Hotel Leader Joins Business Coalition for the Equality Act and Earns Perfect Score as a Best Place to Work for Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ) Equality
Wyndham Hotels & Resorts team members participate in the 2018 Pride March in New York City. Photo credit: Danny Chin - Omega Photo StudiosClick to Download
PARSIPPANY, N.J. (April 4, 2019) – Wyndham Hotels & Resorts (NYSE: WH) has been recognized for its culture of inclusion by the Human Rights Campaign on the heels of reinforcing its commitment to workplace fairness for lesbian, gay, bisexual, transgender and queer (LGBTQ) team members. Within the same week of joining the Business Coalition for the Equality Act, Wyndham Hotels & Resorts earned a perfect score of 100 as a Best Place to Work for LGBTQ Equality.
“At Wyndham Hotels & Resorts, we are committed to creating an inclusive work environment where all of our team members can thrive,” says Mary Falvey, chief administrative officer, Wyndham Hotels & Resorts. “That’s why last week we raised the bar in ensuring workplace fairness by joining the Business Coalition for the Equality Act. Our pledge put an exclamation point on Wyndham Hotels & Resorts’ welcoming culture that reflects the diversity of our team members, guests, owners and communities around the world.”
On March 26, at the Diversity and Inclusion Conference in Philadelphia, Wyndham Hotels & Resorts joined the Business Coalition for the Equality Act, a group of leading U.S. employers that support the Equality Act, federal legislation that would provide the same basic protections to LGBTQ people as are provided to other protected groups under federal law.
In joining the Business Coalition for the Equality Act, Wyndham Hotels & Resorts reinforced its strong history of diverse and inclusive practices, with full leadership support, to its team members, partners and customers. As part of Wyndham Worldwide, the Human Rights Campaign named the Company as one of the Best Places to Work for LGBTQ Equality nine times with a perfect score of 100.
“For more than ten years, Wyndham has been an employer of choice among the LGBTQ community, and one that encourages team members to bring their whole selves to work,” said Patricia Lee, executive vice president of Global Learning and Development and chief social responsibility officer, Wyndham Hotels & Resorts. “Our recognition as a Best Place to Work shows that we continue to do the right thing in ensuring the environment we’re cultivating is in the spirit of hospitality.”
Recognizing that embracing inclusivity is good business, Wyndham Hotels & Resorts appeals to diverse consumers, cultivating welcoming environments in its hotels, in addition to supporting its team members. An important element of this culture is Pride, an affinity business group dedicated to fostering a culture of acceptance and equality within the Company. With local chapters in several corporate locations, Pride members raise awareness of LGBTQ issues, lead community support activities, and drive a positive impact on business practices and goals.
The 2019 Corporate Equality Index evaluates LGBTQ-related policies and practices including non-discrimination workplace protections, domestic partner benefits, transgender-inclusive health care benefits, competency programs, and public engagement with the LGBTQ community. For more information on the 2019 Corporate Equality Index, or to download a free copy of the report, visit www.hrc.org/cei.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with approximately 9,200 hotels across more than 80 countries on six continents. Through its network of approximately 810,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards® loyalty program offers more than 70 million enrolled members the opportunity to redeem points at tens of thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
PARSIPPANY, N.J., April 3, 2019 – Wyndham Rewards®, the world’s most generous rewards program, today announced the addition of new program benefits for its more than 70 million enrolled members around the globe—including the introduction of special perks designed exclusively for active and retired U.S. and Canadian military members and their spouses—all while officially welcoming more than 900 La Quinta® hotels to the program’s award-winning portfolio.
Starting today, Wyndham Rewards members can begin taking advantage of the following:
A Faster Way to Free Nights – With the introduction of three distinct redemptions tiers, free nights (go freeSM) now start at just 7,500 points per bedroom per night (half their previous redemption cost) at nearly 3,000 hotels while points + cash award nights (go fastSM) now start at just 1,500 points per bedroom per night, plus some cash.
New Places to Stay – Through the addition of the La Quinta brand, Wyndham Rewards members now have more than 900 new hotels where they can earn and redeem Wyndham Rewards points, including hotels in key destinations like Dallas, Miami, San Francisco, Seattle and Toronto, to name just a few.
New Benefits for Military Members – U.S. and Canadian military members (active, reserve, veteran or retired status) and their spouses now receive a complimentary upgrade to Gold level membership along with 1,000 bonus points on their first qualifying night. These benefits are in addition to existing discounts of 12 percent or more off the Best Available Rate at participating Wyndham Rewards hotels. (Note: Wyndham Rewards membership is not required to take advantage of the discount.)
“We’re incredibly excited about what these enhancements mean for our members, as they’re a direct response to what they told us they value most,” said Eliot Hamlisch, senior vice president of worldwide loyalty and partnerships at Wyndham Hotels & Resorts. “As champions of the everyday traveler, our goal is to deliver a simple, generous program that offers rich, meaningful rewards alongside one of the largest, most diverse redemption portfolios in the world.”
