PARSIPPANY, N.J. (April 2, 2024) – Wyndham Hotels & Resorts is expanding into the upscale extended stay segment, launching a strategic relationship with industry innovator WaterWalk. The deal adds 11 hotels and over 1,500 rooms to the Wyndham ecosystem, rebranding them under the newly created WaterWalk Extended Stay by Wyndham brand, the 25th in Wyndham’s portfolio. Located in key markets such as Tucson, Jacksonville and Wichita, the offerings perfectly compliment Wyndham’s existing economy and midscale extended stay brands and cater to guests seeking a local, yet elevated stay with the comforts of home.
“In the last year, guest demand for the extended stay segment reached record highs, which has been underscored by demand from owners and developers looking for new opportunities to partner with Wyndham. Our vision is to offer the industry’s most robust portfolio of extended stay brands and the addition of WaterWalk marks an important step in that direction—helping ensure we have an offering in every segment, for every owner and for every guest.”
Chip Ohlsson, Chief Development Officer, Wyndham Hotels & Resorts
An Innovative Approach to Extended Stay WaterWalk was founded by the late Jack DeBoer, an extended-stay trailblazer who not only pioneered the segment but created some of its most well-known and successful brands, including among others, Residence Inn and Candlewood Suites. A wildly successful entrepreneur and industry visionary, he created WaterWalk in 2014, leveraging the learnings of his past successes while also reimagining what an extended stay hotel could be. Today, his leadership, vision and entrepreneurial spirit live on through his granddaughter, WaterWalk CEO Mimi Oliver.
Positioned squarely in the upscale segment, WaterWalk brings a fresh take to the traditional extended stay experience with its unique LIVE|STAY model. STAY units are fully furnished and cater to guests looking for a traditional extended-stay, residential-like experience, while LIVE units are unfurnished and allow guests to create a long-term space that truly feels like home. The flexibility of the model is one of the brand’s strategic assets as units can transform and adapt in real-time to market and customer needs—benefitting owners, operators and guests alike.
WaterWalk’s current portfolio consists of 11 hotels throughout the U.S. Newer hotels leverage the brand’s Gen 2.0 prototype, which combines efficient design and low operating costs to help unlock stronger profits and higher returns.
“WaterWalk’s success is the culmination of decades of experience in extended stay combined with a relentless pursuit for driving innovation and delivering exceptional guest experiences. We believe WaterWalk is our best brand yet and our decision to bring it into the Wyndham portfolio is a pivotal moment in its evolution, one we believe will lead to enhanced efficiencies, performance and growth—all thanks to the Wyndham Advantage.”
Mimi Oliver, CEO, WaterWalk
A Portfolio Poised for Growth WaterWalk marks Wyndham’s third extended stay brand, joining ECHO SuitesSM Extended Stay by Wyndham and Hawthorn® Extended Stay by Wyndham. ECHO Suites launched in 2022 and has over 265 economy new construction hotels in its development pipeline, half a dozen of which are nearing completion. Hawthorn in 2023 saw 30% growth in its midscale conversion and new construction development pipeline.
Collectively, the three brands give the Company a robust and growing portfolio of offerings designed for the needs of today’s extended stay guests—be that construction workers hitting the road for weeks at a time or digital nomads looking to mix business and leisure travel. What’s more, with the addition of WaterWalk, the portfolio of brands further reinforces owners’ ability to capitalize on the historical infrastructure spend in the U.S., what’s believed to be about a $3.3 billion opportunity in additional room revenue.
In joining the Wyndham family of brands, WaterWalk hotels unlock access to the Wyndham Advantage – world-class marketing, distribution and resources from the world’s largest hotel franchisor. Over the last five years, Wyndham has invested more than $275 million in innovative technology that drives efficiency and supports owners bottom lines, including next-gen property and revenue management systems, mobile check-in and checkout and OTA reconciliation, to name a few. Owners also benefit from Wyndham Rewards, the world’s number one hotel rewards program, as named by readers of USA Today. With its growing base of more than 106 million enrolled members globally, members make up nearly half of all U.S. check-ins.
For more information about WaterWalk Extended Stay by Wyndham, including franchising opportunities, visit wyndhamdevelopment.com.
Images associated with the above release can be downloaded here.
# # #
About WaterWalk
WaterWalk is the nation’s most innovative extended stay brand. The company was founded in 2014 by the late Jack DeBoer, a hospitality visionary recognized as the pioneer of the extended-stay and all-suite hotel concepts. WaterWalk is unique in that it boasts two accommodation options under one roof, with its signature ‘LIVE | STAY model.’ This diversified product offering creates the utmost in flexibility and value to consumers and investors alike.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,200 hotels across over 95 countries on six continents. Through its network of approximately 872,000 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 25 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn®, Trademark Collection® and Wyndham®. The Company’s award-winning Wyndham Rewards loyalty program offers over 106 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 Wyndham’s current views and expectations with respect to development and rooms growth. Wyndham 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 Wyndham makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “forward,” “remain,” “outlook,” “guidance,” “target,” “objective,” “estimate,” “projection” and similar words or expressions, including the negative version of such words and expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham 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, factors relating to the expired unsolicited exchange offer by Choice Hotels International, Inc. to acquire all outstanding shares of Wyndham’s common stock and any ongoing cost, loss of time and disruption associated therewith; general economic conditions, including inflation, higher interest rates and potential recessionary pressures; global or regional health crises or pandemics (such as the COVID-19 pandemic) including the resulting impact on Wyndham’s business, operations, financial results, cash flows and liquidity, as well as the impact on its franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising business; Wyndham’s relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas; Wyndham’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 Wyndham’s ability to obtain financing and the terms of such financing, including access to liquidity and capital; and Wyndham’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 Wyndham’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. Wyndham 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.
Celebrates with members by offering some of its richest Wyndham Rewards® redemptions yet
PARSIPPANY, N.J. (March 26, 2024) – Baseball is back, and nothing says fun like catching a hometown game with friends and family. For the second year in a row, Wyndham Hotels & Resorts and its award-winning loyalty program, Wyndham Rewards, are taking up the titles of Official Hotel Partner and Hotel Loyalty Partner of Minor League Baseball (MiLB)—unlocking for fans some of its richest ticket packages and experiences yet.
