second consecutive year. Nearly one in every two guests are Wyndham Rewards members.
Became the first major hotel company to make available to all U.S. and Canadian franchisees an easy-to-use, virtually no-cost, mobile tipping platform, helping hotels attract and retain talent. Since launching just a few months ago, the platform is now live and available at hundreds of hotels across the U.S. and Canada.
Putting Owners First Paramount to its owner-first approach to franchising, Wyndham further leveraged its unmatched size and scale in 2022 to provide franchisees with robust levels service and support across Sales, Marketing, Operations, Design and Construction. Among the highlights, the Company:
Delivered record levels of contribution through Wyndham.com channels, with web traffic increasing over 9% YOY and longer booking windows compared to 2021.
Debuted a new, cloud-based, mobile-first revenue management platform, RevIQ, which when paired with one of the Company’s two next-gen, cloud-based property management systems (SynXis Property Hub and Oracle OPERA Cloud), gives franchisees access to best-in-class technology solutions designed to help drive rate, streamline operations and unlock efficiencies.
Launched a cost-effective mobile key solution, enabling franchisees to upgrade existing door locks instead of replacing them. Combined with existing offerings like mobile check-in and franchisee opt-in services like front desk call routing, these initiatives are designed to help franchisees improve operating margins while moving fixed labor costs out of their hotels.
Grew The Meetings Collection, a carefully curated collection of aspirational hotels and resorts in highly sought-after destinations, to more than 160 hotels and resorts globally.The Collection works in coordination with other Sales initiatives, like Wyndham Business, to help drive increased corporate and group bookings at Wyndham hotels around the world.
For more information about Wyndham Hotels & Resorts, including details on franchising opportunities, visit www.wyndhamdevelopment.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 9,100 hotels across over 95 countries on six continents. Through its network of approximately 836,000 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 24 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards® loyalty program offers over 97 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.
Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the federal securities laws, including statements related to the Company’s current views and expectations related to rooms growth, development, consumer demand trends, technology offerings and programs. Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “objective,” “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 the Company 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, including inflation, higher interest rates and potential recessionary pressures; the continuation or worsening of the effects from the coronavirus pandemic (“COVID-19”); COVID-19’s scope, duration, resurgence 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 and restrictions on travel; the Company’s continued performance during the recovery from COVID-19 and any resurgence or mutations of the virus; concerns with or threats of other pandemics, contagious diseases or health epidemics, including the effects of COVID-19; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising businesses; the Company’s relationships with franchisees and property owners; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflict between Russia and Ukraine; risks related to restructuring or strategic initiatives; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to the Company’s ability to obtain financing and the terms of such financing, including access to liquidity and capital; and the Company’s ability to make or pay, plans for, and the timing and amount of any future share repurchases and/or 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.
Leveraging its strong talent bench, Wyndham Appoints Shilpan Patel to Lead North America Franchise Operations and Gustavo Viescas to Lead the LATAMC Region
PARSIPPANY, N.J., (October 13, 2022) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,000 hotels across more than 95 countries, has promoted Shilpan Patel to executive vice president, North America Franchise Operations, and Gustavo Viescas to president, LATAMC, and elevated both to the Company’s Executive Committee effective immediately. With nearly 45 combined years, the two Company veterans have extensive experience helping Wyndham franchisees and owners around the globe succeed.
“A Wyndham core tenet is promoting from within thanks to our exceptional bench of leadership talent,” said Geoff Ballotti, Wyndham Hotels & Resorts president and chief executive officer. “Both Shilpan in North America and Gustavo in Latin America, are focused on delivering for our owners – existing and new – and I’m confident the relationships they’ve built over the years will continue to flourish as they take on these expanded roles.”
In his new role, Shilpan now oversees Franchise Operations, Brand Operations, Franchise Services and Managed Operations with a team spanning North America. Shilpan has held various finance, operations and franchise service leadership positions throughout his nearly 20 years at Wyndham, most recently responsible for leading its contract administration and relicensing efforts while driving industry-leading economy retention rates across its brands. Shilpan is a Certified Public Accountant, who began his career as an auditor at Deloitte & Touche after graduating from Penn State University.