Earn on Everyday Purchases, Redeem for Incredible Rewards
In addition to the above benefits, starting today, members can take advantage of new and expanded partners making it easier than ever to earn and redeem points outside of hotel stays. Whether it’s shopping for a new spring jacket or filling up at the pump, Wyndham Rewards is encouraging members to go for itSM, making the most of everyday purchases, earning and redeeming points toward incredible rewards. Among the many ways members will be able to earn and redeem:
Shopping – Earn up to 10 points per dollar spent when shopping online through WyndhamRewards.com with select retailers, including popular brands like Target®, Apple® and Home Depot®. Plus, redeem points for merchandise, gift cards, air travel, car rentals and more.
Gas – Earn points at Marathon branded gas stations on fuel and select in-store purchases, including 2 points per gallon of gas with MakeItCount™, Marathon’s fuel rewards program. Also save 5 CentsOff® on every gallon, everyday. Plus, redeem points for fuel discount rewards starting at as few as 3,000 points.
Coming in the next few weeks:
Tours and Experiences – Earn up to 10 points per dollar spent when booking tours and experiences online through WyndhamRewards.com with Viator and redeem points for tours and experiences starting at around 1,500 points.
Food Delivery – Earn 250 points with every DoorDash order placed through wyndhamrewards.com. Plus, new DoorDash customers can earn 2,000 bonus points on their first order.
To learn more about the above Wyndham Rewards enhancements, including full details on new ways to earn and redeem, visit www.wyndhamrewards.com. A complete listing of Wyndham Rewards hotels, along with their newly assigned redemption tiers, is available at www.wyndhamrewards.com/locations.
About Wyndham Rewards Recently named the number one hotel rewards program by readers of USA TODAY, Wyndham Rewards® is the world’s most generous rewards program with more than 30,000 hotels, vacation club resorts and vacation rentals worldwide. Designed for the everyday traveler, members earn a guaranteed 1,000 points with every qualified stay and may redeem points for a wide-range of rewards, including free nights at any of more than 9,000 hotels or tens of thousands of vacation club resorts and vacation rentals globally through partnership with Wyndham Destinations (NYSE: WYND) and others. Join for free today at www.wyndhamrewards.com. You’ve earned this.®
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with approximately 9,200 hotels across more than 80 countries on six continents. Through its network of approximately 810,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards® loyalty program offers more than 70 million enrolled members the opportunity to redeem points at tens of thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
Global hospitality leader’s culture of integrity and ethical business practices are the foundation of its commanding presence in the lodging industry
PARSIPPANY, N.J. (February 26, 2019) – With a commitment to acting with integrity and a dedication to making hotel travel possible for all, Wyndham Hotels & Resorts (NYSE: WH) has been recognized as one of the 2019 World’s Most Ethical Companies by the Ethisphere Institute. This distinction marks the first global accolade for the Company and builds upon a strong Wyndham history of recognition by Ethisphere, a leader in defining and advancing the standards of ethical business practices.
“In our first year as a new public company, today’s recognition as one of the World’s Most Ethical Companies is continued reaffirmation of the inclusive, values-driven culture instilled in our team members by our former parent, Wyndham Worldwide,” said Geoff Ballotti, president and chief executive officer, Wyndham Hotels & Resorts. “Strong ethics are the foundation of our corporate culture, with integrity being one of our Company’s core values.”
The World’s Most Ethical Companies designation recognizes those companies which align principle with action, work tirelessly to make trust part of their corporate DNA, and in doing so, shape future industry standards by introducing tomorrow’s best practices today.
“Companies with effective compliance programs not only make good ethical decisions, but Ethisphere’s research demonstrates that they also outperform their peers,” said Paul Cash, general counsel and chief compliance officer, Wyndham Hotels & Resorts.
“Our ethical business practices foster great experiences and brand loyalty for our guests and for Wyndham Rewards members, as well as our Wyndham Hotels & Resorts team members,” added Samantha Vaughan, group vice president, corporate compliance and chief privacy officer.
Maintaining a strong focus on ethical practices is part of Wyndham Hotels & Resorts’ robust social responsibility commitment. Some of the Company’s activities and accomplishments include:
Creating a diverse and inclusive place to work and do business through its values-driven culture of ethics and integrity;
Developing new training programs and awareness initiatives to provide tailored guidance for corporate and hotel property-based team members on acceptable business conduct standards and how to weave compliant and ethical decision making into everyday business;
Working to protect human rights by providing hotel owners and franchisees training and awareness tools to identify human trafficking in partnership with the Polaris Project and ECPAT-USA.
The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient® (EQ) framework which offers a quantitative way to assess a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics. Scores are generated in five key categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership and reputation (10%).
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honors superior achievement through its World’s Most Ethical Companies recognition program and provides a community of industry experts with the Business Ethics Leadership Alliance (BELA). More information about Ethisphere can be found at: https://ethisphere.com.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with approximately 9,200 hotels across more than 80 countries on six continents. Through its network of approximately 810,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 61 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, NJ, February 19, 2019 – Wyndham Rewards®, the world’s most generous rewards program, is about to become even more rewarding this April with plans to introduce a wide-array of new features—from free nights at thousands of hotels starting at just 7,500 points (half their original redemption cost), to the addition of more than 900 La Quinta® hotels, to the ability to earn and redeem points with a host of new and expanded partners.