With an average of nearly 20 by Wyndham branded hotels located within ~25 miles of every Minor League Baseball stadium, no other loyalty program puts fans closer to the MiLB action while allowing them to use their points to see their favorite Minor League teams. Tickets for two can be had for a mere 2,500 Wyndham Rewards points, while once-in-a-lifetime experiences, like throwing out the first pitch, are available for just 5,500 points. Wyndham Rewards members earn a guaranteed 1,000 points with every qualified hotel stay or 10 points per dollar spent, whichever is more, making the tickets and experiences among the program’s most attainable rewards.
“Travel is all about new experiences and creating lifelong memories. Through our relationship with Minor League Baseball, we’re giving members a chance to enjoy America’s favorite pastime as only Wyndham can. Best of all, whether you stay with us a few nights a year or a few hundred, it’s easy to share in the fun with family and friends.”
“Baseball goes hand-in-hand with travel. Players are constantly on-the-go for their next game and fans hit the road to catch their favorite matchups. Wyndham’s vast footprint of family-friendly hotels and engaged membership is exactly why they are a great partner. Together, we’re able to share the experience of Minor League Baseball with fans around the country.”
– Uzma Rawn, Senior Vice President of Global Corporate Partnerships, MLB
A Winning Deal in Baseball Throughout the 2024-2025 season, Wyndham Rewards members can use their points to unlock an array of family-friendly experiences while also having the chance to score points during select games.
Highlights include:
Game Tickets – Redeem two tickets to the MiLB game of your choice for just 2,500 points or grab a family four pack, inclusive of a parking pass, for just 5,000 points.
Once-in-a-Lifetime Experiences – Redeem VIP experiences like throwing out the first pitch, taking the field for the national anthem or sitting in on batting practice, among other offerings. Experiences vary by team and are available for just 5,500 points, inclusive of two game tickets, a parking pass and concessions voucher.
Free Night Giveaways – On select Fridays throughout the season, fans will be surprised by team mascots with 7,500 Wyndham Rewards points—enough for a free night at thousands of Wyndham hotels.
Wyndham’s collaboration with MiLB is purposefully curated to drive visibility among fans and to make hotel travel more accessible all throughout the season. The relationship includes a robust collaboration with MiLB for in-stadium branding and amplification across social and digital platforms.
For more information Wyndham’s relationship with Minor League Baseball, including details on how to redeem for game tickets and more, visit WyndhamRewards.com.
About Minor League Baseball Minor League Baseball consists of 120 teams across four classification levels (Single-A, High-A, Double-A, and Triple-A) that are affiliated with Major League Baseball’s 30 teams. Fans flock to MiLB games to see baseball’s future stars and experience the affordable family-friendly entertainment that has been a staple of MiLB since 1901. For more information, visit MiLB.com. Follow MiLB on Facebook, Instagram, and Twitter.
About Wyndham Rewards Part of Wyndham Hotels & Resorts (NYSE: WH), the world’s largest hotel franchising company, Wyndham Rewards is the #1 hotel rewards program as named by both U.S. News & World Report and USA Today. Members—over 106 million enrolled around the world—earn a guaranteed 1,000 points with every qualified stay and can redeem for free nights starting at just 7,500 points. With more than 50,000 hotels, vacation club resorts and vacation rentals globally, no other hotel rewards program is more generous or offers members more places to stay. Join for free at WyndhamRewards.com.
Surpasses 50 hotel signings while growing community base to more than 550
PARSIPPANY, N.J. (March 19, 2024) – Wyndham Hotels & Resorts is celebrating a major milestone for its award-winning Women Own the RoomSM initiative, surpassing 15 hotel openings and more than 50 signings in just over 24 months.
The first-of-its-kind offering—which has seen its network of current and prospective women hotel owners climb to more than 550—leverages Wyndham’s scale and influence to break down the unique barriers women face on the path to hotel ownership. According to data from U.S Bureau of Labor Statistics and the Castell Project, while women make up nearly 60% of the work force in hospitality, they hold only one leadership spot for every 10 men.
“For decades, the hotel industry has been complacent in allowing women to remain on the sidelines of hotel ownership and in turn, has missed out on the opportunity to strengthen itself through greater diversity. Women Own the Room and the subsequent programs it has inspired throughout the industry are finally changing the narrative and Wyndham is proud to lead the way.”
Breaking Down Barriers From offering comprehensive financial solutions, personalized operational support and a community that promotes networking and education, Women Own the Room was specifically curated and continues to evolve to meet the needs of women in the industry—and the strategy is working.
Inspired by her mother, who grew her own business of owning rental properties, film and television producer Christina Lambert (one of the program’s founding members), joined the hotel industry in 2020 after a successful career in the arts. Lambert, along with her mother, decided to purchase two hotels in Loveland, Co., one of which required a sizeable loan to complete the transaction. After being rejected by multiple lenders, one finally said yes.
Shortly thereafter, Lambert joined forces with Wyndham—a decision driven by Wyndham’s ability to offer one-on-one renovation support (including key money), combined with its commitment to championing diverse ownership through Women Own the Room. Today, her hotels—a 50-room Travelodge® by Wyndham and 49-room Baymont® by Wyndham—are flourishing and outperforming their competitive sets. Revenues for the Travelodge are up more than 29% over the last two years, while the Baymont, which she converted from a competitor brand in 2021, is up more than 26% year-over-year.
“Wyndham has played a pivotal role in my success as a first-time hotelier, which I credit not just to the accessibility and responsiveness of leadership, but their willingness to work with me on an individual basis to help my hotels thrive. Through Women Own the Room, Wyndham is actively investing in women and in doing so, they’re changing the face of the hotel industry.”