Based in Buenos Aires, Gustavo takes on the day-to-day management and success of Wyndham’s LATAMC region consisting of approximately 250 hotels in nearly 30 countries. Gustavo has been instrumental in growing the region including launching two new brands (Alltra and Registry Collection) and closing industry-leading deals with notable strategic development partners like Playa Hotels & Resorts (NASDAQ: PLYA) and Palladium Hotel Group. Gustavo has held multiple roles of increasing responsibility over his past 25 years with Wyndham leading the finance, administration, reporting, planning and operations for both RCI and Wyndham Hotels & Resorts. Gustavo graduated from the University of Buenos Aires and holds his Master’s degree in Finance from UADE, Buenos Aires.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,000 hotels across over 95 countries on six continents. Through its network of approximately 819,000 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 23 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards® loyalty program offers over 95 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. (July 21, 2022) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with more than 8,900 hotels in over 95 countries, and Palladium Hotel Group, one of the largest Spanish hotel companies, announced, today, a commercial alliance that will add more than 6,500 rooms to Wyndham’s Registry Collection. The 14 spectacular all-inclusive TRS Hotels and Grand Palladium Hotels & Resorts managed by Palladium Hotel Group are located in Mexico, Dominican Republic, Jamaica, and Brazil and will join Wyndham’s portfolio under a long-term agreement leveraging Wyndham’s extensive distribution and bringing Wyndham’s all-inclusive resort portfolio to 26 hotels.
“Expanding Registry Collection Hotels continues Wyndham’s global growth in the luxury space and grants more travelers access to new, preeminent experiences in some of the most remarkable destinations,” said Geoffrey A. Ballotti, president and chief executive officer of Wyndham Hotels & Resorts. “These unique, all-inclusive hotels are designed to ensure that guests – whether redeeming Wyndham Rewards points or booking directly – will enjoy an elevated vacation.”
“This agreement with a hotel company that has one of the greatest distribution capacities in the United States is a great pairing for us” – said Jesús Sobrino, CEO of Palladium Hotel Group – “This alliance is part of our commitment to the American market due to its proximity and great air connectivity with the Caribbean destinations where we operate. We are also very pleased to add synergies between our Palladium Rewards program and Wyndham Rewards®, recognized as one of the top loyalty programs in the industry. As a hotel management company, thanks to this agreement, we improve our value proposition to owners, as we add to it a great know-how and experience of operating all-inclusive resorts in the Caribbean.”
Registry Collection Hotels is a selection of hotels handpicked for their incredible experiences in spectacular destinations with an unmistakable individuality, elevated by thoughtful design and world-class service, key values shared by Palladium Hotel Group’s brands. As part of the agreement, Palladium Hotel Group’s two all-inclusive luxury brands Grand Palladium Hotels & Resorts and TRS Hotels will join Wyndham’s leading luxury Registry Collection brand. These include:
Family All-Inclusive Vacations with Grand Palladium Hotels & Resorts: the hotels offer an all-inclusive experience with a wide array of sports and leisure activities, entertainment, excellent dining options and extensive services and facilities for families, couples and business groups.
Adults Only All-Inclusive Luxury Resorts with TRS Hotels: a great adults-only experience with exclusive butler service and personalized attention for couples and single travelers around the world.
Through this alliance, both companies seek to strengthen their leadership position in the region and to continue expanding while delivering high-quality standards in key tourist destinations in the Caribbean. By joining the Registry Collection, Palladium Hotel Group’s hotels will maintain their spirit and unique individuality while tapping into the global scale of Wyndham Hotels & Resorts and the award-winning Wyndham Rewards® loyalty program with more than 94 million enrolled members. At the same time, Wyndham Hotels & Resorts will benefit from Palladium Hotel Group’s long history as a hotel management company in 5-star all-inclusive resorts in America and especially in the Caribbean.
The first four properties to join Registry Collection Hotels under this alliance include:
Grand Palladium Colonial Resort & Spa, Grand Palladium Kantenah Resort & Spa and Grand Palladium White Sand Resort & Spa in Riviera Maya (Mexico): situated along the stunning coast of the Riviera Maya, the resort complex is located between Playa del Carmen and Tulum. These three hotels are an all-inclusive hideaway ideal for couples or friends looking for a tranquil vacation, or families seeking a memorable adventure. The property features 1,100 fully equipped spacious rooms, as well as a gastronomy wide offer, including nine restaurants à la carte, twenty-one themed bars, six freshwater pools, a range of activities thoughtfully created for families, as well as the impressive wellness center Zentropia Palladium Spa & Wellness.