A direct response to research and feedback from program members, the effort underscores Wyndham’s ongoing commitment to delivering a simple, generous rewards program that’s uniquely designed for the needs of the everyday traveler. Wyndham Rewards currently has approximately 61 million enrolled members worldwide.
“We know members love the simplicity and generosity of Wyndham Rewards but we also know they want greater flexibility when it comes to where and how they can redeem their points,” said Eliot Hamlisch, senior vice president of global loyalty and partnerships at Wyndham Hotels & Resorts. “With these changes, we’re making thousands of hotels available for half the points and what’s more, drastically expanding the ways in which they can earn and redeem those points, making it easier than ever for them to engage with the program.”
Here’s what Wyndham Rewards members have to look forward to come this April:
A Faster Way to Free and Discounted Nights
Empowering more members to redeem points where and how they want, Wyndham Rewards will begin offering three tiers for both free night redemptions (go free) and points + cash redemptions (go fast). Members will also start earning points on the cash portion of points + cash redemptions.
Free Nights Starting at Just 7,500 Points
Free night redemptions will be available at 7,500 points, 15,000 points, and 30,000 points, while points + cash redemptions will be available at 1,500 points + cash, 3,000 points + cash, and 6,000 points + cash, respectively. All redemptions will be per bedroom, per night. Approximately one-third of the program’s hotel portfolio—nearly 3,000 hotels—is expected to move to the more affordable 7,500 point tier while approximately 200 properties will move into the new 30,000 point tier.
Over 30,000 Hotels, Club Resorts, Vacation Rentals and Counting Wyndham Rewards already offers one of the largest, most diverse redemption portfolios in the world and now it’s getting even bigger, from thousands of club resorts and vacation rentals to more than 900 La Quinta hotels.
Wyndham Rewards Welcomes La Quinta La Quinta hotels will officially become a part of Wyndham Rewards on April 3. Free night redemptions will start as low as 7,500 points and with every qualified stay, members will earn 10 points per dollar spent or a minimum of 1,000 points, whichever is more.
More Ways to Earn, More Ways to Redeem Providing more ways to earn and redeem points than ever before, Wyndham Rewards will debut a host of new and expanded partnerships this April. Members can look forward to earning points for food delivery through DoorDash, earning and redeeming points at Marathon gas stations, and earning and redeeming points when booking tours and activities around the globe with Viator. The program will also unveil a new shopping portal, enabling members to earn points on purchases with thousands of online retailers.
Extra Points on Stays
In addition to new earn and redeem partners, Gold, Platinum and Diamond Wyndham Rewards members will be able to earn extra points on their qualified stays with the introduction of accelerated earn. Gold members will earn 10% more in base points, Platinum members will earn 15% more and Diamond members will earn 20% more. Accelerated earn replaces point bonuses, which were previously awarded annually for Platinum and Diamond members.
The vast majority of the above program changes are anticipated to take effect starting April 3, 2019. La Quinta Returns® will officially end at 11:59 p.m. ET on April 2, 2019. Additional information related to earn and redeem opportunities with new partners is expected to be available in late March. For more information on Wyndham Rewards, including full details on the changes and new benefits listed above, visit www.wyndhamrewards.com/comingsoon.
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About Wyndham Rewards
Recently named the number one hotel rewards program by readers of USA TODAY, Wyndham Rewards® is the world’s most generous rewards program with more than 30,000 hotels, 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 more than 8,000 hotels or tens of thousands of club resorts and vacation rentals through partnership with Wyndham Destinations (NYSE: WYND) and others. Join for free today at www.wyndhamrewards.com. You’ve earned this.®
About Wyndham Hotels & Resorts Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with approximately 9,200 hotels across more than 80 countries on six continents. Through its network of approximately 810,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 61 million enrolled members the opportunity to redeem points at thousands of hotels, club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
Company Increases Dividend 16% and Provides Full-Year 2019 Projections
PARSIPPANY, N.J., February 13, 2019 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2018. Highlights include:
Revenues increased 69% compared with fourth quarter 2017, to $527 million.
Net income was $43 million for the quarter; adjusted net income was $57 million, a 50% increase over the prior-year quarter.
Diluted earnings per share for the quarter were $0.43 and adjusted diluted EPS were $0.58.
Further adjusted diluted EPS for the quarter (calculated as if our spin-off and our acquisition and integration of La Quinta had occurred on January 1) were $0.62.
Adjusted EBITDA increased 64% compared with the prior-year quarter, to $125 million, and grew 19% in constant currency and excluding our 2018 acquisitions and divestitures.
Further adjusted EBITDA for the quarter was $134 million, consistent with our projection of $127 to $138 million.
Global RevPAR increased 8% compared with fourth quarter 2017 and increased 2% in constant currency and excluding our 2018 acquisitions and divestitures.
System-wide rooms grew 11% year-over-year and 2% excluding our 2018 acquisitions and divestitures.
“We finished 2018 with another strong quarter, capping off a year in which we delivered strong adjusted earnings growth fueled by solid RevPAR and rooms growth while acquiring and integrating La Quinta,” said Geoffrey A. Ballotti, chief executive officer. “We expect to continue to build on this strong foundation and are enthusiastic about our prospects for 2019 as we continue to execute our strategies and deploy capital in order to enhance value for shareholders.”