– Christina Lambert, Wyndham Franchisee and Member of Women Own the Room
The Wyndham Advantage In addition to the unique benefits offered by Women Own the Room, Wyndham franchisees benefit from the Wyndham Advantage—a combination of world-class marketing, distribution and other resources designed to put owners on the path to success. Inclusive of more than $275 million in innovative technology investments over the past five years, owners have access to best-in-class technology from industry-leading providers, including next-gen property and revenue management systems, as well as a growing member base of more than 106 million enrolled Wyndham Rewards members globally.
Wyndham Rewards is the number one hotel rewards program as named by both USA Today and U.S. New and World Report with more than 50,000 hotels, vacation club resorts and vacation rentals. Members make up nearly half of all U.S. check-ins and on average, spend nearly twice as much as non-members.
Since first launching in early 2022, Women Own the Room has led to the signing of more than 50 hotels, representing over 4,000 rooms, across the U.S. and Canada. Today, 16 hotels are open spanning brands like Days Inn, Baymont, Wyndham and Trademark across Texas, New Mexico, Oklahoma, Colorado, Georgia, Virginia and more. Approximately 5 to 10 additional hotels are anticipated to open over the next 12 months. For more information on Women Own the Room, including franchising opportunities, visit www.womenowntheroombywyndham.com.
Additional photos associated with the above release are available here.
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,200 hotels across over 95 countries on six continents. Through its network of approximately 872,000 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 106 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 Wyndham’s current views and expectations with respect to development and rooms growth. Wyndham 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 Wyndham makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “forward,” “remain,” “outlook,” “guidance,” “target,” “objective,” “estimate,” “projection” and similar words or expressions, including the negative version of such words and expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham 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, factors relating to the expired unsolicited exchange offer by Choice Hotels International, Inc. to acquire all outstanding shares of Wyndham’s common stock and any ongoing cost, loss of time and disruption associated therewith; general economic conditions, including inflation, higher interest rates and potential recessionary pressures; global or regional health crises or pandemics (such as the COVID-19 pandemic) including the resulting impact on Wyndham’s business, operations, financial results, cash flows and liquidity, as well as the impact on its franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising business; Wyndham’s relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas; Wyndham’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 Wyndham’s ability to obtain financing and the terms of such financing, including access to liquidity and capital; and Wyndham’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 Wyndham’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. Wyndham 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.
PARSIPPANY, N.J. (March 11, 2024) – Wyndham Hotels & Resorts (NYSE: WH) (“Wyndham” or the “Company”) today commented on the expiration of Choice Hotels International, Inc.’s (NYSE: CHH) (“Choice”) exchange offer and its decision to withdraw its slate of nominees for election to Wyndham’s Board of Directors at the 2024 Annual Meeting of Shareholders:
“The Wyndham Board is pleased that Choice has ended its hostile pursuit and proxy contest, following the expiration of its unsolicited exchange offer,” said Stephen P. Holmes, Chairman of the Board. “We are confident in Wyndham’s standalone strategy and growth prospects under the leadership of our proven management team. The Board remains committed to acting in the best interests of our shareholders and driving superior long-term value creation.”
Geoff Ballotti, President and Chief Executive Officer, added, “Wyndham is focused on moving ahead with the execution of our strategic plan, building on our success and generating meaningful value. We look forward to doing so without the unnecessary distraction of this situation and disruption to our business. We would like to thank our shareholders and franchisees for their continued support and our team members for their dedication and focus throughout this process.”
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,200 hotels across over 95 countries on six continents. Through its network of approximately 872,000 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 106 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit https://investor.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.
Cautionary Statement on Forward-Looking Statements Certain statements either contained in or incorporated by reference into this communication, other than purely historical information, and assumptions upon which those statements are based, are “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 Wyndham makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “forward,” “remain,” “outlook,” “guidance,” “target,” “objective,” “estimate,” “projection” and similar words or expressions, including the negative version of such words and expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham 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 hereof.
Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, factors relating to the expired unsolicited exchange offer by Choice Hotels International, Inc. to acquire all outstanding shares of our common stock and any ongoing cost, loss of time and disruption associated therewith; general economic conditions, including inflation, higher interest rates and potential recessionary pressures; global or regional health crises or pandemics (such as the COVID-19 pandemic) including the resulting impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on its franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising business; the Company’s relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas; 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.
Urges Shareholders to Protect Their Investment and the Future of Wyndham by Supporting Only Wyndham’s Eight Highly-Qualified Director Nominees
Encourages Shareholders to Visit StayWyndham.com for More Information
PARSIPPANY, N.J. (March 11, 2024) – The Board of Directors of Wyndham Hotels & Resorts (NYSE: WH) (“Wyndham” or the “Company”), the world’s largest hotel franchising company with approximately 9,200 hotels spanning more than 95 countries, sent a letter to shareholders urging them to protect their investment and the future of Wyndham by supporting only Wyndham’s eight highly-qualified Director nominees and not the nominees from Choice Hotels International (NYSE: CHH) (“Choice”).
Wyndham has a clear path to deliver shareholder value substantially in excess of Choice’s inadequate and uncertain offer. Wyndham’s Board has evaluated Choice’s proposal carefully and in its entirety. The Board has been explicitly clear that in order to make a proposal viable for shareholders, Choice must adequately address the three key issues Wyndham has repeatedly raised: insufficient valuation, unattractive consideration mix and asymmetrical regulatory risk. Despite the Company’s efforts to engage with Choice, Choice has demonstrated that it is unable, or simply unwilling, to propose a complete offer package addressing these three issues.
Wyndham’s Board believes all eight of its nominees are more qualified with the right mix of skills and highly relevant expertise – including decades of hotel franchising, international business and public company operating experience – to oversee the successful execution of Wyndham’s global strategy and deliver the most value to shareholders. The Board’s Corporate Governance Committee, comprised solely of Independent Directors, conducted interviews with each of Choice’s eight nominees and determined that they lack the skills, expertise and background in key areas critical to Wyndham’s business and have been hand-picked by Choice with the sole objective of selling Wyndham for far less than the Company is worth.