TRS Yucatan Hotel in Riviera Maya (Mexico): this 5-star luxury hotel welcomes adults seeking privacy and personalized holidays with butler and 24h room service whilst also offering unlimited access to an exquisite array of global cuisines, top-quality amenities, access to an incredible infinity pool overlooking the azure Caribbean waters, a VIP adults-only beach and the successful Chic Cabaret & Restaurant, a three-hour gastro show with over 20 artists and a varied gourmet menu.
Additional Grand Palladium Hotels & Resorts and TRS Hotels properties upcoming this August and September under the Registry Collection as part of the agreement include:
Cancun – Costa Mujeres, Mexico
Grand Palladium Costa Mujeres Resort & Spa: sitting on Costa Mujeres beach, a stunning destination in one of the most exclusive areas of the Caribbean in the north of Cancun. The resort has 673 suites, 5-star leisure activities and services well-suited for families, couples, groups of friends, or business professionals, a wide variety of cuisine from around the world and Family Selection at Grand Palladium Hotels & Resorts product, with exclusive facilities and VIP treatment for the whole family.
In addition, guests from Grand Palladium Costa Mujeres Resort & Spa have the opportunity to learn tennis from the best at Rafa Nadal Tennis Centre through unique tennis classes based on Rafa Nadal´s personal values and experience.
Riviera Nayarit, Mexico
Grand Palladium Vallarta Resort & Spa: nestled along the picturesque Bay of Banderas in Mexico’s sublime Riviera Nayarit, the 510-room resort offers scenic Pacific Ocean views and a variety of 5-star experiences from a kids’ club and teen club to multiple dining outlets and water-based activities such as catamaran sailing, kayaking, sailing and snorkeling. Families can also enjoy their vacation to the fullest with the Family Selection program including unique facilities for all ages.
Playa Bávaro – Punta Cana, Dominican Republic
Grand Palladium Palace Resort Spa & Casino, Grand Palladium Punta Cana Resort & Spa, and Grand Palladium Bávaro Suites Resort & Spa: located on the seashore of the famous Bávaro Beach, in Punta Cana, the 3-property resort lies in an exotic landscape with lush palm tree plantations, and more than a half mile stretch of pristine white sand with sparkling waters. With 1,621 beautiful and bright guest rooms, multiple gastronomic options with delicious cuisine suited to the most diverse palates, and sea and sand activities, guests will undoubtedly have a fun-filled Caribbean getaway.
TRS Turquesa Hotel: designed exclusively for adult travelers, the resort offers innovative facilities and exceptional spaces, as well as the butler service characteristic of the TRS Hotels brand. Other areas include an adults-only secret pool, beach club, Zentropia Palladium Spa & Wellness center and the new Chic Cabaret & Restaurant, the exquisite multiple-course dinner enjoyed while admiring breath-taking acrobatics, stunning choreography and music from all genres.
Cap Cana – Punta Cana, Dominican Republic
TRS Cap Cana Hotel: this luxury 115-room adults-only property is situated in the most exclusive part of Punta Cana on the east coast of the Dominican Republic. Guests can enhance their experience with the butler and 24-hour room services, the treatments at Zentropia Palladium Spa & Wellness, the extensive variety of exceptional gastronomic experiences featuring five à la carte restaurants as well as to embark on fishing and diving trips from the nearby marina or to visit the amazing Playa Juanillo beach with turquoise water and white sand.
Montego Bay, Jamaica
Grand Palladium Jamaica Resort & Spa and Grand Palladium Lady Hamilton Resort & Spa: found on the Northeast coast of Jamaica, the resort sits between two of the island’s most popular tourist towns, Lucea and Montego Bay. It offers 1,054 spacious, fully-fitted rooms, and grand architecture that embodies the vast natural environment, incorporating one of the largest pools in the Caribbean along with spacious grounds. This 5-star resort offer guests immediate access to the beach, the opportunity to try eleven restaurants and fifteen unique themed bars, to enjoy several entertainment options for all ages or to relax at Zentropia Palladium Spa & Wellness.
Imbassaí, Brazil
Grand Palladium Imbassaí Resort & Spa: tucked within the lush Imbassaí nature reserve, this resort is set in the idyllic Praia do Forte. The hotel is famous for its excellent facilities and top-quality services with a variety of international dishes at six restaurant options, four swimming pools and 654 luxury rooms, among others. The resort has celebrated its 10th anniversary this year with the launch of “The Signature Level”, a Palladium Hotel Group’s reinterpretation of the all-inclusive concept, which offers magnificent advantages. With this program guests can enjoy a privileged Bar Ondas, located next to the beach; access to the Segredo Pool with waiter service and Pool Concierge; as well as preferential rates in the beauty and wellness treatments at Zentropia Palladium Wellness & Spa or baby-sitting for the little ones, among other services.