Fourth Quarter 2018 Operating Results
Revenues were $527 million, compared with $312 million in the fourth quarter of 2017. Results reflect $198 million of incremental revenues from La Quinta. Excluding the impact from 2018 acquisitions and divestitures, revenues increased 6% primarily due to higher license and other fees.
Net income was $43 million, or $0.43 per diluted share, compared to $92 million, or $0.92 per diluted share in the fourth quarter of 2017. Fourth quarter 2018 results include separation-related and transaction-related expenses, and fourth quarter 2017 results include impairment expenses and an $85 million tax benefit recorded as a result of the Tax Cuts and Jobs Act.
Adjusted net income was $57 million, or $0.58 per diluted share, compared with $38 million, or $0.38 per diluted share, in the fourth quarter of 2017. Fourth quarter earnings benefited from our revenue growth and a lower effective tax rate, partially offset by higher interest expense. Full reconciliations of GAAP results to our non-GAAP adjusted measures for all reported periods appear in the tables to this press release.
Fourth quarter adjusted EBITDA was $125 million, compared with $76 million in the fourth quarter of 2017. Results reflect approximately $37 million of adjusted EBITDA from La Quinta and are consistent with the Company’s projection of adjusted EBITDA of $117 million to $127 million in the fourth quarter. Excluding the impact from 2018 acquisitions and divestitures, adjusted EBITDA increased 19% in constant currency, primarily reflecting the growth in revenues and the unfavorable effects in 2017 from hurricanes that affected our owned hotel in Puerto Rico.
The Company estimates that, if it had acquired and fully integrated La Quinta on January 1, its further adjusted EBITDA in the fourth quarter would have been $134 million, and its further adjusted diluted earnings per share would have been $0.62. See Tables 5 and 6 for additional information.
Full-Year 2018 Operating Results
Revenues were $1,868 million, compared with $1,280 million in 2017. Results reflect $513 million of incremental revenues from La Quinta. Excluding the impact from 2018 acquisitions and divestitures, revenues increased 6%, primarily due to higher license and other fees, as well as 6% higher royalties and franchise fees.
Net income was $162 million, or $1.62 per diluted share, compared to $230 million, or $2.31 per diluted share in 2017. 2018 results include separation-related and transaction-related expenses, and 2017 results include impairment expenses and an $85 million tax benefit recorded as a result of the Tax Cuts and Jobs Act.
Adjusted net income was $270 million, or $2.71 per diluted share, compared with $186 million, or $1.87 per diluted share, in 2017. 2018 earnings benefited from our revenue growth and a lower effective tax rate, partially offset by higher interest and depreciation expense.
2018 adjusted EBITDA was $507 million, compared with $383 million in 2017. Results reflect approximately
$89 million of adjusted EBITDA from La Quinta and are consistent with the Company’s projection of adjusted EBITDA of $500 million to $510 million for the full year. Excluding the impact from 2018 acquisitions and divestitures, adjusted EBITDA increased 11% in constant currency, primarily reflecting the growth in revenues.
The Company estimates that, if it had acquired and fully integrated La Quinta on January 1, its further adjusted EBITDA in 2018 would have been $600 million, and its further adjusted diluted earnings per share would have been $3.02.
As of December 31, 2018, the Company’s hotel system consisted of approximately 9,200 properties and approximately 810,000 rooms, an 11% increase compared with the fourth quarter of 2017. Room count grew 2% year-over-year, excluding our 2018 acquisitions and divestitures. The Company’s development pipeline grew to over 1,400 hotels and approximately 180,000 rooms, a 21% year-over-year room increase, including approximately 25,000 La Quinta pipeline rooms and the removal of 2,000 Knights Inn pipeline rooms. The Company also increased its pipeline sequentially by 2% compared to the third quarter, including 3% domestic growth and 1% international growth. Approximately 54% of the Company’s development pipeline is international and 73% is new construction.
Fourth Quarter 2018 Business Segment Information
The following discussion of fourth quarter operating results focuses on revenue and adjusted EBITDA for each of our segments.
Hotel Franchising
Revenues increased 37% compared to fourth quarter 2017, including $64 million of incremental revenues from La Quinta. Excluding the impact from 2018 acquisitions and divestitures, revenues increased 8%, primarily due to $13 million of higher license and other fees. Adjusted EBITDA grew 51% to $122 million, including approximately $30 million of incremental adjusted EBITDA from the acquisition of La Quinta. In constant currency and excluding the impact from 2018 acquisitions and divestitures, adjusted EBITDA grew 16%, reflecting the growth in revenues.
Hotel Management
Revenues increased $132 million compared to the prior-year period, reflecting $134 million of incremental revenues from La Quinta (including $124 million of cost-reimbursement revenues). Excluding the impact from the acquisition of La Quinta, revenues declined $2 million. Adjusted EBITDA increased $12 million compared to the prior-year quarter, reflecting $7 million of adjusted EBITDA from La Quinta and a decline in the unfavorable impact from the 2017 hurricanes on our owned hotels.