The Company’s definitive proxy materials will be filed and mailed soon, including the WHITE proxy card with instructions for how to vote. Your vote FOR ONLY Wyndham’s eight highly-qualified Director nominees on the WHITE proxy card will be critical for our upcoming 2024 Annual Meeting of Shareholders. Wyndham’s Board also urges shareholders to discard any materials or blue proxy card they may receive from Choice. The letter to shareholders and other important information related to Wyndham’s Annual Meeting can be found at https://www.staywyndham.com.
Deutsche Bank Securities Inc. and PJT Partners are serving as financial advisors and Kirkland & Ellis LLP and Arnold & Porter Kaye Scholer LLP are legal advisors to Wyndham.
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with approximately 9,200 hotels across over 95 countries on six continents. Through its network of approximately 872,000 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 106 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit https://investor.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.
Important Additional Information This press release is not an offer to purchase or a solicitation of an offer to sell any securities or the solicitation of any vote or approval. Wyndham Hotels & Resorts, Inc. (“Wyndham” or the “Company”) has filed with the U.S. Securities and Exchange Commission (the “SEC”) a solicitation/recommendation statement on Schedule 14D-9. The Company has mailed the solicitation/recommendation statement filed by the Company to Company stockholders. COMPANY STOCKHOLDERS ARE ADVISED TO READ THE COMPANY’S SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY DECISION WITH RESPECT TO ANY EXCHANGE OFFER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Company stockholders may obtain a copy of the Solicitation/Recommendation Statement on Schedule 14D-9, as well as any other documents filed by the Company in connection with any exchange offer by Choice Hotels International, Inc. or one of its affiliates, free of charge at the SEC’s website at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of these documents from the Company by directing a request to Matt Capuzzi, Senior Vice President, Investor Relations at [email protected] or by calling 973.753.6453.
The Company filed a preliminary proxy statement and accompanying form of WHITE proxy card with the SEC on February 26, 2024 (as amended on March 11, 2024, the “Preliminary Proxy Statement”), with respect to the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). The Company will file and mail a definitive proxy statement (the “Proxy Statement”) and accompanying WHITE proxy card to stockholders of the Company. The Company’s stockholders are strongly encouraged to read the Proxy Statement (including any amendments or supplements thereto) and the accompanying WHITE proxy card as well as other documents the Company files with the SEC carefully in their entirety because they will contain important information. The Company’s stockholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by the Company with the SEC free of charge at the SEC’s website at www.sec.gov. Copies will also be available free of charge at the Company’s website at https://investor.wyndhamhotels.com.
Certain Information Concerning Participants Wyndham and certain of its directors and executive officers will be participants in the solicitation of proxies from Wyndham stockholders by and on behalf of its Board in connection with the matters to be considered at the 2024 Annual Meeting. Information regarding the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise is available in its most recent Annual Report on Form 10-K filed with the SEC on February 15, 2024, and the Preliminary Proxy Statement filed with the SEC on February 26, 2024 (and amended on March 11, 2024). To the extent holdings of the Company’s securities reported in the Preliminary Proxy Statement have changed, such changes have been or will be reflected in the Proxy Statement and on Statements of Change in Ownership on Form 4 filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Cautionary Statement on Forward-Looking Statements Certain statements either contained in or incorporated by reference into this communication, other than purely historical information, and assumptions upon which those statements are based, are “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 Wyndham 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham 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 hereof.
Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, factors relating to the unsolicited exchange offer by Choice Hotels International, Inc. (“Choice”) to acquire all outstanding shares of our common stock (the “Exchange Offer”), including actions taken by Choice in connection with such offer, actions taken by Wyndham or its stockholders in respect of the Exchange Offer or other actions or developments involving Choice, such as a potential proxy contest, the completion or failure to complete the Exchange Offer, the effects of such offer on our business, such as the cost, loss of time and disruption; general economic conditions, including inflation, higher interest rates and potential recessionary pressures; global or regional health crises or pandemics (such as the COVID-19 pandemic) including the resulting impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on its franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising business; the Company’s relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas; 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.
Partners with the City of Greensboro and First Tee - Central Carolina; Invites Interested Creatives to Submit Qualifications by March 29
PARSIPPANY, N.J. (Feb. 29, 2024) – Plans for a new Greensboro public arts project honoring civil rights pioneers, The Greensboro Six, took a major step forward today with the formal launch of a nationwide search for the mural’s artist.
Slated for installation at historic Gillespie Golf Course, the outdoor project is being commissioned by Wyndham Rewards®—proud title sponsor of the PGA TOUR’s Wyndham Championship—and overseen by the City of Greensboro in partnership with First Tee – Central Carolina.
“The Greensboro Six didn’t just change the history of Gillespie Golf Course – they helped change the game of golf. With this mural, it’s our hope that we can honor their historic contributions while celebrating the vital role Gillespie continues to play in our community through the work of First Tee.”
– Ryan Wilson, CEO, First Tee – Central Carolina
A Civil Rights Landmark In 1955, one week after Rosa Parks was arrested for refusing to give up her seat on a Montgomery bus, six Black men led by Dr. George Simkins started a local movement of their own by defiantly playing a round at the whites-only Gillespie Golf Course. They were later arrested, convicted of trespassing and spent 15 days in jail.
While it took seven years and numerous court cases before Gillespie would desegregate and re-open to all, the Greensboro Six’s actions helped contribute to the Civil Rights Movement, eventually seeing The Greater Greensboro Open (now the Wyndham Championship) become the first PGA Tour event in the South to welcome a Black player (Charlie Sifford), and shortly thereafter, the full desegregation of professional golf.
Today, Gillespie is home to First Tee – Central Carolina, a national youth development program using the game of golf to create life-changing opportunities for local youth on and off the course. It also has the distinction of being the first course in North Carolina to offer PGA HOPE (Helping Our Patriots Everywhere), a national program leveraging golf to enhance the wellbeing of active-duty military and veterans and is one of the only courses in the Triad catering to players with spinal injuries and disabilities through adaptive equipment and free programs.