In addition to these properties, the Dominican Fiesta Hotel & Casino in Santo Domingo (Dominican Republic) also managed by Palladium Hotel Group, will be joining Trademark Collection by Wyndham.
Dominican Fiesta Hotel & Casino: set in one of the most elegant and relaxed areas of Santo Domingo, transient and business guests alike can enjoy the resort’s modern features including 271 guest rooms, six restaurants and bars, a swimming pool and sports center with seven tennis courts and a well-equipped spa.
All 15 properties will become part of the award-winning Wyndham Rewards loyalty program, which offers its approximately 94 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally.
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties with more than 8,900 hotels across over 95 countries on six continents. Through its network of more than 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 22 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 94 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 Registry Collection Hotels by Wyndham Get lost in your travels and let Registry Collection Hotels meet you there. With thoughtful design, brilliant service and unsurpassed attention to detail, our handpicked hotels and resorts deliver incredible experiences in spectacular destinations around the world. Book your next stay at www.registrycollectionhotels.com or visit www.wyndhamdevelopment.com to learn more about how we’re elevating individuality for independent-minded luxury hotel owners and developers around the world. Registry Collection Hotels are affiliated with, but separate from The Registry Collection, the world’s largest luxury exchange program.
About Trademark Collection by Wyndham Each of Trademark Collection by Wyndham’s upper-midscale-and-above hotels around the world – from landmark hotels in Europe, Asia, The Americas and the Caribbean to its flagship hotel, The Galt House Hotel in Louisville, Ky. – boast three common attributes: character, charm, and individuality. Launched in 2017, Trademark Collection is the first Wyndham-brand geared to three- and four-star hotel owners passionate about upholding their hotels’ independent spirit and designed for everyday travelers seeking distinctive, attainable accommodations in sought-after destinations. For more information, visit www.wyndhamhotels.com/trademark.
About Palladium Hotel Group Palladium Hotel Group is a Spanish hotel chain with over 50 years of experience, owned by Grupo Empresas Matutes (GEM). The group operates 41 hotels and over 13,000 rooms, distributed amongst six countries: Spain, Mexico, Dominican Republic, Jamaica, Italy and Brazil, and manages nine brands: TRS Hotels, Grand Palladium Hotels & Resorts, Palladium Hotels, Palladium Boutique Hotels, Fiesta Hotels & Resorts, Ushuaïa Unexpected Hotels, Only YOU Hotels, BLESS Collection Hotels and the Hard Rock Hotels Brand under license with three hotels in Ibiza Tenerife and Marbella. Palladium Hotel Group is characterized by its philosophy of attention to its team and to offering its clients high quality products and services. www.palladiumhotelgroup.com
Global Development Pipeline and First Quarter Domestic RevPAR Grow to Record Levels
PARSIPPANY, N.J., April 26, 2022 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2022. Highlights include:
Global RevPAR grew 39% compared to first quarter 2021 in constant currency.
System-wide rooms grew 200 basis points year-over-year, including 120 basis points of growth in the U.S. and 330 basis points of growth internationally.
Diluted earnings per share of $1.14 compared to $0.26 in the first quarter 2021; adjusted diluted earnings per share increased to $0.95 compared to $0.36 in first quarter 2021.
Net income of $106 million compared to $24 million in first quarter 2021; adjusted net income of $88 million compared to $33 million in first quarter 2021.
Adjusted EBITDA of $159 million compared to $97 million in first quarter 2021.
Net cash provided by operating activities of $135 million compared to $64 million in first quarter 2021; free cash flow of $125 million compared to $59 million in first quarter 2021.
Completed the exit of its select-service management business.
Completed the sale of the Wyndham Grand Bonnet Creek Resort; the Wyndham Grand Rio Mar Resort is under contract and expected to close in May 2022.
Returned $68 million to shareholders through $38 million of share repurchases and a quarterly cash dividend of $0.32 per share.