Other Items
Share Repurchases – The Company repurchased approximately 1.25 million shares of its common stock for $60 million in the fourth quarter. In the seven months after the Company’s May 2018 spin-off, the Company repurchased 2.3 million shares of stock, or 2% of shares outstanding, at a cost of $119 million. At year-end, the Company had 98.1 million shares outstanding.
Dividend Increase – The Company’s Board of Directors authorized a 16% increase in the quarterly cash dividend to 29 cents from 25 cents per share, beginning with the dividend that is expected to be declared in the first quarter of 2019.
Reacquisition of Master License Rights for Days Inn in China – The Company recently announced that it has reacquired the exclusive direct franchising rights for its Days Inn brand in China. The Days Inn system in China consists of more than 70 hotels encompassing more than 12,500 rooms. The near-term earnings contribution from this transaction is not expected to be material, but the Company now owns the exclusive rights to directly franchise and grow the Days Inn brand in China.
Outlook
The Company provided the following outlook for full-year 2019:
Revenues of $2.11 billion to $2.16 billion, an increase of 13% to 16%.
Adjusted net income of $301 million to $313 million.
Adjusted EBITDA of $605 million to $620 million, a year-over-year increase of 19% to 22%, as discussed below.
Adjusted diluted EPS of $3.05 to $3.17, based on an adjusted diluted share count of 98.7 million, which excludes future share repurchases.
Rooms growth of 2% to 4%.
Organic RevPAR growth of 1% to 3% in constant currency.
The Company views its year-over-year growth in adjusted EBITDA as follows (in millions):
More detailed projections are available in Table 6 of this press release. The Company is providing an outlook for net income, EBITDA and EPS only on a non-GAAP, adjusted basis because it is unable to predict with reasonable certainty the occurrence or amount of potential adjustments that may arise in the future.
Conference Call Information
Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Wednesday, February 13, 2019 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at www.investor.wyndhamhotels.com. The conference call may also be accessed by dialing 877-876-9174 and providing the passcode “Wyndham”. Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at noon ET on February 13, 2019. A telephone replay will be available for approximately ten days beginning at noon ET on February 13, 2019 at 800 283-8486.
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.
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, with approximately 9,200 hotels across more than 80 countries on six continents. Through its network of approximately 810,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award- winning Wyndham Rewards loyalty program offers approximately 61 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rental properties globally. For more information, visit www.wyndhamhotels.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Hotels makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “estimate” and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Hotels to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings, cash flow, dividends and other financial and operating measures.
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 performance of financial and credit markets, the economic environment for the hospitality industry, operating risks associated with the hotel franchising and management businesses, the impact of war, terrorist activity or political strife, risks related to our spin-off as a newly independent company and risks related to our ability to obtain financing as well as the risks described in the section titled “Risk Factors” in Wyndham Hotels’ Registration Statement on Form 10 and in Wyndham Hotels’ other filings with the Securities and Exchange Commission. Except as required by law, Wyndham Hotels undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise.
PARSIPPANY, N.J., Jan. 14, 2019 – Wyndham Hotels & Resorts (NYSE: WH) announced today that it will report fourth quarter and full-year 2018 results on Wednesday, February 13, 2019. Geoff Ballotti, President and Chief Executive Officer, and David Wyshner, Chief Financial Officer, will host a call with investors at 8:30 a.m. ET that morning to discuss the Company’s results and business outlook.
Listeners can access the webcast live through the Company’s website at www.investor.wyndhamhotels.com. The conference call may also be accessed by calling 877 876-9174 and providing the passcode “Wyndham”. Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at noon ET on February 13, 2019. A telephone replay will be available for approximately ten days beginning at noon ET on February 13, 2019 at 800 283-8486.
ABOUT WYNDHAM HOTELS & RESORTS
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with more than 9,000 hotels across more than 80 countries on six continents. Through its network of over 798,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers over 59 million enrolled members the opportunity to redeem points at thousands of hotels, condominiums and holiday homes globally. For more information, visit www.wyndhamhotels.com.
PARSIPPANY, N.J., October 30, 2018 – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2018. Highlights include:
Revenues increased 74% compared with third quarter 2017, to $604 million.
Net income was $58 million for the third quarter; adjusted net income was $85 million, a 39% increase over the prior-year quarter.
Diluted earnings per share were $0.58 and adjusted diluted EPS were $0.85.
Further adjusted diluted EPS (calculated as if our spin-off and our acquisition and integration of La Quinta had occurred on January 1) were $0.93.
Adjusted EBITDA increased 34% compared with the prior-year quarter, to $166 million, and grew 7% in constant currency and excluding our 2018 acquisitions and divestitures.
Further adjusted EBITDA was $177 million, compared to our projection of $166 to $176 million.
Global RevPAR increased 9% year-over-year and 4% in constant currency and excluding our 2018 acquisitions and divestitures.
System-wide rooms grew 13% year-over-year, and 3% excluding our 2018 acquisitions and divestitures.
“We delivered strong results in the third quarter, highlighted by organic and acquisition-related growth in both global RevPAR and our system size,” said Geoffrey A. Ballotti, chief executive officer. “In addition, we made significant progress in the integration of the La Quinta brand, continued to strengthen the quality of our hotel network, and began to see the favorable impact of the ‘By Wyndham’ endorsement of our global brands.”