Honoring the Past, Looking to the Future Artist commission for the project is $30,000 inclusive of all related design service, artist time and insurance needs, with additional dollars budgeted for elements including but not limited to, community engagement, materials, equipment required for installation and maintenance.
To be eligible, artists must have within the last three years completed at least one large-scale outdoor mural with a budget of at least $20,000. Applications must be submitted online and include, among other criteria, contact details, a 500-word statement of interest, relevant work samples, and references. A detailed list of criteria, along with access to the application form, can be found here. All submissions must be received no later than 5:00 p.m. ET on March 29, 2024.
Following the collection of eligible submissions, three finalists will be selected to move forward in the process with one finalist ultimately being awarded the project in May. All selections will be made by a special committee, consisting of key community figures and organizations. They include:
Chris Simkins – Son of Greensboro Six Member Dr. George Simkins
Will Lowery – North Carolina Native and Golf Media Personality
Olajuwon Ajanaku – Co-Founder of Eastside Golf
Jocquelyn Boone – Chief Creative Economy Officer, City of Greensboro
ChesKesha Cunningham-Dockery – Greensboro Parks & Recreation Commission Chairwoman
Harold Martin – Wyndham Championship Honorary Chair
Davida Martin – Wyndham Championship Honorary Chair
Kimberly Marshall – Chief Human Resource Officer, Travel + Leisure
Emily Furderer – Senior Manager, Community and Inclusion, PGA TOUR
Mark Lathan – Director of Programs, First Tee – Central Carolina
Terrington Myles – Director of Programs, First Tee – Central Carolina
“Wyndham Rewards recognizes that Gillespie is a local landmark and a spot treasured by the Greensboro community. For that reason, it’s incredibly important that the direction for this project is driven by the local community for the local community—starting with the selection of the mural’s artist. Our hope is that this project finally gives the Greensboro Six the attention they deserve.”
– Lisa Checchio, Chief Marketing Officer, Wyndham Hotels & Resorts
The Gillespie wall mural honoring the Greensboro Six is slated to be unveiled this August ahead of the 85th annual Wyndham Championship and is a part of larger efforts surrounding Wyndham Championship Fore! Good, the tournament’s signature philanthropic platform.
About The City of Greensboro
Built around the core values of respect, inclusiveness, safety, innovation and sustainability, the mission of the City of Greensboro is to shape an inclusive future for equitable economic opportunity and sustainable, safe neighborhoods through resident focused services and programs. The Greensboro Parks and Recreation Department exists to provide professional and diverse leisure opportunities through inclusive programs, facilities, parks, and open space, ensuring that Greensboro is a desirable place to work, live, and play. Learn more at Greensboro-NC.gov.
About First Tee Central Carolina First Tee – Central Carolina is a youth development organization that enables kids to build the strength of character that empowers them through a lifetime of new challenges. Using golf and life skills as our tools, we provide kids opportunities on and off the course they may never have otherwise. We are active throughout the Triad region, and specifically focused on serving the East Greensboro and East Winston-Salem communities. Learn more at FirstTeeCentralCarolina.org.
About The Wyndham Championship Contested annually on the Donald Ross-designed course at Sedgefield Country Club in Greensboro, N.C., the Wyndham Championship was founded in 1938 and is the seventh-oldest event on the PGA TOUR, excluding the Majors. The tournament thanks title sponsor Wyndham Rewards and presenting sponsor Truist for their continued support. Additional tournament information is available at WyndhamChampionship.com and the tournament’s social media channels (@WyndhamChamp) on Facebook, X, Instagram and LinkedIn pages.
About Wyndham Rewards
Proud title sponsor of the Wyndham Championship, Wyndham Rewards® is the blue thread tying together some of the world’s largest and most well-known travel companies and brands: Wyndham Hotels & Resorts, the world’s largest hotel franchising company and Club Wyndham®, the flagship vacation ownership brand of Travel + Leisure Co. Recognized as the #1 hotel rewards program by both U.S. News and World Report and USA Today, members—over 106 million enrolled around the world—earn a guaranteed 1,000 points with every qualified stay and can redeem for free nights starting at just 7,500 points. With more than 50,000 hotels, vacation club resorts and vacation rentals globally, no other hotel rewards program is more generous or offers more places to stay. Join for free at WyndhamRewards.com.
Starting today, earn up to two free nights when you stay two nights or more
Wyndham’s Member Month is back to help make vacations a reality with surprise offers for members. Member Month begins its five-week celebration today and lasts throughout March.
Available now, for every two nights of a qualified stay at participating hotels worldwide, members can earn 7,500 Wyndham Rewards bonus points, up to 15,000 total – enough for up to two future free nights at thousands of Hotels by Wyndham. Wyndham Rewards Earner Visa cardmembers who register for this promotion and have a qualified stay two or more nights can earn an additional 5,000 points.
“Wyndham Rewards is the most generous rewards program in the industry, giving members more for their money all year round. That’s something to celebrate, and Member Month is our chance to go above and beyond by giving our 106+ million enrolled members unforgettable deals and experiences allowing them to explore the world however they choose.”
The Best Member Month Ever
Every Wednesday starting at midnight EST, new surprise offers become available to members on WyndhamRewards.com/MemberMonth – unlocking exclusive perks related to travel, shopping and much more. Past Member Months have awarded members with 40% off points purchases, 15,000 bonus points for future stays and more.
Whether you want to hit the coast of Mexico and visit Wyndham Alltra Vallarta, check out the heart of country music at La Quinta Inn & Suites Nashville Downtown or have the chance to win incredible surprise experiences with your family and friends, Member Month can help make that a reality.
Wyndham Rewards Everyone Wyndham Rewards is the #1 hotel rewards program as named by readers of USA Today and U.S. News & World Report. Known as the most generous hotel rewards program, it offers members access to more than 50,000 hotels, vacation clubs and vacation rentals.
According to personal finance sites like WalletHub, Wyndham Rewards is the best overall hotel loyalty program compared to any other hotel rewards program. To make your next trip even more rewarding, you can learn more and enroll at WyndhamRewards.com and www.wyndhamrewardscreditcard.com.