“Our exemplary first quarter results demonstrate the power of our brands and the value we are driving to our owners, guests, and shareholders,” said Geoffrey A. Ballotti, president and chief executive officer. “Strong leisure and everyday business travel demand drove RevPAR 4% above 2019 levels domestically and we continued to simplify our operations by exiting our select-service management business and selling one of our two owned assets. Our development pipeline increased 9% to a record 204,000 rooms, including the first 50 deals for our new extended-stay product, and our room openings grew 50% more than last year, putting us solidly on track with our full year net-room growth guidance.”
Fee-related and other revenues increased 36% year-over-year to $316 million primarily reflecting strong ADR growth in the U.S.
The Company generated net income of $106 million, or $1.14 per diluted share, an increase of $82 million, or $0.88 per diluted share, reflecting higher adjusted EBITDA, a gain on the sale of the Wyndham Grand Bonnet Creek Resort and lower net interest expense. Adjusted EBITDA increased $62 million, or 64%, versus 2021 to $159 million reflecting higher revenue and a favorable timing benefit from the marketing fund, partially offset by higher variable expenses at the Company’s owned hotels.
During the first quarter 2022, the Company’s marketing fund revenues exceeded expenses by $7 million; while in first quarter 2021, the Company’s marketing fund expenses exceeded revenues by $7 million.
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.
System Size
The Company’s global system grew 200 basis points, reflecting 120 basis points of growth in the U.S. and 330 basis points of growth internationally. As expected, these increases included strong growth in both the higher RevPAR midscale and above segments in the U.S. and the direct franchising business in China, which grew 6% and 12%, respectively. The Company remains solidly on track with its goal of achieving a retention rate above 95% and its net room growth outlook of 2 to 4% for the full year 2022.
RevPAR
First quarter RevPAR grew 39% globally in constant currency, including 38% growth in the U.S. and 46% growth internationally. The increase is approximately two-thirds driven by stronger pricing power and one-third driven by higher occupancy levels.
Business Segment Discussion
Hotel Management revenues increased 5% year-over-year to $99 million, including a $16 million decrease in cost-reimbursement revenues, which have no impact on adjusted EBITDA. Absent cost-reimbursements, Hotel Management revenues increased $21 million, or 91%, to $44 million primarily due to the global RevPAR increase and improved performance at the Company’s owned hotels. Hotel Management adjusted EBITDA increased $15 million year-over-year reflecting the revenue increases, partially offset by higher variable expenses at the Company’s owned hotels.Hotel Franchising revenues increased 30% year-over-year to $272 million primarily due to the global RevPAR increase. Hotel Franchising adjusted EBITDA increased 48% to $155 million reflecting the growth in revenues and a timing benefit from the marketing fund.
Development
The Company awarded 165 new contracts this quarter, including 50 new construction projects for the Company’s new extended-stay brand, compared to 112 in the first quarter 2021. On March 31, 2022, the Company’s global development pipeline consisted of approximately 1,600 hotels and approximately 204,000 rooms, of which approximately 80% is in the midscale and above segments (nearly 70% in the U.S.). The pipeline grew 9% year-over-year, including 12% domestically and 7% internationally. Approximately 63% of the Company’s development pipeline is international and 79% is new construction, of which approximately 35% has broken ground.
Exit of Select-Service Management Business
On March 3, 2022, the Company completed the exit of its select-service management business and received proceeds of $84 million from CorePoint Lodging (“CPLG”). The franchise agreements for these hotels remained in-place at their stated fee structure with CPLG’s buyer, Highgate Holdings, Inc. The proceeds received were offset on the Company’s income statement by the non-cash write-off of the remaining balance of the management contract intangible asset that was created upon the acquisition of La Quinta Holdings in 2018.
Sale of Owned Hotels
On March 24, 2022, the Company completed the sale of the Wyndham Grand Bonnet Creek Resort in Orlando for gross proceeds of approximately $121 million and recognized a $36 million gain on sale, which has been excluded from Adjusted EBITDA. The Company entered into a 20-year franchise agreement with the buyer.
The Company is under contract and expects to complete the sale of the Wyndham Grand Rio Mar Resort in Puerto Rico in May 2022. The Company expects to enter into a 20-year franchise agreement with the buyer in connection with the sale.
Balance Sheet and Liquidity
The Company generated $135 million of net cash provided by operating activities in the first quarter of 2022 and $125 million of free cash flow. The Company ended the quarter with a cash balance of $416 million, including $84 million of proceeds received in connection with the Company’s exit of its select-service management business and gross proceeds of approximately $121 million received in connection with its sale of the Wyndham Grand Bonnet Creek Resort. These inflows are reflected within the investing section of the Statement of Cash Flows and therefore not included in the Company’s free cash flow.