Revenues were $604 million, compared with $347 million in the third quarter of 2017. Results reflect $238 million of incremental revenues from La Quinta. Excluding the impact from the acquisition of La Quinta, revenues increased 5% primarily due to 4% higher royalties and franchise fees, as well as higher license and other fees.
Net income was $58 million, or $0.58 per diluted share, unchanged from the third quarter of 2017. Third quarter 2018 results include separation-related and transaction-related costs.
Adjusted net income was $85 million, or $0.85 per diluted share, compared with $61 million, or $0.61 per diluted share, in the third quarter of 2017. Third quarter earnings benefited from our revenue growth and a lower effective tax rate, partially offset by higher interest and depreciation and amortization expense. Full reconciliations of GAAP results to our non-GAAP adjusted measures for all reported periods appear in the tables to this press release.
Third quarter adjusted EBITDA was $166 million, compared with $124 million in the third quarter of 2017. Results reflect approximately $39 million of adjusted EBITDA from La Quinta and exceeded the Company’s projection of $155 million to $163 million of adjusted EBITDA. Excluding the impact from 2018 acquisitions and divestitures, adjusted EBITDA increased 7% in constant currency, primarily reflecting the growth in revenues, partially offset by $7 million due to the timing of marketing expenses.
The Company estimates that, if it had fully integrated La Quinta prior to July, its further adjusted EBITDA in the third quarter would have been $177 million, and its further adjusted diluted earnings per share would have been $0.93. See Tables 5 and 6 for additional information.
As of September 30, 2018, the Company’s hotel system consisted of more than 9,000 properties and over 798,000 rooms, a 13% increase compared with the third quarter of 2017. Room count is up 3% year-over-year excluding our 2018 acquisitions and divestitures, and is up 2% year-over-year further excluding the October 2017 acquisition of AmericInn. Our development pipeline increased to nearly 1,400 hotels and over 176,000 rooms, a 20% year-over-year room increase, including over 24,000 La Quinta pipeline rooms and the removal of 2,000 Knights Inn pipeline rooms. Approximately 54% of our pipeline is international and 71% is new construction.
Business Segment Discussion
The following discussion of third quarter operating results focuses on revenue and adjusted EBITDA for each of our segments. The Company’s calculation of adjusted EBITDA now excludes the currency effects of highly inflationary countries.
Hotel Franchising
Revenues increased 35% compared to third quarter 2017, including $72 million of incremental revenues from La Quinta. Excluding the impact of the acquisition of La Quinta, revenues increased 7% primarily due to 6% higher royalties and franchise fees and $16 million of higher license and other fees. The increase in license and other fees primarily represented incremental license fees from Wyndham Destinations. Adjusted EBITDA grew 35% to $178 million, including $35 million of incremental adjusted EBITDA from the acquisition of La Quinta. Excluding the impact from La Quinta, adjusted EBITDA grew 8%, reflecting the growth in revenues, partially offset by the timing of marketing expenses.
Hotel Management
Revenues increased $163 million compared to the prior-year period, reflecting $166 million of incremental revenues from La Quinta (including $154 million of cost-reimbursement revenues). Excluding the impact from the acquisition of La Quinta, revenues declined $3 million. Adjusted EBITDA increased $4 million compared to the prior-year quarter, reflecting $4 million of adjusted EBITDA from La Quinta.
Other Items
Share Repurchases – The Company repurchased approximately 778,000 shares of its common stock for $44 million in the third quarter.
La Quinta Integration – As of September 30, 2018, as planned, the Company has completed substantially all of its planned integration actions other than in the areas of information technology and loyalty, and has terminated approximately 60% of the employees ultimately expected to leave the Company in conjunction with the integration.
Outlook
The Company provided the following outlook, which assumes that its spin-off and the acquisition and integration of La Quinta had all been completed on January 1, 2018, for full-year 2018:
Further adjusted revenues of $2.06 billion to $2.11 billion.
Further adjusted net income of $300 million to $315 million.
Further adjusted EBITDA of $594 million to $605 million.
Further adjusted diluted EPS of $2.99 to $3.13, based on a further adjusted diluted share count of 100.3 million, which excludes future share repurchases.
Rooms growth of 11% to 13%, or 2% to 4% excluding our 2018 acquisitions and divestitures.
Constant currency RevPAR growth of 7% to 8%, or approximately 3% excluding our 2018 acquisitions and divestitures.
More detailed projections are available in Table 6 of this press release. In determining further adjusted metrics, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures, as described in Tables 5 and 6 of this press release. The Company is providing an outlook for net income, EBITDA and EPS only on a non-GAAP basis because it is unable to predict with reasonable certainty the occurrence or amount of these adjustments or other potential adjustments that may arise in the future.
Conference Call Information
Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Tuesday, October 30, 2018 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at www.investor.wyndhamhotels.com. The conference call may also be accessed by dialing 877-876-9174 and providing the passcode “Wyndham”. Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at noon ET on October 30, 2018. A telephone replay will be available for approximately ten days beginning at noon ET on October 30, 2018 at 800-695-1624.