About Wyndham Rewards Part of Wyndham Hotels & Resorts (NYSE: WH), the world’s largest hotel franchising company, Wyndham Rewards is the #1 hotel rewards program as named by both U.S. News & World Report and USA Today. Members—over 106 million enrolled around the world—earn a guaranteed 1,000 points with every qualified stay and can redeem for free nights starting at just 7,500 points. With more than 50,000 hotels, vacation club resorts and vacation rentals globally, no other hotel rewards program is more generous or offers members more places to stay. Join for free at WyndhamRewards.com.
World’s sunniest hotel brand offers two Solar Sun-terns a shared $10,000 payday
PARSIPPANY, N.J. (February 21, 2024) – The stars have aligned for thrill-seekers and solar eclipse enthusiasts. Days Inn® by Wyndham, the iconic economy hotel brand known for making days brighter, is seeking two adventurous BFFs to take on 2024’s hottest gig: the Solar Sun-ternship. One ‘sun and moon’ duo will embark on an unforgettable journey to witness the 2024 total solar eclipse from a private helicopter experience, giving an unparalleled vantage point of the path of totality. The twist? Capture their experience with photo and video content to share with Days Inn guests on social media. Best of all, the coveted job comes with a $5,000 payday for each Sun-tern.
“Since 2018, our Sun-ternship program has helped travel-obsessed photographers Seize the Days® with once-in-a-lifetime travel opportunities. This year, we’re elevating the job to new heights, giving not just one but two Sun-terns a front-row seat to capture and share the magic of the eclipse.”
– John Henderson, President, Days Inn by Wyndham
The Sun, Moon, and Days Inn Winding its way across 200-miles, traversing five North American time zones like a celestial ribbon, the path of totality – the area where the solar eclipse is most visible – crosses through major cities like San Antonio, Little Rock, Cleveland, and Montreal. A rare celestial spectacle, the April 8 event is a once in a generation occurrence, with the next total eclipse not anticipated until 2044.
While only two lucky individuals will claim the role of Sun-terns, between one and four million Americans are estimated to travel for the Eclipse. Thankfully, Days Inn and its sister-brands across the Wyndham family offer a combined 1,200+ hotels with unrivaled viewing spots across North America—meaning anyone who wants a chance to witness the cosmic marvel, has the chance to do so. A list of top viewing locations is available at www.wyndhamhotels.com/eclipse.
How to Get the Gig Days Inn invites all photo-obsessed BFFs to apply for the role. In addition to scoring $5,000 each for their work, the Sun-terns will receive a professional photography class, hotel accommodation, travel stipend, Wyndham Rewards® Diamond membership and of course, plenty of Days Inn swag.
Responsibilities:
Travel to San Antonio, Texas, April 7-9, 2024.
Document their experience with photo and video content for Days Inn social channels.
Inspire others by sharing your experiences on your social media channels.
Qualifications:
A social-media savvy duo—18 years or older—with a passion for photography and social media.
U.S. and Canadian (Quebec excluded) residents with a valid passport and/or federal or state-issued ID.
Both applicants must reside in the same country.
Comfortable working at heights.
The Perks:
$5,000 per Sun-tern cash payday.
A rare opportunity to watch the total solar eclipse on April 8 from a helicopter.
Paid single hotel room for two guests.
Photography course from a nature and landscape photography expert.
Travel stipend for airfare, ground transportation and/or meals.
Wyndham Rewards® Diamond level membership.
A suitcase full of Days Inn swag to share.
A glowing recommendation from a Days Inn by Wyndham executive upon successful completion of the internship.
How to Apply: Visit www.daysinn.com/suntern by March 5, 2024, to submit:
The full names of both individuals in the pair.
Both places of residency in the U.S. or Canada (excluding Quebec).
Email address for both individuals in the pair.
Social media profiles of both participants.
One (1) original sun-filled photo of a sunrise, sunset or landscape.
One (1) photo of your duo; the two candidates entering the contest.
One (1) 250-word maximum essay describing a) your relationship (couples, partner, friends, family, etc.) and b) why you are the ideal candidates for this once-in-a-lifetime opportunity.
Preferred but not required: Any relevant links to photography gallery showcasing previous work.
Days Inn will evaluate applicants’ photography and storytelling skills before selecting the winning pair. Entries must come in the form of one (1) application per pair. For more information and official contest rules visit www.daysinn.com/suntern.
About Days Inn by Wyndham With over 1,500 locations in over 20 countries, Days Inn by Wyndham is one of the largest, most well-recognized hotel brands in the world. Welcoming guests with a warm smile and an inviting room, most locations offer fast, free Wi-Fi; complimentary light breakfast; swimming pool or fitness center; and more. Whether it’s small town or downtown, a trip with family or a getaway with friends, count on Days Inn by Wyndham for a great stay paired with a little extra sunshine along the way. Seize The Days and book your next stay at www.daysinn.com. You can also like and follow us on Facebook, Instagram, and YouTube. For development 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 9,200 hotels across over 95 countries on six continents. Through its network of approximately 872,000 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 106 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.
Increases Quarterly Dividend by 9%; Reiterates Full-Year 2024 Outlook
PARSIPPANY, N.J. (February 14, 2024) – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2023. Highlights include:
System-wide rooms grew organically by 3.5% year-over-year, a record high.
Opened a record 66,000 organic rooms, representing a year-over-year increase of 3%.
Global retention rate – including all terminations – improved another 30 basis points to a record 95.6%.
Development pipeline grew 1% sequentially and by 10% year-over-year to a record 240,000 rooms.
Grew ECHO Suites pipeline nearly 60% year-over-year with 98 new contract signings.
Signed 766 contracts for legacy brands, an increase of 8% year-over-year.
Fourth quarter diluted earnings per share of $0.60 and net income of $50 million; adjusted diluted EPS of $0.91, adjusted net income of $75 million and adjusted EBITDA of $154 million.
Full-year 2023 diluted EPS of $3.41 and net income of $289 million; adjusted diluted EPS of $4.01, adjusted net income of $341 million and adjusted EBITDA of $659 million.