At March 31, 2022, the Company had approximately $1.2 billion in total liquidity and its net debt leverage ratio was 2.6 times, below the Company’s 3 to 4 times stated target range. Excluding the proceeds received in connection with the exit of its select-service management business and the sale of the Wyndham Grand Bonnet Creek Resort, which are expected to be redeployed, the net debt leverage ratio was 2.9 times.
In April 2022, the Company amended its $750 million revolving credit facility, extending the maturity from May 2023 to April 2027 on similar terms as the previous facility, and issued a new $400 million senior secured Term Loan A facility, which matures in April 2027. The proceeds from the Term Loan A were used to repay a portion of the Company’s existing Term Loan B facility, which is scheduled to mature in May 2025. There was no increase in rates from the Term Loan B to the new Term Loan A.
Share Repurchases and Dividends
During the first quarter of 2022, the Company repurchased approximately 455,100 shares of its common stock for $38 million at an average price of $83.72 per share.
The Company paid common stock dividends of $30 million, or $0.32 per share, in the first quarter of 2022.
Full-Year 2022 Outlook
The Company is updating its outlook as follows:
(a) Reflects the removal of post-sale revenues related to the Wyndham Grand Bonnet Creek and Wyndham Grand Rio Mar from prior projections.
(b) Reflects the removal from prior projections of depreciation related to the Wyndham Grand Bonnet Creek and Wyndham Grand Rio Mar.
(c) Represents the percentage of adjusted EBITDA that is expected to produce free cash flow.
More detailed projections are available in Table 8 of this press release. The Company is providing certain financial metrics only on a non-GAAP basis because, without unreasonable efforts, it is unable to predict with reasonable certainty the occurrence or amount of all of the adjustments or other potential adjustments that may arise in the future during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to the reported results.
Conference Call Information Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Wednesday, April 27, 2022 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 866 831-8713 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 beginning at noon ET on April 27, 2022. A telephone replay will be available for approximately ten days beginning at noon ET on April 27, 2022 at 800 839-4992.
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 8,900 hotels across over 95 countries on six continents. Through its network of over 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 22 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 94 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 the federal securities laws, including statements related to the Company’s 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 coronavirus pandemic (“COVID-19”). Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “objective,” “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 the Company 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 COVID-19, its scope, duration, resurgence 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 COVID-19; the Company’s performance during the recovery from COVID-19 and any resurgence or mutations of the virus; various actions governments, businesses and individuals continue to take in response to the pandemic, including stay-in-place directives (including, for instance, quarantine and isolation guidelines and mandates), safety mitigation guidance, as well as the timing, availability and adoption rates of vaccinations, booster shots and other treatments for COVID-19; concerns with or threats of other pandemics, contagious diseases or health epidemics, including the effects of COVID-19; the performance of the 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, political instability or political strife; risks related to restructuring or strategic initiatives; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to the Company’s ability to obtain financing and the terms of such financing, including access to liquidity and capital; and the Company’s ability to make or pay, plans for, and the timing and amount of any future share repurchases and/or 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.
Kicking off today, Wyndham Rewards members can unlock weekly surprise offers during “Member Month,” including hotel discounts, bonus point offers and more.
PARSIPPANY, N.J. – (March 2, 2022) – Wyndham Rewards®, the world’s most generous rewards program spanning more than 50,000 hotels, vacation club resorts and vacation rentals, today announced the return of “Member Month,” a month-long celebration of Wyndham Rewards members featuring five weeks of exciting deals and discounts, available exclusively to members.
Every Wednesday throughout the month of March, Wyndham Rewards members can unlock a new surprise offer. Whether embarking on a bucket-list adventure or staying closer to home, Member Month rewards every type of traveler – with offers ranging from a mix of stay-based and at-home discounts, bonus point promotions and more. These weekly offers are available to all members globally—even those who enroll during the window of the promotion—and are stackable with other offers throughout the month.
“Member Month is all about celebrating and rewarding our Wyndham Rewards members,” said Lisa Checchio, chief marketing officer, Wyndham Hotels & Resorts. “Last year, we handed out more than 600 million points alongside some of our richest offers; this year, we’re looking to top that number with five weeks of exclusive deals. It’s our way of saying thank you to all those members who, year-in and year-out, have helped make our program number one.”