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. 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, with more than 9,000 hotels across more than 80 countries on six continents. Through its network of over 798,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers over 59 million enrolled members the opportunity to redeem points at thousands of hotels, condominiums and holiday homes globally. For more information, visit www.wyndhamhotels.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Hotels makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “estimate” and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Hotels to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings, cash flow and other financial and operating measures.
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 performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel business, risks related to our spin-off as a newly independent company, uncertainties related to our ability to obtain financing or the terms of such financing, unanticipated developments related to the impact of the spin-off on our relationships with our customers, suppliers, employees and others with whom we have relationships, unanticipated developments resulting from possible disruption to our operations resulting from the spinoff, risks related to our acquisition of the La Quinta hotel franchising and hotel management business, including our ability to achieve expected benefits associated with the transaction, as well as those other risks and uncertainties described in the section titled “Risk Factors” and elsewhere in Wyndham Hotels’ Registration Statement on Form 10, in this press release and in Wyndham Hotels’ other filings with the Securities and Exchange Commission. Except as required by law, Wyndham Hotels undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise.
Global hospitality leader achieves Gold LEED recertification from U.S. Green Building Council, top ENERGYSTAR score, and platinum-level designation as a New Jersey Smart Workplace
PARSIPPANY, N.J. (October 25, 2018) –Wyndham Hotels & Resorts (NYSE: WH), the world’s largest hotel franchising company, has received a Gold recertification from the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program for the company’s headquarters in Parsippany, N.J. The recertification designates Wyndham Hotels & Resorts corporate campus as one of the highest-performing green buildings in the country, reflecting the Company’s commitment to minimizing its environmental footprint.
LEED is a third-party certification program and premier benchmark for the design, construction and operation of green buildings. It uses a point system to determine the environmental merits of a building, with four levels of certification, depending on how many points the project has earned: certified, silver, gold or platinum. The building received its first Silver Certification for Corporate Interiors in 2010, a second Silver certification for Existing Buildings: Operations and Maintenance (EBOM) in 2013, and this recent Gold EBOM recertification, which was earned through water reduction, green cleaning and indoor air quality management.
“At Wyndham Hotels & Resorts, we’re building on our legacy of developing eco-friendly initiatives across our operations,” said Mary Falvey, chief administrative officer, Wyndham Hotels & Resorts. “We remain committed to implementing innovative environmental practices, not only for our hotel portfolio, but also for our corporate offices, as this effort reduces costs, fosters the efficient use of resources, and supports profitability.”
Wyndham Hotels & Resorts achieved a Gold LEED recertification through site related credits, such as:
Open habitat protection – The building has native vegetation covering a minimum of 25% of the total land area. These natural areas provide a habitat and promote biodiversity.
Storm water management – The Company implemented a storm water management plan to ensure runoff is effectively retained onsite from at least 15% of all precipitation for an average weather year, while also accounting for the potential of above-average rain totals.
Water efficient landscaping – The building eliminated irrigation on mature plant life and utilized natural and adaptive plantings on site to further minimize water usage.
Additionally, over the past five years, the Wyndham Hotels & Resorts’ headquarters building has improved its score for energy efficiency through ENERGY STAR. Supported by the U.S. Environmental Protection Agency, buildings that earn the ENERGY STAR use, on average, 35 percent less energy than their peers.
To help further reduce its carbon footprint at its headquarters in New Jersey, the Company provides sustainable transportation options for employees, earning Wyndham Hotels & Resorts the designation as a 2018 Platinum-level New Jersey Smart Workplace (NJSW) by TransOptions for the seventh year in a row. The NJSW program recognizes employers who have made great strides in providing commuting alternatives, and the company’s perks include premier parking spots for employees who carpool and drive hybrid vehicles, car charging stations for hybrid or electric vehicles, mass transit options, including a free shuttle to/from the local train station.
“The greening efforts at our headquarters building positively affect our people, who are our Company’s best asset,” said Bill Skrzat, chief human resources services officer. “By reducing our carbon footprint and providing commuting alternatives, we are supporting our team members’ best work, which in turn allows them to take the greatest care of our guests and partners.”
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with nearly 9,000 hotels across more than 80 countries on six continents. Through its network of more than 792,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 58 million enrolled members the opportunity to redeem points at thousands of hotels, condominiums and holiday homes globally. For more information, visit www.wyndhamhotels.com.
PARSIPPANY, N.J., Oct. 5, 2018 – Wyndham Hotels & Resorts (NYSE: WH) announced today that it will report third quarter 2018 results on Tuesday, October 30, 2018. Geoff Ballotti, President and Chief Executive Officer, and David Wyshner, Chief Financial Officer, will host a call with investors at 8:30 a.m. ET that morning to discuss the Company’s results and business outlook.
Listeners can access the webcast live through the Company’s website at www.investor.wyndhamhotels.com. The conference call may also be accessed by calling 877-876-9174 and providing the passcode “Wyndham”. Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at noon ET on October 30, 2018. A telephone replay will be available for approximately ten days beginning at noon ET on October 30, 2018 at 800-723-6062.