Net cash provided by operating activities of $376 million and free cash flow of $339 million for the full-year.
Returned $515 million to shareholders for the full-year through $397 million of share repurchases and quarterly cash dividends of $0.35 per share.
Board of Directors recently authorized a 9% increase in the quarterly cash dividend to $0.38 per share beginning with the dividend expected to be declared in first quarter 2024.
“We are tremendously proud to report fourth quarter results that demonstrate the continued success of our global strategy and our accelerating momentum,” said Geoff Ballotti, president and chief executive officer. “Despite the distraction, uncertainty and misperceptions caused by Choice and their slanted and constant communications to our franchisee base, room openings accelerated and our global development pipeline grew by 10% to an all-time high of 240,000 rooms. Our team opened 27% more rooms than last year in the fourth quarter and we welcomed 500 new hotels to our system in 2023. This, when combined with our improving franchisee engagement and record retention rate, drove the best organic system growth we’ve ever achieved. We grew comparable adjusted EBITDA by 6% and returned over half a billion dollars to our shareholders through dividends and share repurchases. We are confident in the continued effectiveness of our growth strategy and see exceptional value-creation opportunities in the years ahead.”
System Size and Development
The Company’s global system grew 3.5%, marking 12 consecutive quarters of organic growth and reflecting 1% growth in the U.S. and 7% 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 3% and 13%, respectively. The Company also increased its retention rate, which includes all terminations, by another 30 basis points year-over-year, ending the year at a record 95.6%.
On December 31, 2023, the Company’s global development pipeline consisted of over 1,950 hotels and approximately 240,000 rooms, representing another record-high level and a 10% year-over-year increase. Key highlights include:
14th consecutive quarter of sequential pipeline growth
8% growth in the U.S. and 11% internationally
Approximately 70% of the pipeline is in the midscale and above segments, which grew 6% year-over-year
Approximately 58% of the pipeline is international
Approximately 79% of the pipeline is new construction, of which approximately 34% has broken ground
The Company awarded 766 new contracts for its legacy brands in full-year 2023, an increase of 8% compared to full-year 2022. Additionally, the Company awarded 98 additional new contracts for its ECHO Suites brand and, as of December 31, 2023, the Company had awarded 268 contracts, or over 33,000 rooms, for the brand.
RevPAR
Fourth quarter global RevPAR declined 1% in constant currency compared to 2022 reflecting a 4% decline in the U.S. and growth of 7% internationally. For the full year, global RevPAR grew 5% in constant currency compared to 2022 reflecting a 1% decline in the U.S. and growth of 21% 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 COVID-impacted travel patterns, U.S. RevPAR grew 10% in fourth quarter – a 120 basis point acceleration from third quarter 2023 growth – and 9% for the full year. Internationally, year-over-year RevPAR growth for both the fourth quarter and the full-year was primarily driven by higher occupancy levels. Compared to 2019, international RevPAR grew in fourth quarter and full-year by 44% and 36%, respectively, on a constant-currency basis.
Operating Results
Fourth Quarter
Fee-related and other revenues was $320 million compared to $310 million in fourth quarter 2022 reflecting global net room growth as well as higher license and ancillary fees.
The Company generated net income of $50 million compared to $56 million in fourth quarter 2022. The decrease was reflective of a higher effective tax rate, higher interest expense, foreign currency impact from hyper-inflation in Argentina and transaction-related expenses resulting from the unsolicited offer by Choice Hotels, partially offset by higher adjusted EBITDA.
Adjusted EBITDA grew 22% to $154 million from $126 million. This increase included a $21 million favorable impact from marketing fund variability, excluding which adjusted EBITDA grew 6% primarily reflecting higher fee-related and other revenues.
Diluted earnings per share was $0.60 compared to $0.63 in fourth quarter 2022. This decrease reflects lower net income, partially offset by the benefit of a lower share count due to share repurchase activity.
Adjusted diluted EPS grew 26% to $0.91 per share from $0.72 per share. This increase included $0.19 per share related to the favorable marketing fund variability (after estimated taxes), excluding which adjusted diluted EPS was unchanged year-over-year as adjusted EBITDA growth and the benefit from share repurchase activity was substantially offset by higher interest expense.
During fourth quarter 2023, the Company’s marketing fund revenues exceeded expenses by $9 million; while in fourth quarter 2022, the Company’s marketing fund expenses exceeded revenues by $12 million, resulting in $21 million of marketing fund variability.
Full Year
Fee-related and other revenues was $1,384 million compared to $1,354 million in full-year 2022, which included $50 million from the Company’s select service management business and owned hotels, which were exited in 2022. On a comparable basis, fee-related and other revenues increased 6% year-over-year primarily reflecting global RevPAR and net room growth, higher license and ancillary fees and 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 $289 million compared to $355 million in full-year 2022, which included $37 million from the select-service managed and owned hotels. The decrease was reflective of a higher effective tax rate, higher interest expense, foreign currency impact from hyper-inflation in Argentina and transaction-related expenses resulting from the unsolicited offer by Choice Hotels, partially offset by higher adjusted EBITDA.
Adjusted EBITDA was $659 million compared to $650 million in full-year 2022, which included $18 million from the select-service managed and owned hotels. The growth in adjusted EBITDA was further impacted by $11 million of unfavorable marketing fund variability. On a comparable basis, adjusted EBITDA increased 6% reflecting higher fee-related and other revenues.
Diluted earnings per share was $3.41 compared to $3.91 in full-year 2022, which included $0.40 per share from the select-service managed and owned hotels. This decrease reflects the lower net income, partially offset by the benefit of a lower share count due to share repurchase activity.
Adjusted diluted EPS was $4.01 per share compared to $3.96 per share in full-year 2022, which included $0.15 per share from the select-service managed and owned hotels. This growth in adjusted diluted EPS was further impacted by $0.09 per share (after estimated taxes) of unfavorable marketing fund variability. On a comparable basis, adjusted diluted EPS increased 8% year-over-year reflecting the adjusted EBITDA growth and the benefit from share repurchase activity, partially offset by higher interest expense.