The first Member Month offer drops today with a 40% bonus on purchased points before April 3, 2022 (Minimum point purchase required). Members can purchase up to 45,000 points per year at www.wyndhamrewards.com or via Wyndham’s mobile app, available for iOS and Android.
The latest Member Month offers, including terms and conditions on each offer are available for members at www.wyndhamrewards.com/membermonth. New deals launch every Wednesday in March and there is no limit to the number of deals members can take advantage of during the promotion.
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 50,000 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 9,000 hotels or tens of thousands of vacation club resorts and vacation rentals globally through affiliation with Wyndham Destinations and others. Wyndham Rewards has over 92 million enrolled members around the globe. Join for free today at www.wyndhamrewards.com. You’ve earned this.®
Panama City’s iconic financial center hotel joins Wyndham’s prestigious new luxury brand.
The hotel is now part of the Registry Collection Hotels brand, a collection of hotels and resorts individually selected to offer incredible experiences in spectacular destinations.
With one of the best locations for sightseeing and enjoying entertainment, Bristol Panama becomes the latest symbol of exceptional/stellar Panamanian hospitality.
PARSIPPANY, N.J. (October 9, 2021) – Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,000 hotels across nearly 95 countries, welcomes The Bristol Panama, a Registry Collection Hotel to the company’s growing portfolio. This elegant and award-winning luxury hotel is the second hotel to join its recently-unveiled brand, Registry Collection Hotels.
Situated in the heart of Panama City’s Financial District, the sophisticated hotel provides easy access to the city’s top attractions like the Old Quarter, Panama Canal, and Biomuseum. With 125 luxurious bedrooms and 48 executive residences, the hotel appeals to business and leisure travelers, corporate groups, and prominent social events, with more than 10,000 square feet of event space including a stylish Ballroom. One of the most recognized hotel in Panama City since it opened its doors in 1997, the elegantly designed property pays homage to Panama’s rich architectural heritage, in a framework set with more than 50 works of modern art by renowned Latin American Artists and the hotel also offers a full-service spa, outdoor swimming pool, and modern Panamanian fusion cuisine.
Bristol Panama a Registry Collection Hotel is managed by VerdeAzul Hotels, a leading Panamanian company in the hotel sector. The hotel has been recognized as one of the 10 best hotels in the Caribbean and Central America by Condé Nast Traveler, by the travel guide “Forbes,” and TripAdvisor’s Travelers Choice Award. For more than 10 years it has been part of the Signature and Virtuoso programs for luxury travelers.
Handpicked to deliver incredible experiences in spectacular destinations, Registry Collection Hotels combine individuality with thoughtful design and world-class service. From unique architectural details to dream-worthy locations, every stay with Registry Collection Hotels is meant to be as unique and indulgent as the hotels themselves. The Bristol Panama, a Registry Collection Hotel, joins Grand Residences Riviera Cancun, a Registry Collection Hotel, which was introduced in June 2021 as the collection’s flagship property.
“With our prestigious new Registry Collection Hotels brand, independent luxury hoteliers can take advantage of Wyndham’s global reach and services,” said Scott LePage, President Americas, Wyndham Hotels & Resorts. “The Bristol Panama is a luxury hospitality icon in Panama City, and we’re honored to welcome the property to the Wyndham portfolio.”
About Bristol Panama, a Registry Collection Hotel Considered one of the most elegant hotels in the city, the Bristol Panama, a Registry Collection Hotel reflects Panama’s rich architectural heritage in an atmosphere of magnificent sophistication in the heart of the financial district. Minutes from many lively and leisurely attractions, the hotel features 125 guestrooms, a Panamanian décor inspired bar and terrace, an outdoor swimming pool and solarium, a locally renowned Spa with breathtaking views and an extraordinary culinary experience inspired in Panamanian cuisine.
About Registry Collection Hotels Get lost in your travels and let Registry Collection Hotels meet you there. With thoughtful design, brilliant service and unsurpassed attention to detail, our handpicked hotels and resorts deliver incredible experiences in spectacular destinations around the world. Book your next stay at www.registrycollectionhotels.com or visit www.wyndhamdevelopment.com to learn more about how we’re elevating individuality for independent-minded luxury hotel owners and developers around the world. Registry Collection Hotels are affiliated with but separate from The Registry Collection, the world’s largest luxury exchange program.
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,000 hotels across nearly 95 countries on six continents. Through its network of approximately 803,000 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 22 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 over 90 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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