ABOUT WYNDHAM HOTELS & RESORTS
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company, with nearly 9,000 hotels across more than 80 countries on six continents. Through its network of more than 792,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in both the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with more than 400 properties under management. The Company’s award-winning Wyndham Rewards loyalty program offers approximately 58 million enrolled members the opportunity to redeem points at thousands of hotels, condominiums and holiday homes globally. For more information, visit www.wyndhamhotels.com.
Wyndham Rewards Expands PGA TOUR Presence, Introduces New $10 Million Bonus Raising
the Stakes for Players Heading into the Wyndham Championship and FedExCup Playoffs.
Wyndham and PGA TOUR officials celebrate the unveiling of the Wyndham Rewards Top 10 at East Lake Golf Club in Atlanta, Ga. From left: Bobby Long, Chairman of the Piedmont-Triad Charitable Foundation; Eliot Hamlisch, Vice President and Leader of the Wyndham Rewards program; Jay Monahan, PGA TOUR Commissioner; Mark Brazil, Tournament Director of the Wyndham Championship; and Steve Holmes, Chairman of Wyndham Hotels & Resorts and Wyndham Destinations.
PARSIPPANY, N.J. (September 18, 2018) – Wyndham Rewards®—the world’s most generous guest rewards program spanning more than 25,000 hotels, club resorts, affiliated resorts and vacation rentals globally—today unveiled plans to expand its presence on the PGA TOUR with the introduction of the Wyndham Rewards Top 10.
A new $10 million bonus to be split among the PGA TOUR’s top 10 regular season finishers, the Wyndham Rewards Top 10 is designed to add a new layer of drama over the course of the regular season, which culminates with the Wyndham Championship, the final event before the FedExCup Playoffs.
While Wyndham has been a proud sponsor of the Wyndham Championship since 2007, this year marked the first year that Wyndham Rewards took the role of proud title sponsor following the split of Wyndham Worldwide into two separate public companies earlier this year: Wyndham Hotels & Resorts, the world’s largest hotel franchise company, and Wyndham Destinations, the world’s largest vacation ownership and exchange company and North America’s largest professionally managed rental business.
“The Wyndham Championship plays a pivotal role in the regular season as it’s the last chance players have to secure a spot in the FedExCup Playoffs,” said Eliot Hamlisch, vice president and leader of the Wyndham Rewards program. “In joining with the PGA TOUR to introduce the Wyndham Rewards Top 10, we’re not only elevating the significance of our own tournament, but also placing a premium on great golf all season long. What’s more, as the world’s most generous rewards program, we couldn’t think of a more fitting way to recognize the PGA TOUR’s best of the best than by saying, ‘You’ve earned this.’”
The Wyndham Rewards Top 10 leader will earn a prize of $2 million, followed by $1.5 million for the runner-up, with decreasing amounts based on position from there. The 10th place finisher will receive $500,000. News of the Wyndham Rewards Top 10 was shared at a PGA TOUR press event earlier today, as the organization kicks off the finale of the FedExCup Playoffs at East Lake Golf Club in Atlanta, Ga. The announcement was complemented with the introduction of a simplified, strokes-based scoring system for the TOUR Championship beginning next season, and the doubling of the total FedExCup bonus pool available to players, which now totals $70 million, inclusive of the prize money from the Wyndham Rewards Top 10.
About Wyndham Rewards Consistently named a best travel rewards program by U.S. News and World Report, Wyndham Rewards® is the world’s most generous loyalty program offering members a simple earning structure of a guaranteed 1,000 points for every qualified stay, along with a flat, free night redemption rate of just 15,000 points per room per night – the first of its kind for a major rewards program. Wyndham Rewards members can enjoy the benefits of the program at more than 8,000 Wyndham Hotels & Resorts (NYSE: WH) properties, as well as tens of thousands of vacation club resorts, affiliated resorts and vacation rentals worldwide in partnership with Wyndham Destinations (NYSE: WYND). Join for free today at www.wyndhamrewards.com. You’ve earned this.®
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 sixth-oldest event on the PGA TOUR excluding the Majors. The tournament thanks title sponsor Wyndham Rewards and presenting sponsor BB&T for their continued support. Additional tournament information is available at www.wyndhamchampionship.com and the tournament’s social media channels, including the Wyndham Championship Facebook page, Twitter and Instagram.
Revenues increased 35% compared to third quarter 2017, including $72 million of incremental revenues from La Quinta. Excluding the impact of the acquisition of La Quinta, revenues increased 7% primarily due to 6% higher royalties and franchise fees and $16 million of higher license and other fees. The increase in license and other fees primarily represented incremental license fees from Wyndham Destinations. Adjusted EBITDA grew 35% to $178 million, including $35 million of incremental adjusted EBITDA from the acquisition of La Quinta. Excluding the impact from La Quinta, adjusted EBITDA grew 8%, reflecting the growth in revenues, partially offset by the timing of marketing expenses.
Revenues increased $163 million compared to the prior-year period, reflecting $166 million of incremental revenues from La Quinta (including $154 million of cost-reimbursement revenues). Excluding the impact from the acquisition of La Quinta, revenues declined $3 million. Adjusted EBITDA increased $4 million compared to the prior-year quarter, reflecting $4 million of adjusted EBITDA from La Quinta.