During full-year 2023, the Company’s marketing fund revenues exceeded expenses by $9 million; while in 2022, the Company’s marketing fund revenues exceeded expenses by $20 million, resulting in $11 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.
Balance Sheet and Liquidity
The Company generated $376 million of net cash provided by operating activities and free cash flow of $339 million in the full-year 2023. The Company ended the quarter with a cash balance of $66 million and approximately $650 million in total liquidity.
The Company’s net debt leverage ratio was 3.2 times at December 31, 2023, within the lower half of the Company’s 3 to 4 times stated target range.
Share Repurchases and Dividends
During the fourth quarter, the Company repurchased approximately 1.7 million shares of its common stock for $127 million. For the full-year 2023, the Company repurchased approximately 5.5 million shares of its common stock for $397 million, at an average price of $72.25, 8% lower than trading levels as of February 13th.
The Company paid common stock dividends of $28 million, or $0.35 per share, in the fourth quarter of 2023 for a total of $118 million, or $1.40 per share, for the full-year 2023.
For the full-year 2023, the Company returned $515 million to shareholders through share repurchases and quarterly cash dividends.
The Company’s Board of Directors authorized a 9% increase in the quarterly cash dividend to $0.38 per share, beginning with the dividend expected to be declared in first quarter 2024.
Full-Year 2024 Outlook
The Company provided the following outlook for full-year 2024:
Year-over-year growth rates for adjusted EBITDA, adjusted net income and adjusted diluted EPS are not comparable due to full-year 2023 marketing fund revenues exceeding expenses by $9 million, which substantially completed the recovery of the $49 million support the Company provided to its owners during COVID. The Company expects marketing revenues to equal expenses during full-year 2024 though seasonality of spend will affect the quarterly comparisons throughout the year.
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, February 15, 2024 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 February 15, 2024. A telephone replay will be available for approximately ten days beginning at noon ET on February 15, 2024 at 800 839-9719.
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 9,200 hotels across over 95 countries on six continents. Through its network of approximately 872,000 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 106 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit https://investor.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.
For information related to Choice Hotels’ hostile offer, please visit www.staywyndham.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 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 (other than with respect to statements made in connection with the unsolicited exchange offer by Choice to acquire all outstanding shares of our common stock (the “Exchange Offer”)). 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, factors relating to the Exchange Offer, including actions taken by Choice in connection with such offer, actions taken by Wyndham or its stockholders in respect of the Exchange Offer or other actions or developments involving Choice, such as a potential proxy contest, the completion or failure to complete the Exchange Offer, the effects of such offer on our business, such as the cost, loss of time and disruption; general economic conditions, including inflation, higher interest rates and potential recessionary pressures; global or regional health crises or pandemics (such as the COVID-19 pandemic) including the resulting impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on its franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising business; the Company’s relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas; 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.
A win for travel planners and managers, real-time rates and availability go live across industry’s largest portfolio of economy and midscale hotels.
PARSIPPANY, N.J. (Feb. 12, 2024) – Group bookings across the industry’s largest portfolio of economy and midscale hotels will soon take minutes—not days—thanks to Groups360 and the rapid rollout of over 5,600 Wyndham hotels to the GroupSyncTM Marketplace.
The shift is a welcome change not just for traditional travel planners (think meetings, weddings and events) but also travel managers, particularly those in infrastructure-centric fields like construction and logistics, whose crews need to spend weeks if not months on the job, often with as little as 24-hour’s notice.
Through GroupSync, travel planners and managers can browse real-time rates and availability at participating hotels and directly book 10 to 50 rooms without needing to contact the hotel or engage in a traditional RFP—saving valuable time. Meeting space for events can also be booked at hotels when needed and where available.
“We’re always looking for new ways to make it simpler and easier for clients to do business with Wyndham. Whether it’s a family reunion, a youth sports tournament or a three-month-long bridge repair project—GroupSync makes it simple for groups to find the right hotel at the right price and book on the spot.”
– Angie Gadwood, SVP Global Sales, Wyndham Hotels & Resorts
“Wyndham is one of the world’s leading hospitality companies and their portfolio is unique in that it represents key property categories that expand GroupSync’s Instant Booking inventory. In bringing their U.S. portfolio on board, we’re able to deliver a broader, more robust, more inclusive offering—one that’s better equipped to meet the needs of all travel planners and managers.”
– Kemp Gallineau, CEO, Groups360
Wyndham’s collaboration with Groups360 is the latest in a list of efforts to help its hotels tap into a multi-year, infrastructure-related travel boom and what it believes is a ~$3.3 billion revenue opportunity for franchisees. Last year, the Company expanded its Global Sales force by 25% and more recently, deployed new tools to help sellers better identify and capture infrastructure-related opportunities for franchisees.
Groups360 and GroupSync are also a part of Wyndham’s innovative Wyndham Business program which, through a suite of tools and resources, aims to help make business travel easier for all. The program caters to small and mid-size business owners, travel advisors, travel buyers, meeting planners and more—all while offering discounted rates and exclusive perks.
The majority of Wyndham hotels in the U.S. are anticipated to be available for instant booking on GroupSync this week with the last remaining hotels expected to go live before end of month. To browse hotels, check-rates and availability, or complete a booking, visit groupsync.com.
Images associated with the above release can be downloaded here.
# # #
About Groups360 Groups360 was created with a singular goal — to empower meeting planners by bringing innovation, transparency and simplicity to the decades-old problem of booking groups. The company’s integrated technology solution, GroupSync™, enables suppliers to distribute inventory, engage with planners, and optimize group revenue. GroupSync also equips planners to search and shop hotels worldwide and to book rooms and space directly, online or through a simplified RFP process. GroupSync is the first distribution channel to offer online booking for both group hotel rooms and meeting space at scale. Groups360 has offices in Nashville, London and Singapore. Learn more at groups360.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 spanning over 95 countries and 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.
Click Here to Close Modal
Contact Us
We value your interest in Wyndham & Resorts and welcome your comments and questions.
